Plastic Waste Management Market Growing 4.3% CAGR to Reach USD 47.76 Billion by 2028 | Reports and data
Growing demand for high quality plastic materials from the automotive sector is a key driver for market revenue growth
NEW YORK CITY, NY, USA, Feb. 27, 2022 /EINPresswire.com/ — The plastic waste management market size is expected to reach USD 47.76 billion in 2028 and register a CAGR of 4.3% over the forecast period, according to the latest Reports and Data report. The growing demand for plastics from the domestic and commercial sectors is a key driver for the market revenue growth. Plastic is an essential part of everyday life, and most things consumed are made or packaged in plastic materials. Plastic waste is not biodegradable and can cause widespread environmental disasters. The whole world produces large amounts of plastic waste, which comes from households and industrial sectors such as electronics, packaging, automotive, agriculture and construction. Technological progress and the emergence of new sorting, reprocessing and collection systems for recyclable plastics open up new options in connection with public health, economic, conservation and industrial policies. Certain factors such as rapid urbanization, industrialization and growing awareness of environmental risks are driving the market revenue growth.
Recycling plastic is important to society as it helps in energy recovery and reduces carbon footprint. For every ton of recyclable plastic, about seven meters of landfill space can be saved and about a certain amount of energy can be saved to make a new type of plastic material. Plastic is relatively inexpensive and recycled plastics are used to make a wide variety of products such as clothing, bottles, carpets, films, garbage bags and containers.
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Global chemicals and materials have a wide range of application areas such as crop protection, animal nutrition, dietary supplements, preservatives, flame retardants, surface ingredients, active pharmaceutical ingredients and agents matants, among others. The population explosion coupled with rapid economic growth is expected to propel the growth of the market. Moreover, increasing urbanization, rapid industrialization and high investments in infrastructure development create market demand during the forecast period.
The Global Plastic Waste Management Market research report provides a portfolio of competitive strategy analysis to provide a better understanding of the competitive landscape. The report further examines in depth the business strategies undertaken by leading manufacturers in mergers and acquisitions, joint ventures and collaborations. It sheds light on the companies with the largest market share by revenue in the global plastic waste management market.
Key companies profiled in the market report are Veolia Environnement SA, Waste Management, Inc., SUEZ, Republic Services, Clean Harbors, Inc., Biffa plc, Covanta Holding Corporation, Stericycle, Inc., Remondis SE & Co. KG and ads. waste management, inc.
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Some highlights of the report
The polystyrene (PS) segment is expected to register a significant revenue growth rate over the forecast period. PS is used in a variety of applications such as cutlery, packaging, toys, household items, containers and others. It has better properties of resistance to gamma radiation and resistance to moisture. It can also resist bacteria growth and can be recycled. PS is lightweight and can be easily formed into different shapes. It is a common plastic material that is used in everyday items.
The polyvinyl chloride (PVC) segment is expected to account for a major share of revenue during the forecast period. PVC is used in many end-use industries including electrical and electronics, construction, and automotive. PVC has friction and moisture resistance properties that are suitable for a variety of applications including cables and wires, windows, toys, raincoats, pipes, and many technical and household products.
The recycling segment is expected to account for a larger revenue share in the plastic waste management market over the forecast period. Recycling is an effective alternative to save the environment. By adopting this service, a company can contribute to society. The separation is carried out before the recycling process. Recycling has benefits such as saving energy, conserving raw materials and solving environmental problems. With the introduction of innovative technologies, the recycling process has become more affordable and manageable.
The residential segment is expected to register a rapid growth rate in terms of revenue over the forecast period. Plastic is an important element in everyday life and is widely used for household purposes. Lifestyle changes, rapid population growth, increasing disposable income have led to an increasing use of plastics in the residential sector.
The packaging segment is expected to register a significant revenue growth rate during the forecast period. Bottles, plastic containers, films, bags and other packaging products are commonly used products in this segment. Recycled plastic can be a good alternative to packaging because it not only reduces the level of pollution but also reduces additional costs for companies.
The market in Europe is expected to contribute a major share of revenue over the forecast period, owing to the imposition of strict regulations by European authorities. The adoption of the “European Green Deal” and the “Circular Economy Action Plan” are expected to have a positive effect on market revenue growth in this region. The European Green Deal, for example, provides a roadmap to restore biodiversity, reduce pollution and develop the circular economy.
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For the purposes of this report, Reports and Data has segmented the plastic waste management market based on polymer type, service, source, application and region:
Polymer Type Outlook (Revenue, USD Billion; 2018-2028)
Polyethylene terephthalate (PET)
Polyvinyl chloride (PVC)
High Density Polyethylene (HDPE)
Low density polyethylene (LDPE)
Source Outlook (Revenue, billion USD; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
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