Plastic Waste Management Market to Reach at US$ 56,874.2 Million by 2034, Expanding at a CAGR of 4.2% | Fact.MR Report

Fact.MR, in its latest published report, states that the world plastic waste management market is valued at US$ 37,691.0 million in 2024. The world market is anticipated to grow at 4.2% CAGR and reach a market worth of US$ 56,874.2 million by the end of 2034.

The size of the plastic waste management market is anticipated to have growth opportunities in emerging economies due to the embracement of sustainable and responsible practices, especially in the area of proper plastic waste management, which has become an important part of most companies' corporate social responsibility. The environmental stewardship commitment not only demonstrates increased awareness of business activities' impact on the environment but also results in a beneficial effect on the market.

More and more businesses are making detailed assessments of their environmental footprint, including plastic waste generation and management. The analysis allows businesses to find areas of improvement and define specific goals for decreasing their plastic footprint.

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Key Takeaways from Market Study:

The plastic waste management market size is estimated to be US$ 37,691.0 million in 2024, reflecting the growing global emphasis on sustainability and waste reduction initiatives.
By 2034, the market is projected to reach US$ 56,874.2 million, driven by increasing regulations on plastic waste disposal and rising investments in recycling technologies.
The global plastic waste management market is expected to expand at a CAGR of 4.2% from 2024 to 2034, as industries and governments intensify efforts to reduce environmental pollution caused by plastic waste.
North America is forecasted to hold a 29.1% market share by 2034, supported by strict environmental policies, growing consumer awareness, and advancements in waste management infrastructure.
The demand for plastic waste management services in Japan is projected to grow at a CAGR of 3.1% from 2024 to 2034, influenced by the country's strong recycling culture and government initiatives promoting circular economy practices.
China's plastic waste management market is expected to be valued at US$ 12,514.1 million by 2034, reflecting the country's efforts to tackle plastic pollution through stricter waste management regulations and increased recycling capacity.

Leading Players Driving Innovation in the Plastic Waste Management Market:

Veolia Environment; Waste Connections Inc.; Covanta Holding Corporation; Stericycle; SUEZ; Waste Management Inc.; Clean Harbors; Remondis SE; Biffa; Republic Services

Which Market Trends are Creating New Opportunities for Manufacturers?

Governments globally have been enacting bans or limitations on single-use plastics, specifically products such as plastic bags, straws, and disposable cutlery. The initiatives seek to curb the creation of plastic waste at the source by curtailing the usage of products that are typically disposed of after a single use.

Extended producer responsibility schemes put the onus of taking care of the whole life cycle of a product, including its recycling and disposal, on the producers. Governments enact EPR laws to make sure that producers are actively involved in the correct disposal and recycling of the products they bring into the market, which promotes manufacturers to use sustainable and recyclable packaging materials.

Other nations establish mandatory recycling goals, which demand a specified proportion of plastic waste to be recycled. Governments can impose fines or provide incentives on enterprises and local governments to achieve these goals, thus promoting the implementation of effective recycling measures.

Country-wise Insights:

The plastic waste management market in the United States is projected to grow significantly, with a market value of US$ 7,279.0 million in 2024 and an expected expansion at a CAGR of 4.6% from 2024 to 2034, reaching US$ 12,164.5 million by the end of the forecast period. The United States is anticipated to account for 73.5% of the North American market by 2034, driven by stringent government regulations and initiatives focused on tackling plastic pollution and promoting sustainable waste management.

Legislative actions at the federal, state, and local levels, including plastic bans, recycling mandates, and extended producer responsibility (EPR) programs, are key factors fueling market growth.

Additionally, rising public awareness and environmental concerns are influencing consumer behavior, encouraging businesses to adopt sustainable waste management practices.

The advancement of waste management technologies, such as improved sorting systems and enhanced recycling processes, is further driving efficiency in plastic waste management, contributing to higher recycling rates and improved resource recovery.

Browse Full Report: https://www.factmr.com/report/plastic-waste-management-market

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the plastic waste management market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the source of waste collection and geographical regions. By source of waste collection, the market includes container and packaging waste, which constitutes a significant portion due to the widespread use of plastic packaging materials. The construction sector also generates substantial plastic waste from insulation materials, pipes, and fittings. Additionally, waste from electric and electronic components is increasing due to the growing adoption of electronic devices.

The industrial process waste segment includes plastic residues from manufacturing processes, while automotive scrapyards contribute plastic waste from vehicle parts and components. The household and municipal waste category remains one of the largest contributors, as daily plastic consumption continues to rise. Other sources of waste collection include various industries generating plastic waste in smaller but significant quantities.

From a regional perspective, the market is divided into North America, Europe, East Asia, Latin America, the Middle East & Africa, and South Asia & Oceania. North America and Europe lead the market due to strict environmental regulations and advanced recycling infrastructure. East Asia, particularly China and Japan, is witnessing rapid growth with strong government initiatives promoting plastic recycling.

Latin America and the Middle East & Africa are gradually improving waste management systems, driven by increasing awareness and regulatory developments. South Asia & Oceania are also emerging markets, with nations like India and Australia taking steps toward improved plastic waste management practices.

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This release was published on openPR.