Global Plastic Waste Management Market Size, Share, Growth Analysis, By Service, By Polymer(Polypropylene, Low-density Polyethylene ), By Source, By End Use - Industry Forecast 2024-2031

Global Plastic Waste Management Market size was valued at USD 36.03 billion in 2022 and is poised to grow from USD 37.26 billion in 2023 to USD 48.68 billion by 2031, growing at a CAGR of 3.4% during the forecast period (2024-2031).

Rapid industrialization, increasing urbanization, and growing concern over the environmental repercussions of improper plastic waste management are predicted to drive the market over the projected period. Because of its unique properties and wide range of applications, the plastics business is growing rapidly. Growing usage of plastic is resulting in the production of plastic waste, which is non-biodegradable and greatly increases greenhouse gas emissions that could cause catastrophic ecological disasters. Thus, it is anticipated that the market will be propelled by the increasing need for proper management of plastic waste disposal during the course of the projected period. The United States is among the countries that generates the greatest amount of plastic waste. The recycling rate for plastic is relatively low when considering the entire amount of plastic waste produced in the country. Most of the plastic waste generated in the US is shipped to other countries where it is recycled, converted into energy, or disposed of in landfills. Plastic waste is recycled instead of being thrown into landfills, waterways, or any other open area to keep it from contaminating the environment. The primary factor promoting plastic waste management is a decrease in the use of virgin plastic during product manufacturing. The utilization of cutting-edge technologies and frameworks for the reprocessing, organization, and collecting of recyclable plastics is opening up new markets for the management of plastic waste. Furthermore, laws and regulations implemented by governments and related organizations worldwide for the management of plastic waste disposal are likely to boost the market during the forecast period.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Plastic Waste Management Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Plastic Waste Management Market Segmental Analysis

The segments of the global market for plastic waste management include service, polymer, source, end-use, and region. The market is divided into four service categories: landfills, incineration, recycling, and collecting. The polymer market is divided into segments: polypropylene (PP), polyvinyl chloride (PVC), polyurethane (PUR), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and terephthalate (PET). The market is divided into residential, commercial, and industrial categories based on the source. The market is divided into packaging, textile, consumer product, building & construction, electrical & electronics, and transportation segments based on the final use. The market is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

Drivers of the Global Plastic Waste Management Market

Many of the leading global companies involved in the whole plastic value chain have united to combat plastic pollution. In an effort to curb plastic pollution, especially that which ends up in the ocean, multinational corporations established a new global "Alliance to End Plastic Waste" in London. It has also produced an extensive study that I bought from Fortur and developed an international perspective to deal with this problem. The creation of infrastructure, state-of-the-art methods for handling plastic waste, community involvement and education at all levels, and clearing up regions that are already highly contaminated with concentrated plastic waste are the four key areas of emphasis for these projects. Such programs are encouraging the use of plastic waste management services in order to achieve the goal of eliminating plastic pollution in the future.

Restraints in the Global Plastic Waste Management Market

The management of plastic trash is a complicated process that requires a significant financial investment for the smooth operation of numerous activities, including garbage collection and disposal. It also requires highly skilled and motivated staff to process the garbage. Profit margins are impacted and operating costs are raised even more as a result. It is projected that as more individuals adopt the newest technologies, the influence of this limitation will decrease over the projection period.

Market Trends of the Global Plastic Waste Management Market

The management of plastic waste has new growth opportunities thanks to big data and machine learning (ML) technology. These time-saving technologies can help with efficient resource planning. As a result, the total cost of operation would decrease. Furthermore, the precise location of dense areas could be determined using satellite-based identification of ocean plastic waste. As a result, by employing such devices to collect plastic garbage, businesses are saving money and time. One emerging trend in the management of plastic trash is new technology innovation.