The global plastic waste management market accounted for a value of USD 31.1 billion in 2019. Plastic waste management market projected to register growth at a CAGR of 3.3% during forecast period.
COVID-19 has impacted all the businesses over the globe. The plastic waste management market is impacted due to corona virus. The demand for waste management has declined as the waste generated during lowdown is not significant thus, reduces demand for waste management. The market will witness significant boost from 2021.
For more details, visit: Global Plastic Waste Management Market By Services (Recycling, Incineration, Landfills, others), By End User (Building & Construction, Textile & Clothing, Automotive, Others), By Region–Forecast & Opportunities to 2026
The urbanization and industrialization is increasing rapidly around the world. The lifestyle of people is also changing due to which the plastic waste is increasing around the world. The rising level of plastic waste is a threat to the environment in order to save environment, the growth in plastic waste management market is increasing during forecast period.
On the basis of services, the plastic waste management market is segmented into recycling, incineration, collection & transportation and landfills. The landfills segment is estimated to dominate the landfills market during forecast period. The recycling plants are less in number due to which plastic waste is managed by landfills and waste disposals. This is the major growth driving factor in landfills market during forecast period.
On the basis of end-use, the plastic waste management market is segmented into packaging, building & construction, textile & clothing, automotive, furniture and others. The packaging segment is estimated to register growth at highest CAGR during forecast period. The packaging segment utilize the recycled plastics and it is very beneficial as it reduces pollution, reduces dependency on fossil fuel and it has wide application in sustainable packaging solution. This drives growth in landfills segment during forecast period.
Asia-pacific region is estimated to register growth at highest CAGR during forecast period. The disposable income of population is increasing in this region and the population is growing rapidly. This increases rise in plastic pollution. The rapid industrialization and urbanization in Asia-Pacific region is likely to increase plastic waste levels. Thus, the demand for plastic waste management is increasing in this region. This drives growth in Asia-Pacific region during forecast period.
The key market players in plastic waste management sector are Veolia Environment, Suez, Waste management Inc., Republic Services, Stericycle, Clean Harbors, Waste Connections Inc., Convanta Holding Corporation, Remondis SE & Co., Biffa, Plastic Energy, Krubong-Karich Group, Hahn Plastics, United Plastics Recycling and Luxus Limited.
- What are the expected industry trends over the next three to five years?
- Which of the plastic waste management services is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?