Global Plastic Waste Management Market 2021: Strategic Assessment and Global Expansion by 2027

Plastic Waste Management Market having robust CAGR 3% during Forecast Period 2018-2023,Plastic Waste Management Market is dominated by North America forecast period 2018-2023| Plastic Waste Management Industry

Market Scenario

The global plastic waste management market 2020,  according to MRFR, is poised to grow at a CAGR of 3% during the forecast period.

Market Highlights

A huge amount of plastic waste is produced throughout the world, of which household and industry waste such as automobile, packaging, electronics, construction and agriculture contribute the most. Advanced technologies and processes used to reprocess, sort, and collect recyclable plastics are generating new opportunities in line with public health, manufacturing, environmental, and preservation values. Aspects such as increasing urbanization, industrialization and rising awareness of the environmental hazards are driving the growth of the global market for plastic waste management. Most laws and regulations enforced by the governments serve as a significant driver of business development. Additionally, the market is driven by government initiatives to recycle plastic materials and growing concern about plastic waste disposal. Plastic is relatively cheap and durable, and recycled plastic is used to manufacture a wide variety of items such as carpets, garbage bags, clothes, films, bottles and containers. This plastic recycling cycle is enhanced to propel the demand for plastic waste management over the review period.

Segmentation:

The global market of plastic waste management market can be segmented by source, service equipment, polymer, and end-user.

By source, the market can be segmented into residential, commercial and industrial. Residential segment dominated the market in 2016 and given the current scenario it can record a phenomenal growth in the coming future. Rapid urbanization and increasing adoption of waste management can ensure the top spot for the segment.

Service equipment includes collection, recycling, incineration, and disposal. Recycling has numerous advantages such as cost reduction and conservation of power which make it a popular choice for various end-user industries. Therefore, the segment can experience a spiraling expansion during the review period.

Polymer-wise the segment consists polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), and others. Polypropylene is widely available and cheap. Its features make it a market-friendly component, and it dominated the market in 2016. The segment is to continue its dominance during the review period as well.

The end-user segment comprises packaging, building construction, textile clothing, automobile, and others. Packaging sector has a vast application for plastics, and even after the primary application, the sector has a quick recycling solution for plastics. This helps the sector dominate the market with great fervor and can continue to do so during the prognosis period.

Regional Analysis:

The plastic waste management market can be segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).

Plastic waste management has proven itself as a useful economic measure as it generates much revenue for the government. In Europe and North America, the sector is well-established as the governments in these regions have already implemented a number of stringent regulations to curb the CO2 emission rate. PlasticsEurope has recently announced a strategy that would prohibit any plastic leakage in the environment by harmonizing the policies of various European nations by 2030. North America is going to benefit much from China’s ban on waste imports including plastic. The ban will enforce a strategic shift in North America’s plastic recycling policies. 

APAC region is currently experiencing a steady growth due to unawareness and lackadaisical approach of the governments in implementing necessary measures. However, countries such as India China, Japan, and South Korea are showing some positive steps. India has launched a campaign Swachh Bharat to reduce the amount of garbage produced and promote recycling. China’s ban on waste import has forced developed countries to reconsider and check their plastic addiction.

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