Plastic Waste Management Services Market Size, Share, Growth, And Industry Analysis By Type (Thermosetting, Thermoplastic), By Application (Plastic Waste, Heat Energy Generation, Recycled Plastics, Others) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

Plastic Waste Management Services Market Report Overview

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The global plastic waste management services market size was USD 28881.8 million in 2021 and will reach USD 45204.21 million by 2031, at CAGR of 4.58%, during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with the plastic waste management services market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The global plastic waste management market refers to the industry involved in the collection, transportation, processing and recycling of plastic waste to minimize its negative environmental impact. It involves various methods such as landfill, incineration and recycling to deal with plastic waste from various sources such as packaging, construction, textile, automotive and other industries. The goal of the market is to promote sustainable management practices and reduce the amount of plastic waste that pollutes the environment or ends up in landfills.

Factors such as economic growth, increasing urbanization, industrialization and changing lifestyles of people have increased the generation of plastic waste, which has led to a growing environmental threat. The awareness of plastic waste management has increased significantly with consumer education and increased health and environmental awareness. The growing population and the increasing income level of people have created new opportunities for the generation of plastic waste administrative industry.

COVID-19 Impact: Increase in the Usage During The Pandemic Due To Increased Environmental Awareness Market

The recent coronavirus outbreak has had a huge impact on the plastic waste management market. As the number of COVID-19 cases increased in the region, so did the amount of plastic waste, especially in health facilities. As a result, the need for plastic waste services will increase in 2020. This has significantly increased plastic waste management services market growth during the pandemic.

Latest Trends

"Increasing Plastic Waste To Boost Market Growth "

Plastic waste production has grown rapidly, while infrastructure-related activities have expanded worldwide. This expands the possibilities of waste management. Number of commercial locations including hospitals, shopping malls, theaters, educational institutions, restaurants and others grow, increasing the amount of plastic waste generated. It also increases public awareness about plastic recycling, plastic waste and disposal of waste material processing For example, to stop plastic pollution, especially the waste that ends up in the sea, more than 30 international companies launched a new global organization "Alliance to End Plastic Waste" in London in January 2019To eliminate plastic pollution in the future, such initiatives promote the use of plastic waste management services. Consequently, this generation of plastic waste has promoted the CAGR of the global plastic waste management market in recent years.

plastic waste management services market Segmentation

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• By Type Analysis

According to type, the market can be segmented into thermosetting, thermoplastic.

Thermosetting is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into plastic waste, heat energy generation, recycled plastics, others.

Plastic Waste will be dominating segment.

Driving Factors

"Rise of Various Initiatives And Rapid Production Of Plastic Products to Drive the Market Growth"

The increase in various initiatives by the government and manufacturers is likely to pave the way for market growth. As part of their new sustainability strategy, several food and beverage companies are focusing on increasing the proportion of recycled plastic in their bottles. For example, Coca-Cola announced in July 2017 that it would triple the amount of recycled plastic in its bottles. Currently, 25% of bottles are made from recycled plastic. By the end of 2020, it will quadruple to 50 percent. Hence, these factors support the market growth during the forecast period. The market for plastic waste management is expected to grow significantly as plastic is used extensively in many applications. The increasing use of plastic creates non-degradable plastic waste and causes significant greenhouse gas emissions that can lead to massive ecological crises. Hence the growing need proper disposal of plastic waste is expected to lead the market during the forecast period.

"Growing Concern for Environment to Fuel the Market Growth"

According to the 2019 survey, most people chose sustainable products, most looked for environmentally friendly packaging, and majority of the people avoided using plastic as much as possible. Advanced technologies and frameworks for recycling, sorting and sorting recyclable plastics are creating new opportunities for the market. Additionally, the laws and guidelines of various country governments and related agencies on plastic waste management services are expected to drive the market during the forecast period. The growing public awareness of plastic waste pollution and its harmful environmental effects is a major factor that increases the demand for recycled plastic products. Governments around the world have enacted several laws to discourage the use of single-use plastics and promote the use of products made from recycled plastics.

Restraining Factor

"Lack of Framework For Separation And Collection to Hinder Market Growth "

Municipalities and other waste management stakeholders face a significant threat from improper waste management. Improper waste management can significantly affect the health of people living near contaminated sites or landfills. Skin irritation, blood infections, respiratory problems, growth disorders and even reproductive problems can all be caused by inadequately treated plastic waste. Unscientific handling, improper waste collection and ethical issues such as e-waste disposal are all major issues affecting plastic waste. As a result, environmental pollution, water pollution, soil pollution and air pollution become a problem that restricts the growth of the market.

plastic waste management services market Regional Insights

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"North America to dominate the Market Due To Strong Recycling Infrastructure "

The North American plastic waste management market is characterized by strict environmental regulations, strong recycling infrastructure and growing public awareness of plastic pollution. The region's emphasis on sustainable practices has encouraged the adoption of advanced recycling technologies such as chemical recycling. In addition, collaboration between government agencies and private companies has paved the way for innovative solutions, while consumer demand for environmentally friendly products continues to drive the market forward. As North America advocates responsible management of plastic waste, it sets a precedent for global efforts to combat plastic pollution. The North American market is expected to account for the largest plastic waste management services market share of revenue during the forecast period due to factors such as rapid industrialization, urbanization, and population growth. Growing production of plastic waste in countries is projected to increase the demand for plastic waste management solutions in the region.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.

List of Market Players Profiled

• Vanden Global Ltd. (U.K.)
• B.Schoenberg & CO., INC. (U.S.)
• The WasteCare Group (U.K.)
• TerraCycle (U.S.)
• LUXUS Ltd. (U.K.)
• Custom Polymers, Inc. (U.S.)
• Shanghai Pret Composites Co., Ltd. (China)
• Clear Path Recycling (U.S.)
• Advanced Environmental Recycling Technologies, Inc. (U.S.)
• 4G Recycling Inc. (U.S.)
• Reprocessed Plastic, Inc. (U.S.)
• KW Plastic, Inc. (U.S.)
• PLASgran Ltd. (U.K.)
• Republic Services, Inc. (U.S.)

Report Coverage

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.