Global Plastic Waste Management Market to grow to about USD 39435.8 million by 2028

Report Overview

By 2028, the size of the global plastic waste management market is projected to reach USD 39435.8 million, expanding at a compound yearly growth rate (CAGR) of 2.9%. Over the projected period, the market is expected to be driven by rapid industrialization, expanding urbanisation, and growing concern over the environmental impact of incorrect plastic waste management.

In order to prevent plastic trash from polluting the environment, it is reprocessed rather than dumped into landfills, waterways, or in any other way left out in the open. Reduced usage of virgin plastic in product manufacturing is the main element encouraging plastic waste management.

While the price of virgin plastic varies according to the performance of the oil and gas industry and the demand for products made from crude oil across all end-use industries, the cost of recycled plastic can generally be produced at a consistent price. The incentive to make long-term investments in recycling infrastructure and technologies is increased by this pricing variation.

Trends in the Plastic Waste Management Market

Global plastic production is rising as urbanisation and industry continue to advance. The development of commercial venues—such as shopping centres, theatres, restaurants, hospitals, and other institutions—leads to an increase in plastic garbage, which eventually creates additional opportunities for the need for waste management. The demand for plastic waste management is further driven by increasing knowledge of plastic recycling and reprocessing waste materials.

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Restraints

One of the main problems in managing plastic garbage is the absence of treatment facilities. A barrier for this industry is the fact that many production facilities and suppliers dump their plastic garbage into bodies of water or on land. In addition, there is a lack of knowledge about the infrastructure for waste management. Additionally, a significant capital investment is needed to run the plastic waste treatment process effectively. The garbage must be processed and treated by qualified, motivated workers, which drives up operational costs and reduces profit margins. This is anticipated to slow the market’s growth during the anticipated term.

Service Perspectives

The market for plastic waste management is divided into collection, recycling, incineration, and landfills based on the services they provide. Due to strict government regulations and a major expansion of the infrastructure for recycling plastic, the recycling segment is predicted to increase at the fastest pace, 4.9%, over the projected period. Recycled plastic is used in a wide range of products, including bottles, carpets, rubbish bags, films, and containers.

End-use Perspectives

Over the projected period, it is anticipated that the packaging end-use segment would expand the fastest and be the largest. Due to the rising need for plastics for the packaging of goods to protect, preserve, convey, and display information, the category held 44.6% of the market share overall in 2019.

Key Organizations & Market Share Information

Major businesses with strong market reputations include Veolia Environnement S.A., Waste Management, Inc., Suez Environnement Company, Republic Services, Inc., and Clean Harbors, Inc. This gives them an advantage over rival providers of plastic waste management services. Nevertheless, the municipality is anticipated to be a fierce rival for the aforementioned businesses with improved governmental infrastructure and recycling equipment.

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By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of the Middle East & Africa

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