Waste Management Plastic Recycling Market Challenges, Growth Drivers
Market Scenario
The global waste management plastic recycling market 2020, according to MRFR, is poised to grow at a CAGR of 3% during the forecast period.
Market Highlights
A huge amount of plastic waste is produced throughout the world, of which household and industry waste such as automobile, packaging, electronics, construction and agriculture contribute the most. Advanced technologies and processes used to reprocess, sort, and collect recyclable plastics are generating new opportunities in line with public health, manufacturing, environmental, and preservation values. Aspects such as increasing urbanization, industrialization and rising awareness of the environmental hazards are driving the growth of the global market for plastic waste management. Most laws and regulations enforced by the governments serve as a significant driver of business development. Additionally, the market is driven by government initiatives to recycle plastic materials and growing concern about plastic waste disposal. Plastic is relatively cheap and durable, and recycled plastic is used to manufacture a wide variety of items such as carpets, garbage bags, clothes, films, bottles and containers. This plastic recycling cycle is enhanced to propel the demand for plastic waste management over the review period.
Market Segmentation
Global market for the management of plastic waste is segmented by the service & equipment, product, source and end-user sector and area. The market is segmented based on the service & equipment into collection, recycling, incineration and disposal. Recycling is expected to dominate the market for handling plastic waste during the study period. The market is further segmented on the basis of polymer in low-density polyethylene (LDPE), polyvinyl chloride ( PVC), high-density polyethylene (HDPE), polypropylene ( PP), and others. Polypropylene dominated the industry in 2016 and is expected to be the fastest-growing segment of the global industry for plastic waste management. Drivne by the high availability and low cost, polypropylene holds the largest share of the global plastics market. The market is segmented, depending on the source, into commercial , residential, and industrial. Residential segment led the product segment in 2016, and over the forecast period is expected to see a phenomenal growth. The market is segmented into packaging, construction & construction, textiles & clothing, automobiles, and others, based on the end-use sector. The packaging segment dominated the market with the highest share in 2016 and is anticipated to develop at the highest CAGR during the review period due to a wide range of usage of plastic material in the packaging sector, which needs to recycle further after primary application
Regional Outlook
The global market for Plastics Recovery & Recycling Waste Management Maket is largely segmented into four main areas, such as Europe , North America , Asia Pacific and the rest of the world.
The demand for plastic waste management is well known in North America and developed European countries due to numerous policy measures and strict regulation to curb carbon emissions, which has contributed to the thriving market for waste management in this area.
Asia Pacific is currently experiencing steady growth due to the government's lack of understanding and inability to encourage and enforce waste management, few emerging economies such as, Japan, China, South Korea and India are currently promoting several beneficial programs to spread awareness among the population regarding healthcare, hygiene, and benefits of waste management.
Competitive Dashboard
Some of the major players in the global plastic waste management market are Waste Management Inc. (U.S.), Stericycle Inc. (U.S.), SUEZ Environnement Company (France), Waste Holdings, Inc. (U.S.), Remondis SE & Co. KG (Germany), Hawkvale Limited (UK), Hahn Plastics Limited (UK), Republic Services Inc. (U.S.), ADS Veolia Environnement S.A. (France), Covanta Holding Corporation (U.S.), Clean Harbors Inc. (U.S.), Progressive Waste Solutions Ltd. (Canada), PLASgran Ltd. (U.K.), Luxus Limited (U.K.), and United Plastic Recycling, Inc. (U.S.)
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