Plastic Waste Management Market Size, Share Global Analysis Report, 2023 – 2030

Industry Insights

[225+ Pages Report] According to the report published by Facts & Factors, the global plastic waste management market size is valued at USD 36.87 billion in 2022 and is anticipated to reach USD 46.87 billion during 2023-2030. The market is expected to grow at an annual compound rate of 4.50% during the forecast period. The report comprehensively analyzes the market's growth factors, barriers, opportunities, and challenges during the forecast period. It also covers the geographical market and offers a comprehensive study of the competitive landscape in the global marketplace.

Market Overview

Plastic waste is the accumulation of plastic objects on the earth's surface, largely affecting humans, wildlife & their habitat. It is the amount of waste that is not recycled yet and is in unregulated dump sites or landfills. However, this non-recycled waste enters our living environment and damages our ecosystem. Plastic degrades slowly owing to its chemical nature.

Therefore, it is a major obstruction in front of society and the government. However, the growing awareness among people regarding the management of plastic waste is expected to help in overcoming such a big challenge.

Key Insights

• As per the analysis shared by our research analyst, the global plastic waste management market is estimated to grow annually at a CAGR of around 4.50% over the forecast period (2023-2030).
•  In terms of revenue, the global plastic waste management market size was valued at around USD 36.87 billion in 2022 and is projected to reach USD 46.87 billion by 2030.
• The growing usage of plastic is likely to boost the plastic waste management market growth.
• Based on the service type, the recycling segment accounts for the largest share of the global market.
• Based on the polymer type, the polypropylene segment dominates the global market
• Based on the source, the residential segment holds the largest share of the global market
• Based on the end users, the packaging segment accounts for the largest global market share
• Based on region, Asia Pacific is expected to dominate the market during the forecast period.

Growth Drivers

• The growing usage of plastic is expected to fuel the growth of the global market.

The global plastic market is likely to grow significantly due to the growing plastic waste. Plastic waste is increasing globally because of its wide number of applications in different sectors due to its unique property and chemical nature. But, such surging usages are piling up plastic waste as it is a non-degradable substance. As a result, it leads to increased greenhouse emissions, causing several global ecological issues. Consequently, the requirement for proper plastic waste disposal and management is likely to boost the growth of the global market.

Furthermore, the increasing number of initiatives on national and international levels will pave the way for a positive growth trajectory in the global market. Many food and beverage firms, as a part of their new sustainable strategy, are shifting their focus on accelerating the adoption of recycled waste in their bottles. The growing global urbanization and industrialization are also anticipated to propel the growth of the global market.

Restraints

• Increasing cost of plastic waste disposal procedures is expected to impede market growth.

The high cost of recycling plastic waste is likely to impede the growth of the global plastic waste management market. Separating plastic from different types of waste streams is complicated, time-consuming, and costly, particularly when compared to the production of new plastic elements. Therefore, it is likely to slow down the growth of the global market.

Opportunities

• Growing regulations and partnerships are expected to create several lucrative growth opportunities.

The private and public sectors are taking several initiatives to partner with each other to manage the piled-up plastic waste in the environment, which is anticipated to open new growth opportunities in the plastic waste management industry. Additionally, the strict rules and regulations imposed by the government to efficiently manage the growing plastic waste and dispose of toxic materials will also boost the growth of the global market in the forthcoming years.

Challenges

• The lack of a proper framework for collection and segregation is a huge challenge in the global market.

The companies serving in the plastic waste management industry face a major drawback due to the absence of a proper framework for waste disposal and collection process. Improper waste disposal poses a severe impact on the people living near landfills and dump sites. Incomplete waste disposal causes several health-related problems like reproductive issues, growth disorders, respiratory issues, blood infections, skin irritations, etc.

Segmentation Analysis

The global market can be segmented into service type, polymer type, source, end users, and region.

By service type, the market can be segmented into landfills, incinerations, recycling, and collection. The recycling segment accounts for the largest share of the global plastic waste management market due to the improved recycling infrastructure and strict government rules and regulations. Recycled plastic waste is used to manufacture diverse applications like bottles, containers, bags, films, carpets, and cloths. The collection segment is also expected to see huge growth in the coming years due to increasing plastic collection services in industrial, commercial, and residential areas.

By polymer type, the plastic waste management market can be segmented into terephthalate, polyurethane, polyvinyl chloride, high-density polyethylene, low-density polyethylene, and polypropylene. The polypropylene segment dominates the global market due to its unique properties like weldability, fatigue, and chemical resistance. Low-density polyethylene (LDPE) accounts for the second largest share of the global market due to its high recyclability nature. LDPE is used to manufacture flexible items like stretch films, toys, container lids, and squeezable bottles.

By source, the plastic waste management industry can be segmented into industrial, commercial, and residential. The residential segment holds the largest share of the global market due to its rising population and increasing urbanization. The commercial segment is likely to grow significantly during the forecast period due to the growing commercial zones like restaurants, hotels, office buildings, hospitals, and educational institutes.

By end-user segment, the market can be segmented into electrical & electronics, building & construction, transportation, consumer product, textile, and packaging. The packaging segment accounts for the largest global market share due to the high demand for packaging items to display information, protect, transport, and preserve. The textiles segment is expected to witness high growth rates during the forecast period due to its surging applications in tenter frames, looms, templates, etc.

Recent Developments:

• Biffa, in June 2022, was selected as the waste management and recycling provider' officially for Commonwealth Games Birmingham. The event was to be held in July 2022. Also the company has also received a multi-million-pound deal from Esterform Packaging 2020.
• Republic Services, Inc. revealed its plan for the plastics recycling facility in March 2022 in the USA to overcome the demand for recycled plastic from packaging manufacturing players. The Republic Services Polymer Center represents the company's will. It mentions controlling the plastics stream through a combined process to deliver and collect high-quality recycled plastic for consumer packaging.

Report Scope

Regional Analysis

• Asia Pacific to lead the global market during the projected period

Asia Pacific holds the largest share of the global plastic waste management market due to the growing industrialization and strict regulations regarding proper plastic waste disposal in the region. Also, the growing awareness among people regarding plastic waste management, along with the increasing disposable income of the people in the region, like China, Japan, and India, is further supporting the growth of the regional market.

North America is anticipated to see huge growth in the global plastic waste management market due to the surging initiatives to control the carbon footprints caused by growing plastic waste. Also, the presence of leading market players in the region will contribute to the growth of the regional market. The US is the largest waste provider to other regions for waste recycling and disposal.

Competitive Analysis

• Clean Harbors Inc. 
• Republic Services Inc. 
• Suez Environnement Company 
• Waste Management Inc. 
• Veolia Environnement S.A 
• Remondis SE & Co. K.G. 
• Stericycle 
• Covanta Holding Corporation 
• Biffa 
• The WasteCare Group 
• TerraCycle 
• Vadeb Global Ltd. 
• 4G Recycling Inc. 
• Reprocesses Plastic Inc.

The global plastic waste management market is segmented as follows:

By Service Type Segment Analysis

• Landfills
• Incinerations
• Recycling
• Collection

By Polymer Type Segment Analysis

• Terephthalate
• Polyurethane
• Polyvinyl Chloride
• High-Density Polyethylene
• Low-Density Polyethylene
• Polypropylene

By Source Segment Analysis

• Industrial
• Commercial
• Residential

By End Users Segment Analysis

• Consumer Products
• Electrical & Electronics
• Transportation
• Building & Construction
• Textile
• Packaging

By Regional Segment Analysis

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Nordic Countries
    • Denmark
    • Sweden
    • Norway
  • Benelux Union
    • Belgium
    • The Netherlands
    • Luxembourg
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Southeast Asia
    • Indonesia
    • Thailand
    • Malaysia
    • Singapore
    • Rest of Southeast Asia
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America