Press release
Plastic Waste Management Market 2024-2033: Latest Trends, Recent Developments, Growth Strategy And Major Players
Plastic Waste Management Market
The Business Research Company offers in-depth market insights through Plastic Waste Management Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The plastic waste management market size has grown steadily in recent years. It will grow from $37.36 billion in 2023 to $39.22 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to strong economic growth in emerging markets, corporate initiatives for plastic waste, technological advancements and an increased use of plastics across various industrial sectors.
The plastic waste management market size is expected to see strong growth in the next few years. It will grow to $48.21 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to strong economic growth in emerging markets, corporate initiatives for plastic waste, technological advancements and an increased use of plastics across various industrial sectors. Major trends in the forecast period include developing new technological solutions, focusing on zero waste packaging platforms, leveraging artificial intelligence for efficient management of recycling, focusing on upcycle process technologies and adopting eco-friendly viable technologies.
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Market Segmentation:
The plastic waste management market covered in this report is segmented -
1) By Services: Collection, Recycling, Incineration, Landfills
2) By Source: Residential, Commercial And Institutional, Industrial
3) By Plastic Type: Polyethylene Terephthalate (PET or PETE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC or Vinyl), Low-Density Polyethylene (LDPE), Polypropylene (PP), Polystyrene (PS or Styrofoam), Other Plastic Types
4) By End User: Packaging, Textiles, Consumer Products, Transportation, Building And Construction, Electrical And Electronics, Other End Users
Major Driver - Awareness About Plastic Management Drives Growth In The Plastic Waste Management Industry
The increase in awareness about plastic management is expected to a significant factor driving the growth of the plastic waste management industry. The awareness about plastic management induces various end-users to use recycled plastic which will boost the growth of the plastic waste management industry. Due to the rising awareness about plastic management, several companies have taken significant steps toward reusable plastics. For instance, in February 2022, Coca-Cola, a US-based beverage company, declared an industry-leading objective to increase its use of reusable packaging significantly. Additionally, by 2030, the company hopes to have a minimum of 25% of all beverages sold in refillable plastic bottles or containers. This increasing awareness of plastic management will invariably result in proper plastic waste management. Therefore, awareness about plastic management is expected to propel the growth of the plastic waste management industry.
Competitive Landscape:
Major companies operating in the plastic waste management market report are Waste Management Inc, Veolia Environnement S.A, Suez SA, Republic Services Inc, Waste Connections Inc, Stericycle Inc, Biffa Plc, Hitachi Zosen Corporation, ALBA Group, Remondis A/S, Replas, LG Chem, BioPak, UFlex, EsselPropack, Balson Industries, Kingfa Sci. & Tech Co., Ltd, GuangDong Huazhilu Biological Material Co., Ltd, Mitsubishi Chemical Corporation, Plantic Technologies Limited, Total Corbion PLA, Xinghua Xinfeng Plastic Co, Ltd, PLASgran Ltd Remondis SE & Co KG, Covanta Holdings, KW Plastics, Biochemtex, Novamont S.p.A, Avantium N.V, Sulapac, Amsilk GmBH, Carbios Amcor, Clean Harbors, TerraCycle, WM Intellectual Property Holdings, United Plastic Recycling, GFL Environmental Inc, ENF Recycling, Braskem, Fluxana GmbH Co. KG, New Hope Ecotech, Boomera, Flottweg SE, PDL software ambiental, EcoMachine, Mundo Livres, Lamor Corporation Ab, Andritz AG, Amandus Kahl GmbH & Co. KG, Bee'ah, Trident Trackway, Master Skip Services, Globalex Group of companies, RecycleHub Company, Averda, Al Dhafra Recycling, Suhul al Beeah pvt ltd, Mr. Green Africa, Dow Packaging and Specialty Plastics, FabricAid, GreenRepublic, Kudoti, WeCyclers, Jumeni, Coliba Ghana Ltd, Premier Waste Services
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Top Trend - Technological Advancements Propel Innovation In The Plastic Waste Management Market
Technological advancement is the key trend in the plastic waste management market. The key players operating in the plastic waste management sector are bringing technological advancements to strengthen their position in the market. These companies are implementing advanced technologies like machine learning, artificial intelligence (AI), satellite mapping, block-chain, nanotechnology, genetic modification of chemicals, and others to curb plastic waste and its management by lowering environmental harm. For instance, In January 2021, Unilever partnered with the Alibaba Group and introduced China's first large-scale closed-loop plastic recycling system powered by AI. The machines used for sorting and storing are fitted with AI technology that automatically recognizes various types of plastic bottles. Later these bottles are returned to recycling centers and reused rather than degraded.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Plastic Waste Management Market Characteristics
3. Plastic Waste Management Market Trends And Strategies
4. Plastic Waste Management Market - Macro Economic Scenario
5. Plastic Waste Management Market Size And Growth
…..
27. Plastic Waste Management Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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