Asia-Pacific Plastic Waste Management Market Outlook, 2028

Asia-Pacific Plastic Waste Management Market Outlook, 2028

Plastic waste management in Asia Pacific accounted for the largest revenue share in the global market. Growing population, rising GDP, and rising disposable income in Asia Pacific are causing more solid waste (including plastic waste) to be generated, creating opportunities for the region's market. Infrastructural development in Asia Pacific's underdeveloped and developing countries is driving the growth of various plastic waste management methods in this region. Plastic recycling is a practise that addresses several environmental concerns associated with waste management and plastic pollution, such as landfills, water pollution, environmental contamination, and so on, by reprocessing plastic into usable materials. This method also helps to conserve natural resources by producing plastic from scratch and reducing landfill levels. The availability and active participation of several bottled water manufacturers, as well as their intent to recycle plastic, is largely responsible for the increased demand for plastic recycling practises throughout Asia-Pacific.

According to the research report, “Asia Pacific Plastic waste Management Market Outlook, 2028” published by Bonafide Research, the market is anticipated to add over USD 4.03 Billon from 2023 to 2028. Due to fewer incineration and recycling plants, the landfill segment is expected to dominate the market for plastic waste management. In Asia Pacific, landfills are the primary treatment method for waste disposal. Landfills are used to dispose of all types of waste, with some designed for municipal solid waste disposal and others for commercial and institutional waste disposal. Additionally, the second largest segment is incineration. Incineration is the controlled combustion of plastic waste at extremely high temperatures for waste management and energy generation. The process is highly exothermic, with the goal of ensuring safe waste disposal. It is responsible for the processing of non-recyclable waste from industrial, commercial, and municipal sources.

The market's expansion is being driven primarily by the increasing adoption of plastic recycling activities throughout Asia-Pacific as a result of the region's governments' increasing focus on sustainable development, combined with the urgent need to address environmental issues associated with massive plastic pollution. Even though recycled plastics have similar properties to virgin plastics, their use is rapidly increasing in automotive, textiles, packaging, construction, and other industries. China is the largest producer of plastic waste. During the forecast period, India is expected to the fastest growth in the regional market. Furthermore, the governments of China and India are trying to enact stringent plastic recycling regulations in order to reduce pollution and plastic waste in landfills or garbage dumps, which, in turn, is reducing pollution.

Plastic waste management is becoming a major issue in the Asia Pacific region, and many governments are working to address it. China announced a new plastic waste reduction policy in 2020, which includes a ban on non-biodegradable plastic bags in major cities by the end of 2020 and a ban on non-biodegradable plastic straws by the end of 2025. Restaurants must also reduce their use of single-use plastic products under the policy. The Japanese government has set a goal of reducing the amount of plastic waste generated in the country by 25% by 2030, and a number of measures are being implemented to achieve this goal. The government, for example, encourages the use of reusable containers and packaging and has imposed a plastic bag charge in supermarkets and convenience stores. The Australian government has announced a number of initiatives to combat plastic waste, including a ban on the export of plastic waste and a plan to phase out a variety of single-use plastics such as plastic straws, cutlery, and plates.

Another factor supporting the growth of the plastic waste management market share in India is the increasing number of landfills. Due to the country's inadequate waste management systems, landfills are one of the most common waste disposal options in India. More than half of all solid waste generated is untreated and deposited into landfills. Private businesses are gaining traction, particularly in municipal authorities in West Bengal, Karnataka, and Haryana, where waste management is subpar due to insufficient planning and lower investment than various state governments intended. As a result, the government is actively monitoring market conditions and assisting industry participants by relaxing investment requirements and providing monetary incentives.

The Covid-19 pandemic in 2020 slowed most industries across Asia-Pacific, including the Plastic Recycling Market, which faced several unprecedented challenges. With the imposition of stringent movement restrictions and lockdowns by governments across Asia-Pacific to combat the spread of this dreadful disease, the market experienced disruptions in collecting plastic waste and processing operations such as recycling, as most manufacturing was shut down. Furthermore, supply chain disruptions hampered the distribution of raw materials and goods across multiple countries, resulting in massive financial losses for the leading market players and decreased demand for plastic across multiple industries.

Restraints
In a few Asia-Pacific countries, a lack of regulatory framework may impede the growth of the plastic recycling market. It is due to the possibility of improper disposal and recycling of plastic waste, which may cause an imbalance in the use and recycling of plastics and, as a result, negatively impact the environment in the coming years. There is a lack of public awareness in some parts of Asia Pacific about the effects of plastic waste on the environment and human health. This can make gaining public support for policies or initiatives aimed at reducing plastic waste difficult. Single-use plastics, such as plastic bags and food packaging, are culturally preferred in some parts of Asia and the Pacific. This can make implementing policies or initiatives to reduce the use of these products difficult. Plastic waste exports from other countries, particularly developed countries, have been a major destination in the Asia-Pacific region. While some countries in the region have taken steps to limit these imports, a significant amount of plastic waste is still imported, which can exacerbate the region's plastic waste management challenges.

Opportunities
In Asia Pacific, with rapid technological advancements and innovations in plastic recycling practises, the coming years are likely to create profitable opportunities for the leading players in the plastic recycling market and boost demand for recycled plastics such as polypropylene terephthalate (PET) and high-density polyethylene (HDPE) (HDPE).

Developments
• SUEZ Circular Polymer (SCP) in Bang Phli, Thailand, became the first plastic recycling plant to be officially recognised by the Plastic Credit Exchange (PCX) plastic offset platform in August 2021.
• Several Asian Pacific countries have set goals to reduce their plastic waste. Indonesia, for example, aims to reduce marine plastic waste by 70% by 2025, while Japan aims to reduce plastic waste by 25% by 2030.

In the Asia Pacific region, several start-ups are focusing on plastic waste management.
• Greenhope (India): Greenhope is a start-up that is focused on creating a circular economy for plastic. They collect plastic waste and recycle it into new products, including bags, containers, and packaging.
• Plastic Fischer (Indonesia): Plastic Fischer is a start-up that uses plastic waste to produce fuel. They collect plastic waste from households and businesses and convert it into a fuel that can be used for transportation.

Major Companies present in the market:
WM(Waste Management, Inc.),Stericycle Inc., Veolia Environnement S.A, Umicore,Sembcorp Industries Ltd., Capital enviroment, Clean Way, Covanta Holding Corporation, Plastic Energy, Enviro-Hub Holdings Ltd, FCC Environment Limited.

Considered in this report
• Geography: Asia Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia Pacific Plastic Waste market with its value and forecast along with its segments
• Region-wise E-Waste Management market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Service Type:
• Collection & transportation
• Recycling
• Incineration
• Landfills

By Source Type:
• Residential
• Commercial & institutional
• Industrial
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Secondary research was initially used to gain an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases and annual reports of companies, as well as government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Following this, we began making primary calls to consumers, segmenting them equally into regional aspects, tier aspects, age groups, and gender. Once we had primary data with us, we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the E-Waste Management industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.