Plastic Waste Management Market on Track for Strong Growth, Estimated to Grow at 5.8% CAGR Through 2029

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What Is the Expected CAGR for the Plastic Waste Management Market Through 2025?
The market size for managing plastic waste has seen a consistent increase in recent years. It is projected to expand from $38.85 billion in 2024 to $40.37 billion in 2025, boasting a compound annual growth rate (CAGR) of 3.9%. The upward surge during the historical period can be tied to robust economic development in emerging markets, company actions towards plastic waste, technological progress, and the expanded application of plastics in a host of industrial sectors.

What's the Projected Size of the Global Plastic Waste Management Market by 2029?
Anticipations are strong for a surge in growth in the plastic waste management market in the coming years. The market is projected to escalate to $50.5 billion by 2029, witnessing a compound annual growth rate (CAGR) of 5.8%. The predicted growth during the forecast period could be due to robust economic development in budding markets, firm-level strategies towards plastic waste, advancements in technology, and a surge in the usage of plastic across different industrial domains. The forecast period will likely see trends like the development of novel technological solutions, emphasis on zero-waste packaging systems, the use of artificial intelligence for proficient recycling management, a concentration on upcycling process technologies, and the adoption of sustainable eco-friendly technologies.

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Top Growth Drivers in the Plastic Waste Management Industry: What's Accelerating the Market?
As more individuals and businesses become educated about the importance of plastic management, the plastic waste management sector is anticipated to grow significantly. This increased awareness encourages numerous end-consumers to opt for recycled plastic, in turn buoying the expansion of the plastic waste management market. The growing knowledge surrounding plastic management has prompted many companies to prioritize reusable plastics. For example, in February 2022, American beverage firm Coca-Cola announced an ambitious goal to drastically increase their use of reusable packaging. By 2030, they plan for a minimum of 25% of all beverages sold to be in reusable plastic bottles or containers. This heightened awareness of plastic management undoubtedly leads to improved plastic waste management. As such, the rising awareness about handling plastic waste is predicted to fuel the plastic waste management market's growth.

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What Trends Will Shape the Plastic Waste Management Market Through 2029 and Beyond?
Technological progress is the principal trend dominating the plastic waste management sector. Top-tier companies in the market are adopting various advanced technologies to reinforce their place in the industry and manage plastic waste more effectively. Machine learning, AI, satellite mapping, blockchain, nanotechnology, and the genetic alteration of chemicals are among these modern solutions designed to minimize environmental damage caused by plastic waste. For example, in February 2024, BASF SE, a well-known chemical company from Germany, introduced its ChemCycling project. This initiative aims to transform plastic waste that is difficult to recycle mechanically into useful raw materials, including mixed plastics and residues that usually end up in landfills or get incinerated. BASF's Ccycled products are advanced, environmentally-friendly materials derived from plastic waste. They're ISCC+-certified, and can substitute virgin materials to an extent in products like superabsorbent polymers, engineering plastics, and polyurethanes.

What Are the Main Segments in the Plastic Waste Management Market?
The plastic waste managementmarket 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

Subsegments:
1) By Collection: Residential Plastic Waste Collection, Commercial Plastic Waste Collection, Industrial Plastic Waste Collection, Curbside Collection Programs, Drop-off Centers
2) By Recycling: Mechanical Recycling, Chemical Recycling, Advanced Recycling Technologies, Upcycling, Recycling Facilities And Processing
3) By Incineration: Waste-to-Energy (WtE) Plants, Incineration With Energy Recovery, Hazardous Plastic Waste Incineration
4) By Landfills: Sanitary Landfills, Controlled Landfills, Landfill Management Services, Post-Closure Care For Landfills

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Which Top Companies are Driving Growth in the Plastic Waste Management Market?
Major companies operating in the plastic waste management market include 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, Plantic Technologies Limited, Total Corbion PLA, PLASgran Ltd Remondis SE & Co KG, Covanta Holdings, KW Plastics, Biochemtex, Novamont S.p.A, Avantium N.V, Sulapac, Amsilk GmBH, 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

Which Regions Will Dominate the Plastic Waste Management Market Through 2029?
North America was the largest region in the plastic waste management market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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