At what CAGR can the plastic waste management market expand?

Plastic causes pollution because it is non-biodegradable. Therefore, recycling plastic is a necessity, and plastic waste management can be a great market in a world that is genuinely interested in curbing environmental pollution. Market Research Future (MRFR) has published a report about the global plastic waste management market that anticipates raise for this market at 3% CAGR (Compound Annual Growth Rate) between 2017 and 2023.

The prime factors helping the global plastic waste management market growth are growing ecological concern and laws enacted by various governments to curb plastic usage as well as pollution. Other factors aiding the market growth include awareness about the hazards of plastic and the industrial application for the recycled plastic products. However, the market growth can face hurdles due to existing plastic waste management procedures being complex and expensive to implement.

The global plastic waste management market can be segmented on the basis of end-use sector, polymer, service & equipment, source, and lastly, region. In the context of the end-use sector, this market has been segmented into automobile, building & construction, packaging, textile & clothing, and others. The packaging segment holds the market share, and it has been anticipated to achieve the fastest growth during the forecast period due to a wide range of application of the plastic material in the packaging sector, which needs to recycling after use.

The polymer-based segmentation has segmented the market into high-density polyethylene (HDPE), low-density polyethylene (LDPE), polypropylene (PP), and polyvinyl chloride (PVC). During the forecast period, polypropylene is expected to emerge as the fastest growing market segment. It holds the largest market share in the global market due to cheap cost and high availability.

Regarding service & equipment, the market has been segmented into the collection, disposal, incineration, and recycling. During the forecast period, the recycling segment is expected to dominate the market. Many government initiatives are promoting recycling.

As per the source-based segmentation, the market has been segmented into commercial, industrial, and residential. Residential segment is the biggest segment, and during the forecast period, it is expected to retain its dominance in the market due to the rise in urbanization coupled with residential waste.

The regional segmentation of the global plastic waste management market segments the market into regional markets known as Europe, North America, Asia Pacific, and the rest of the world (RoW). In North America, the plastic waste management market is well-established due to government initiatives and stringent laws to curb down carbon emission. Many initiatives encourage recycling. The most active country-specific markets in this region are USA and Canada. Many key players in the market are based in North America, especially in the USA.

In Europe, the market is growing due to the reasons same as North America. However, the overall market in this region is smaller than North America because so far, this market is limited to only the developed countries of Europe. The important country-specific markets in this region are France, Germany, Italy, and the UK, followed by the remaining countries in Europe. Some market players are based in Europe too.

In the Asia Pacific region, the market is growing at a slow but steady rate. Growth is slow due to unawareness and reluctance among the government to promote and implement waste management. In some emerging economies like China, India, Japan, and South Korea, there are various government-sponsored programs to spread awareness among the population regarding healthcare, hygiene, and benefits of waste management.

Key Players

The key players in the global plastic waste management market include ADS Waste Holdings, Inc. (USA), Clean Harbors Inc. (USA), Covanta Holding Corporation (USA), Hahn Plastics Limited (UK), Hawkvale Limited (UK), Luxus Limited (UK), PLASgran Ltd. (UK), Progressive Waste Solutions Ltd. (Canada), Remondis SE & Co. KG (Germany), Republic Services Inc. (USA), Stericycle Inc. (USA), SUEZ Environnement Company (France), United Plastic Recycling Inc. (USA), Veolia Environnement S.A. (France), and Waste Management Inc. (USA).