Plastic Waste Management Market is Estimated To Witness High Growth Owing To Increased Plastic Production and Growing Resource Recovery Technologies
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| Plastic Waste Management Market |
The Plastic Waste Management Market is estimated to be valued at US$ 35.71 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The Plastic Waste Management Market report provides insights on the major
drivers and challenges faced by the market. The main factor driving the growth
of the plastic waste management market is rising plastic waste generation
globally. Strict government regulations regarding plastic waste disposal and
growing awareness regarding environment protection and promoting sustainability
are further augmenting market growth.
Market Overview:
Plastic waste management refers to various techniques and methods used to
recycle or dispose plastic products and packaging that are no longer usable.
There are various methods of plastic waste management including landfilling,
recycling, waste-to-energy combustion and plastic pyrolysis which allows
recovery of hydrocarbons from plastic waste. Effective plastic waste management
systems allow proper handling and disposal of plastic waste which prevents
adverse environmental impact.
Market key trends:
The key trend driving the plastic waste management market is growing demand
for recycled plastics. Due to strict regulations regarding landfilling and
waste combustion, recycling has become the preferred option for plastic waste
management. Increasing use of recycled plastics in various end-use industries
such as packaging, construction and automotive presents huge growth
opportunity. Moreover, increasing investments by key market players in advanced
plastic recycling technologies such as chemical recycling is further propelling
the market growth. Chemical recycling allows transformation of plastic waste
into basic hydrocarbon chains through thermal or chemical process which can
then be used for production of new plastics. This emerging trend is likely to
revolutionize plastic recycling over the forecast period.
Porter’s Analysis
Threat of new entrants: The plastic waste management market has high
investment costs, stringent regulations and technologies which make it
difficult for new players to enter the market. The established players have
economies of scale which new entrants may find difficult to match.
Bargaining power of buyers: Buyers have moderate bargaining power as plastic
waste management services are essential for communities and industries.
However, the presence of numerous service providers gives buyers options.
Bargaining power of suppliers: The suppliers of recycling equipment and
technologies have moderate bargaining power due to the availability of various
alternatives. Suppliers need to collaborate with service providers to develop
innovative solutions.
Threat of new substitutes: There are no cost-effective alternatives to plastic
waste management currently. However, initiatives towards reducing plastic usage
and increasing reuse may threaten growth.
Competitive rivalry: The plastic waste management market has a few dominant
multinational players and numerous regional and local players competing on
quality, price, technology and reliability of service.
SWOT Analysis
Strengths: Established infrastructure, technical expertise, global presence
and economies of scale of major players. Innovative digital solutions for waste
tracking and monitoring.
Weaknesses: High capital requirements, dependency on plastic waste volumes,
public resistance to landfills and incineration. Lack of coordination between
stakeholders.
Opportunities: Growing awareness on sustainability, stringent regulations,
carbon credits. Advancements in chemical and material recycling technologies.
Threats: Economic slowdowns reducing waste volumes. Substitution of plastics
with alternative materials. Dependency on non-renewable energy for certain
recycling processes.
Key Takeaways
The Global
Plastic Waste Management Market is expected to witness high growth at a
CAGR of 3.3% over the forecast period, due to growing environmental concerns
and stringent regulations on plastic usage. The Asia Pacific region dominates
the market currently due to high plastic waste generation in countries such as
China and India. The per capita plastic waste generation is also rising in the
region with improving lifestyles.
Regional analysis: The Asia Pacific region is the fastest growing market for
plastic waste management, with China and India being the major markets. Both
countries cumulatively account for over 60% of the global plastic waste
generation due to large populations and rapid industrialization. Greater
awareness and regulations are driving the growth of organized plastic waste
recycling in the region. Europe is the second largest market led by Germany, UK
and Italy. Stringent regulations such as the European Union directive on
plastic bags are positively influencing the market.
Key players operating in the plastic waste management market include Veolia,
SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa,
Covanta Holding Corporation and Stericycle. Major players are focusing on
mechanical and chemical recycling through innovative technologies.
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