The Global Plastic Waste Management Market is Anticipated to Witness High Growth Owing to Increasing Environmental Concerns
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| Plastic Waste Management Market |
Plastic waste management involves
diverse processes and approaches for managing plastic waste induced from
numerous industries and sectors. The plastic waste to be managed includes
various polymer materials like polyethylene terephthalate (PET), high-density
polyethylene (HDPE), polyvinyl chloride (PVC), low-density polyethylene (LDPE),
and others. The management strategies involve collection, transportation,
sorting, and recycling of plastic waste. The rising environmental concerns
pertaining to greenhouse gas (GHG) emissions from improper waste management
have compelled various industries and governments to take initiatives for adopting
robust plastic waste management practices.
Key Takeaways
Key players operating in the plastic waste management are Wolfe Heavy Equipment, EZ-Trench, Tesmec, Ditch Witch, Marais, Vermeer, Toro, UNAC, Port Industries, Guntert & Zimmerman, Mastenbroek, Shandong Gaotang trencher, Rongcheng Shenyuan, and Inter-Drain among others. These players are focusing on new product launches and geographical expansions to consolidate their market shares. For instance, in 2023, Wolfe Heavy Equipment launched an efficient plastic densification machine to facilitate densified plastic waste transportation.
The rapidly growing Plastic Waste Management Market Trends worldwide coupled with stringent government regulations regarding proper waste disposal provide numerous opportunities in the plastic waste management sector. Various government bodies are undertaking initiatives and formulating policies to promote plastic waste recycling and reuse practices. For example, the European Commission aims to make all plastic packaging recyclable by 2030 to achieve a circular economy model.
The key global players are focusing on expansions across regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. They are strategically acquiring or partnering with local waste management firms to gain access to emerging markets and establish an international footprint. For instance, in 2022, Veolia Environment acquired waste management operations of Suez Environment in Australia and New Zealand to consolidate its presence in the Asia Pacific region.
Market Drivers
Stringent Regulations Pertaining to Plastic Waste Management: Growing environmental concerns across the globe have compelled various governments and regulatory bodies to formulate stringent regulations regarding plastic waste management practices. Non-compliance to such regulatory norms can result in hefty penalties for industries. This is a key factor propelling the plastic waste management market growth.
Market Restraints
High Capital Investment Requirements: Establishing a robust plastic waste
management infrastructure involving waste collection facilities, sorting &
recycling plants requires huge capital investments. This acts as a major
restraint for small players to enter the market. Additionally, frequent
upgrades of processing equipment further add to operational costs.
Segment Analysis
The recycling segment dominates the
plastic waste management market with nearly 45% share. This is because
recycling plastic waste helps reduce the amount of plastic ending up in
landfills or incinerators. It also helps conserve natural resources as recycled
plastic can be used to manufacture new plastic products. The municipal solid
waste (MSW) segment is the second largest as significant amount of plastic
waste is generated from municipal sources on a daily basis which needs proper
management.
Global Analysis
The Asia Pacific region is the
fastest growing as well as the dominating regional market for plastic waste
management. This is because countries like China and India generate huge
volumes of plastic waste every year due to rising plastic production and consumption.
However, plastic recycling infrastructure is still developing in these
countries. Europe is currently the second largest market due to stringent
regulations and policies related to plastic recycling and reuse. Initiatives
like circular economy action plan are driving the market growth. North America
is another major regional market stimulated by landfill diversion mandates and
advance recycling facilities across the US and Canada.
Gets
More Insights on: Plastic
Waste Management Market
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