The global Plastic Waste Management Market is estimated to be valued at US$ 35.71 billion in 2022 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.
Market Overview:
Plastic waste management involves the collection, transportation and proper disposal of plastic materials to prevent harm to public health and damage to the environment. Plastic waste management plays a vital role in reducing pollution and ensuring proper disposal of plastic products.
Market key trends:
One of the major trends in the plastic waste management market is mechanical recycling. Mechanical recycling involves cleaning, shredding and melting plastic waste to manufacture new plastic products. This process extends the life cycle of plastics and reduces pressure on landfills and incineration. However, mechanical recycling works best for plastic types 1(PET), 2(HDPE) and 5(PP) as they can be effectively recycled multiple times without loss of quality. Types 3(PVC), 6(PS) and 7(Other) are challenging to recycle and usually downcycled.
Segment Analysis
The global plastic waste management market is segmented into plastic type, source, application, and treatment technology. Based on plastic type, the market is segmented into polyethylene terephthalate (PET), polypropylene (PP), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polystyrene (PS), polyvinyl chloride (PVC), and others. Among these, the PET segment dominates the market and is expected to remain the most dominant segment over the forecast period due to extensive use of PET in the packaging industry.
Key Takeaways
The global Plastic Waste Management Market Size is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period, due to increasing concerns about plastic waste and stringent government regulations to curb plastic pollution.
Regional analysis:
Europe dominates the global plastic waste management market, accounting for more than 30% share of the overall market revenue in 2022. Western Europe constitutes the largest market owing to high recycling rate of more than 55% in countries such as Germany, Spain and Italy. Asia Pacific is expected to witness the fastest growth over the forecast period due to rapid industrialization and rising urbanization.
Key players:
Key players operating in the plastic waste management market are Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa, Covanta Holding Corporation, Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., Cleanaway, Hawkvale Limited, FCC Environment, Rumpke, DS Smith, Hitachi Transport System, Ltd., Marius Pedersen a.s., Environmental Recovery Corporation of PA, Shell, Montello S.p.A., The Shakti Plastic Industries, Daya Charan Company, Thermowaste Solutions, Banyan Sustainable Waste Management Pvt. Ltd., Premium Recycled Plastics, VITAL WASTE, SAMKI GROUP, and 99P Recycling. Key players are focusing on mergers and acquisitions to gain a competitive edge in the market.
Read More: https://www.ukwebwire.com/plastic-waste-management-market-size-share-and-regional-outlook/
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