Recycling Plastic Waste Grows Amid Stricter Landfill and Incineration Rules

 

Plastic Waste Management Market

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.

The global plastic waste management market size is estimated to be valued at US$ 640.6 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period from 2024 to 2031

Plastic Waste Management Market Demand has emerged as one of the most widely used materials in packaging, consumer goods, construction, automotive, and other industries owing to its attributes such as durability, flexibility and resistance to degradation. However, lack of proper disposal and recycling infrastructure has resulted in escalating plastic pollution levels. This has necessitated efficient plastic waste collection and recycling solutions. Key players operating in the plastic waste management market 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.

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.

Segment Analysis

The municipal solid waste plastics segment dominates the plastic waste management market currently. This segment handles plastic waste generated from residential and commercial sectors in the cities and urban regions. It is dominating as plastic waste generation from urban households and establishments is substantially high. In cities and urban areas, proper waste collection and segregation infrastructure helps in effective plastic waste management from the municipal sources.

Global Analysis

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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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)