Global Plastic Waste Management Market to 2027 – Growing Regulatory and Government Initiatives Drive Growth – ResearchAndMarkets.com
The “Plastic Waste Management Market” Report has been added to from ResearchAndMarkets.com offer.
The global plastic waste management market size is expected to be valued at US$30.5 billion by the end of the year 2027 and the market is expected to grow at a CAGR of 3.05% during the period. forecast from 2022 to 2027.
Recycling plastic helps provide value added benefits to plastic by making it less toxic. Recycled plastics can also be used for various sustainable packaging solutions such as bottles, containers, bags, films and other packaging products. The trend of waste reprocessing and recovery of plastic waste is on the rise, due to the many associated benefits, such as reducing the amount of waste sent to landfills and incinerators, conserving natural resources and preventing pollution. the pollution of the environment.
In addition, increase in government initiatives to develop efficient integrated waste management system for conservation of natural resources and protection of soil from contaminants is also one of the significant factors driving the waste management market. plastic waste. The growing contribution of government and other regulatory bodies to building an effective waste management infrastructure across the globe is giving rise to the creation of an effective disposal management system. This is further driving the plastic waste management market.
Key points to remember
The Asia-Pacific market held the largest plastic waste management market share due to the growing population and increasing disposable income that drives the generation of solid waste in countries like India, China and Japan. This increases the scope of integrated waste management activities in the region.
The growth of commercial spaces such as shopping malls, hospitals, educational institutions, restaurants and others contributes to the creation of plastic waste, which, in turn, increases opportunities for disposal and waste management. plastic waste management market.
Rise in government initiatives and regulatory agency frameworks related to waste management infrastructure is increasing the demand for the plastic waste management market.
Amid the Covid-19 pandemic, the plastic waste management market has witnessed a major downturn owing to various restrictions imposed by countries around the world.
Plastic Waste Management Market Drivers
Increase regulatory and government initiatives
The United Nations has taken various initiatives to reduce the total generation of plastic waste worldwide. ‘PLAY IT OUT: A festival against plastic pollution‘, ‘PUTTING THE HOUSE IN ORDER: Tackling plastic waste at the UN’ are some of the initiatives taken to help raise awareness and fight plastic pollution through the world.
The President of the UN General Assembly joined the governments of Antigua and Barbuda and Norway, as well as UN Environment, UNOPS, Krimm Group (TKG), to Lonely Whale and National Geographic to help raise awareness about plastic waste management. problem around the world. This is driving the demand for waste management infrastructure and appropriate integrated waste management policies, further driving the plastic waste management market.
Generation of plastic waste
As infrastructure activities across the world expand, the generation of plastic waste has also increased rapidly. This gives even more room for disposal management. The increase in a number of commercial spaces such as hospitals, shopping malls, theaters, educational institutions, restaurants and others increases the amount of plastic waste generated. This raises more awareness about plastic recycling, plastic waste recovery and waste reprocessing. This is one of the significant factors driving the demand for the plastic waste management market.
Plastic Waste Management Market Challenges
Fewer sewage treatment plants and less awareness
One of the major challenges in the plastic waste management market is the presence of very few or very few processing plants across the world. Awareness of plastic waste management and waste management infrastructure is very less, and many sources and manufacturing units still tend to dump their plastic waste into water bodies or land sites. There are very few effective regulations and frameworks regarding the management of plastic waste in the world. This is one of the biggest challenges limiting the growth of the plastic waste management market.
Industry Outlook of the Plastic Waste Management Market
Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the plastic waste management market. Major players in the plastic waste management market are Advanced Environmental Recycling Technologies Inc., Custom Polymers Inc., KW Plastic Inc., Clear Path Recycling, Shanghai Pret Composites Co. Ltd., Republic Services Inc., Reprocessed Plastic Inc. , Biffa Plc. , 4G Recycling Inc., The WasteCare Group and B.Schoenberg & CO., INC. among others.
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