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Plastic Waste Management Market Trends, Strategies, Size, Share And Analysis 2024-2033
Plastic Waste Management Market Trends
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According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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Major Key Players of the Market:
Valmet Oyj, IDEX Corporation, Ingersoll Rand, Spirax-Sarco Engineering plc, Graco, Inc, Cole-Parmer Instrument Company LLC, Randolph Austin, ProMinent GmbH, Gilson Incorporated, Wanner Engineering Inc., Varco Group, Apex Pumps, Optima Instruments, Flowtech, Global Pumps, Kelair Pumps Australia, Jieheng Peristaltic Pumps Co. Ltd, Ravel Hiteks Pvt Ltd, Ostech Fluid Technologies, Chongqing Jieheng Peristaltic Pumps Co. Ltd, Lefoo industrial Co. Ltd, IATEC, Lead Fluid Technology Co. Ltd., Watson-Marlow Fluid Technology Group, Tapflo UK, Verder Group, Heidolph Instruments, Albin Pumps, WELCO Co Ltd., Verderflex Peristaltic Pumps, Albin Pump, Royal Eijkelkamp, Orientflex Peristaltic Pump
Plastic Waste Management Market 2024 Key Insights:
• 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%.
• Awareness About Plastic Management Drives Growth In The Plastic Waste Management Industry
• Technological Advancements Propel Innovation In The Plastic Waste Management Market
• North America was the largest region in the plastic waste management market in 2023
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