Plastic Waste Management Market Technologies, Applications, and Future Growth Prospects By 2024-2031 | Veolia, SUEZ Group, Waste Management

The plastic waste management market is estimated for 2024 for the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Plastic waste management deals with collecting and disposing of plastic waste materials in an effective and efficient manner. It includes collection, transportation and recycling or disposal of plastics. Plastic products have wide applications across various end use industries such as packaging, construction, automotive and healthcare.

Market Dynamics:

The plastic waste management market is expected to witness significant growth over the forecast period owing to growing environmental regulations regarding disposal of plastic waste across various countries globally. Growing environmental concerns and increasing awareness about adverse impacts of plastic waste on environment and human health are driving the demand for effective plastic waste management. In addition, various government initiatives promoting adoption of sustainable plastic waste management practices through incentives and subsidies are also fueling the market growth. Furthermore, rising plastic waste generation on account of burgeoning plastic usage in various packaging and consumer goods applications is creating new opportunities for players operating in the plastic waste management market.

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Top Key Players are Covered in this Report:

★ Veolia
★ SUEZ Group
★ Waste Management
★ Waste Connections
★ CLEAN HARBORS INC.
★ Biffa
★ Covanta Holding Corporation
★ Stericycle
★ REMONDIS SE & Co. KG
★ Republic Services Inc.
★ Cleanaway
★ Hawkvale Limited
★ FCC Environment
★ Rumpke
★ DS Smith
★ Hitachi Transport System Ltd.
★ Marius Pedersen a.s.
★ Environmental Recovery Corporation of PA
★ Shell
★ Montello S.p.A.
★ The Shakti Plastic Industries
★ Daya Charan Company
★ Thermowaste Solutions
★ Banyan Sustainable Waste Management Pvt. Ltd.
★ Premium Recycled Plastics
★ VITAL WASTE
★ SAMKI GROUP
★ 99P Recycling

Market Segmentation:

By Service:

★ Collection
★ Recycling
★ Incineration
★ Landfills

By Polymer Type:

★ Polypropylene (PP)
★ Low-density Polyethylene (LDPE)
★ High-density Polyethylene (HDPE)
★ Polyvinyl Chloride (PVC)
★ Polyurethane (PUR)
★ Polyethylene Terephthalate (PET)
★ Others

By Source:

★ Residential
★ Commercial
★ Industrial

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Plastic Waste Management Market Drivers

1. Increasing plastic production and plastic waste generation is positively impacting the plastic waste management market

Plastic production has witnessed a substantial growth over the past few decades in order to cater to the rising demand from various end-use industries such as packaging, construction, automotive, electrical and electronics, and others. However, the increased plastic production has also augmented the plastic waste generation. As per estimates, over 353 million tons of plastic waste was generated worldwide in 2020, out of which only 9% was recycled. With plastic waste continuing to pile up at landfills and create detrimental effects on the environment, governments and companies are focusing on implementing more sustainable ways of plastic waste management which is augmenting the demand for plastic waste recycling, incineration, and other integrated waste management solutions in the market.

2. Stringent government regulations regarding proper plastic waste disposal and recycling are boosting market growth

Various government bodies across the globe have introduced stringent regulations mandating the proper disposal and management of plastic wastes. For instance, several countries in Europe have banned the use of single-use plastics. Additionally, landfill taxes imposed on plastic waste by governments of different nations are prompting industries and municipal bodies to look for alternative waste treatment methods and increase plastic waste recycling rates. Such governmental initiatives are working as a major driver for the plastic waste management market. Regulations regarding extended producer responsibility (EPR) and packaging waste recovery notes (PRNs) are also positively impacting the market demand.

Plastic Waste Management Market Restrain

High costs associated with advanced plastic waste management solutions is a major challenge

While advanced plastic waste management technologies offer viable solutions, their high capital and operational costs pose a hurdle in widespread adoption, particularly in cost-sensitive and price-conscious regions. For instance, plastic-to-fuel plants require massive capital investments and have high break-even periods. Similarly, technologies like pyrolysis and gasification also involve significant initial capital expenditures and maintenance costs. Advanced plastic waste sorting and recycling machinery are also expensive. The high costs of landfilling and waste-to-energy technologies are also major deterrents for many countries and regions. With limited financial assistance, the high costs associated with efficient waste management remain a key restraining factor for the plastic waste management market.

Plastic Waste Management Market Opportunity

Increasing focus on developing circular economy models for plastic presents lucrative opportunities

The exponential growth of plastic waste has underscored the need to shift from the existing linear "take-make-dispose" model to a more sustainable circular model, where plastic products and materials are kept at their highest utility and value at all times. There is growing emphasis on the circular economy concept, where plastic waste is collected and recycled or converted into fuels or chemicals to manufacture new products. This reduces the usage of virgin plastics and dependency on fossil fuels. The economic benefits and environmental sustainability offered by circular models have stimulated increased R&D activities from participants in the plastic value chain. With recycling emerging as a business opportunity, plastic waste management market stands to gain tremendously from the adoption of circular business models worldwide.

Plastic Waste Management Market Trends

Advanced plastic waste sorting technologies are gaining traction to improve recycling rates

Advanced sorting technologies that leverage robotics, Near Infrared (NIR) spectroscopy, X-ray systems and machine vision are being increasingly deployed at material recovery facilities and waste processing centers to efficiently separate different plastic grades and remove contaminants. This helps in ensuring only clean plastic suitable for mechanical recycling enters the recycling chain. Technologies like chemical recycling are also gaining ground which convert mixed plastic waste into basic chemical components, from which new plastics can be produced. Adoption of such technologically advanced solutions is expected to enhance plastic recycling rates, reduce contamination, and drive the uptake of high-quality recycled plastics in packaging and other industries. This provides lucrative opportunities for machinery and service providers and is a key trend positively impacting the plastic waste management market.

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The report answers a number of crucial questions, including:

➥ Which companies dominate the global Plastic Waste Management market?
➥ What current trends will influence the market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the Plastic Waste Management market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Plastic Waste Management Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

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This release was published on openPR.