Recycling Plastic Waste Grows Amid Stricter Landfill and Incineration Rules
Plastic waste management involves
collecting and recycling of plastic waste from various sources including
domestic, commercial, and industrial. Growing environmental concerns regarding
plastic pollution and frequent implementation of bans on single-use plastics by
governments globally are major factors fueling demand for efficient plastic
waste management solutions.
Key Takeaways
Key players - 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 developing advanced plastic waste sorting and recycling technologies to cater to the growing demand.
Key opportunities - Strict regulations promoting recycling and bans on single-use plastics in many countries present significant opportunities for players in the plastic waste management industry. Moreover, growing awareness regarding negative environmental impact of plastic pollution is encouraging transition towards circular plastic economy.
Global expansion - Major players are strategizing global expansion plans by entering into partnerships with local players in high growth markets such as Asia Pacific and Latin America. For instance, in 2021 Veolia partnered with Nepra to expand its plastic recycling business across Southeast Asia.
Market drivers - The stringent regulations implemented by various governments on incineration and landfilling of plastic waste is anticipated to be a major market driver. Furthermore, initiatives taken up by plastic producers to attain sustainability targets by boosting plastic collection and recycling rates will further augment the demand.
Market restrain - High operational & infrastructure costs involved in collection, sorting and recycling of multi-layered/multi-material plastic waste poses a major challenge. Additionally, lack of coordinated collection efforts and low recycling rates continue to limit the market prospects to some extent.
Regionally, North America holds the
major share in the plastic waste management market currently. Countries like US
and Canada have established waste management infrastructure and regulations for
effective plastic waste recycling and disposal. High awareness among
individuals regarding environment protection and sustainability also support
market growth. Asia Pacific is expected to witness fastest growth during the
forecast period. Emerging economies like India and China are focusing more on
proper waste management to reduce pollution levels. This will boost adoption of
plastic waste recycling and treatment solutions in Asia Pacific region.
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Waste Management Market
About Author:
Money Singh is a seasoned content writer with over four years of
experience in the market research sector. Her expertise spans various
industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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