Plastic Waste Management Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2023 —
The global plastic waste management market is poised to growth a 3% CAGR during the forecast period (2017-2023) finds Market Research Future (MRFR) recent study. Management plastic waste has become a major issue in recent years owing to the nature of the material. Plastic waste is cited as the key reason for various ecological crises. Generation of plastics remains high owing to its widespread popularity across industries such as electronics, agriculture, automobile, and packaging. Growing volume of plastic waste and rising awareness about the advantages of recycling is expected to drive the market growth during the forecast period.
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Global Plastic Waste Management Market: Segmental Analysis
MRFR’s study covers a thorough segmental analysis of the market based on polymer, end-user sector, service & equipment, source and region.
On the basis of polymer, the market has been segmented into low-density polyethylene (LDPE), polyvinyl chloride (PVC), polypropylene (PP), high-density polyethylene (HDPE) and others. In 2016, the polypropylene segment accounted for the largest market share and is expected to demonstrate a strong growth rate over the next couple of years. This is primarily owing to widespread availability and affordability of polypropylene.
Based end-user sector, the market has been segmented into building & construction, automobile, packaging, textile & clothing and others. The packaging segment accounted for the lion’s share of the market in terms of revenue and projected to exhibit the highest CAGR during the forecast period (2017-2023). The fact that plastic materials find an array of application in packing remains a major driver of the segment’s growth.
By service & equipment, the market has been segmented into recycling, disposal, collection and incineration. The recycling segment is expected to retain its top position during the forecast period. This is mainly owing to the growing awareness among consumer about the advantages of recycling.
By source, the market has been segmented into commercial, industrial and residential. The residential segment holds the dominant position and the trend is likely to continue throughout the assessment period. Growing residential waste coupled with rapid urbanization is supporting the segments growth.
Global Plastic Waste Management Market: Regional Analysis
Based on region, the market has been segmented into Asia Pacific (APAC), Europe, North America and Rest of the World (RoW). North America is major market for plastic waste management and expected to present attractive opportunities for market players in the foreseeable future. Adoption of cutting-edge waste treatment system is relatively faster is the U.S. and Canada. Government initiatives towards proper waste management and high-level of consumer awareness is favouring the market growth in the region. Europe also makes a significant contribution to the global plastic waste management market. Similar to North America, adoption of advanced plastic waste management is relatively higher in advanced countries in Europe. Enforcement of stricter laws to control pollution is also propelling the market growth in Europe. In APAC, the market growth steady due to sluggish penetration of waste management technologies and lack of awareness. However, a change has been notice in region of late, with countries such as China, Japan, India, Indonesia outlaying heavily on the waste treatment and management to curb population levels.
Global Plastic Waste Management Market: Competitive Landscape
Veolia Environnement S.A. (France), Waste Management Inc. (U.S.), Stericycle Inc. (U.S.), Remondis SE & Co. KG (Germany), Clean Harbors Inc. (U.S.), Hahn Plastics Limited (UK), Progressive Waste Solutions Ltd. (Canada), SUEZ Environnement Company (France), PLASgran Ltd. (U.K.), United Plastic Recycling, Inc. (U.S.), Republic Services Inc. (U.S.), ADS Waste Holdings, Inc. (U.S.), Covanta Holding Corporation (U.S.), Hawkvale Limited (UK) and Luxus Limited (U.K.) are some prominent market players covered in MRFR’s study.
PLASTIC ENERGY a UK-based plastic recycling plant is reportedly planning to set up five chemical plastic recycling plants in Indonesia in West Java province. The company specializes in recycling difficult to recycle plastic waste on a commercial scale.
An American Fortune 500 company, Eastman’s has launched an innovative technology to recycle plastic waste. The technology can be used for recycling plastic waste such as films and flexible packaging.
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