Global Plastic Waste Management Market Outlook, 2028

Global Plastic Waste Management Market Outlook, 2028

Plastics are an essential part of society and have a wide range of applications. Plastics are made up of a network of molecular monomers that have been joined to form macromolecules. However, plastic waste is non-biodegradable and can cause massive ecological crises, affecting living organisms both directly and indirectly across the ecosystem. As a result, plastic waste management is becoming extremely relevant around the world. The primary factor driving market demand is the increased use of plastics in various industrial sectors. The global plastic waste management market has grown due to increased awareness and concern about health and the environment. Furthermore, the increase in industrialization and urbanisation will accelerate the growth rate of the plastic waste management market. Plastic waste management is becoming increasingly popular as people become more aware of the environmental problems caused by plastics. Moreover, the growing population, the emergence of the circular economy, and rising income levels will all drive market value growth. Acceptance of recycled plastic bottles over polymers made from oil products, which produce less CO2, and the packaging industry's increased demand for recyclable raw materials are also driving the market forward.

According to the research report, “Global Plastic Waste Management Market Outlook, 2028” published by Bonafide Research, the market is anticipated to attain market size of USD 40.75 Billion by 2028, increasing from USD 32.02 Million in 2022. The overall market is projected to grow with 4.20% CAGR for 2023-2028. Recycling services are expanding as a result of rising demand for recycled plastic products and the need to reduce plastic waste in the environment. The collection and transportation of plastic waste from various sources to recycling or waste-to-energy facilities is part of the service. These services are expanding in response to increased demand for waste collection and transportation that is efficient and effective. The plastic waste management market encompasses a wide range of polymer types, each with its own set of characteristics and challenges. PET is commonly used in the manufacture of single-use plastic products such as water and soda bottles, food packaging, and other single-use plastic products. PET is one of the most widely recycled plastics, with significant growth in recycling and waste. Plastic waste management solutions are also becoming more popular in industrial sectors as they seek to reduce their environmental impact and comply with sustainability regulations.

Based on service type, the market is divided into Collection & Transportation, Recycling, Incineration, and Landfills. The landfill segment is anticipated to contribute the largest share of the plastic waste management market. The presence of very few recycling plants and incinerators leads to waste mismanagement, which contributes to the rise in plastic waste disposal and landfills. The landfill is the primary treatment method for waste disposal management worldwide. Landfills are used to dispose of all types of waste, with some designed for municipal solid waste management and others for commercial and institutional waste disposal. The recycled plastic waste market is projected to grow at the highest CAGR during the forecast period, owing to strict government policies and a significant rise in infrastructure for recycling plastic. Various benefits of recycled plastics (such as reduction of pollution and lesser dependence on fossil fuels) and its wide application in sustainable packaging solutions (such as containers, bottles, bags, films, and other protective packaging products) drive its demand.

Based on source type, the market is segmented into residential, industrial, commercial & institutional, and other segments. Among these, industrial is the market's largest and fastest-growing segment. Industries are the primary source of plastic waste. The rapid industrialization of developing economies is primarily responsible for the segment's growth. Manufacturing industries must properly dispose of plastic waste due to strict environmental regulations. Furthermore, plastic recycling is critical to achieving economically and environmentally sustainable goals. Due to rising populations and rapid urbanisation, the residential sector is expected to grow at the fastest CAGR during the forecast period. Plastics, on the other hand, are an important part of daily life and are widely used in household applications. Changing lifestyles, rising populations, and rising disposable income have resulted in increased use of plastic in the residential sector, resulting in massive amounts of waste that must be disposed of.

Based on Polymer Type, the market is divided into Polypropylene (PP), Low-density polyethylene (LDPE), High-density polyethylene (HDPE), Polyvinyl chloride (PVC), Polyurethane (PUR), Polystyrene (PS), Polyethylene terephthalate (PET), and Others. The polypropylene sub-segment has a larger market share and is anticipated to be the fastest-growing market due to properties such as weldability, higher chemical resistance, and fatigue resistance. Furthermore, because it is easily available in the market at a lower cost, it is used in various fabrication techniques that make the product suitable for industrial and household use. After polypropylene, the Low-density polyethylene (LDPE) sub-segment is thought to have the largest market share. The rapid growth of the Plastic Waste Management Market can be attributed to an increase in the contribution of these sub-segments. LDPE is widely used in the manufacture of flexible and thin products such as bags, container lids, toys, shrink-wrap and stretch film, and squeezable bottles. Recycled LDPE is also used to make floor tile, garbage can liners, furniture, paneling, compost bins, and trashcans.

Building & construction, Consumer Product, Electrical and Electronics, Industrial Machinery, Packaging, Automotive, and Others are the end-user segments of the market. Packing is a larger market sub-segment that is expected to be the fastest-growing market due to an increase in demand for plastics used in packaging to protect various products such as preservation, display, and transport. Most packaging manufacturers are shifting their preferences towards sustainable plastic packaging solutions in order to avoid increasing plastic pollution. During the forecast period, this is expected to increase demand for plastic waste recycling processes.

The Asia Pacific plastic waste management industry is expected to grow at the fastest rate from 2023 to 2028. Growing population, rising GDP, and rising disposable income in Asia Pacific are causing more solid waste (including plastic waste) to be generated, which is creating opportunities for the region's market. Infrastructural development in Asia Pacific's underdeveloped and developing countries is driving the growth of various methods of plastic waste management in this region. However, rising per capita plastic waste generation, as well as rapid urbanisation and industrialization, are key driving factors boosting plastic waste management in Asia Pacific. The region's market is being driven by the rise in disposable income and the growing importance of waste management in China, Japan, and India.

Trend: New Innovations in Waste Treatment to Boost Market Growth
Machine learning (ML) and big data are enabling new growth opportunities in the plastic waste management industry. These technologies can save time and allow for more efficient resource planning. As a result, the overall cost of the operation would be reduced. Furthermore, satellite-based identification of ocean plastic trash could pinpoint the precise location of concentrated areas. Companies are saving time and resources by using such technologies to collect plastic trash. Big data can also be used to assist large corporations in identifying areas where waste is generated so that waste reduction solutions can be developed. Many large corporations are attempting to become more sustainable by developing products that are less wasteful or harmful to the environment.

Restraints
Lack of skilled labour and lack of knowledge of plastic waste management systems such as gathering, dispensation, and clearance of plastic waste, storage control, transportation, and allocation are the factors restraining the growth of the global plastic waste management market. Furthermore, the high cost of recycling and the presence of hazardous substances are viewed as market restraints. Moreover, the cost of recycling plastic fluctuates, hampering future market investments.

Opportunities
The formation of commercial and public-sector partnerships in waste management would provide market participants with lucrative opportunities. Moreover, the government's stringent regulations governing plastic disposal and management, as well as the recycling of toxic materials, will contribute to the future growth of the plastic waste management market.

Challenges
The plastic waste management market will face significant challenges due to fewer treatment plants and low awareness. Plastic waste management and infrastructure are poorly understood, and many suppliers and manufacturing units routinely dump their plastic waste into bodies of water or on land. Globally, there are few effective policies and procedures in place to manage plastic waste. This is one of the most significant barriers to the market's expansion in plastic waste management.

Recent Developments
• Republic Services, Inc. unveiled development plans for an integrated plastics recycling facility in the United States in March 2022, in response to rising demand for recycled plastic from packaging manufacturers. The company's Republic Services Polymer Center will manage the plastics stream through an integrated process for collecting and delivering high-quality recycled content for consumer packaging.
• Biffa was named the official waste management and recycling provider for the 2022 Commonwealth Games in Birmingham, which will take place in July 2022. Biffa also secured a multi-million-pound recycled plastic deal with Esterform Packaging, the UK's leading bottle manufacturer, for a one-year partnership in 2020. SUEZ and LyondellBasell will acquire TIVACO, a plastic recycling company based in Belgium, in December 2020. Quality Circular Polymers will operate the acquired company (QCP). With this acquisition, the QCP increased its annual production capacity to 55 kilotonnes.
• UPS Healthcare and Stericycle have formed a partnership to provide medical waste sorting and disposal services in 2021. With this collaboration, both organisations hope to protect public health while also contributing to a responsible, safe, and sustainable plastic circular economy.
• In December 2020, SUEZ and LyondellBasell will jointly acquire TIVACO, a plastic recycling company based in Belgium. Quality Circular Polymers will run the acquired company (QCP). With this acquisition, QCP increased its annual production capacity to 55 kilotonnes.

Covid-19
The recent coronavirus outbreak had a significant impact on the plastic waste management market. The amount of plastic garbage generated in the region increased as the number of COVID-19 cases increased, particularly in healthcare facilities. As a result, there will be a greater demand for plastic waste management services in 2020. This significantly boosted market growth during the pandemic. Furthermore, during the outbreak, the region's increased demand for plastic waste management services was fueled by the rising risk of unintentional infection as a result of poor garbage disposal, which included hazardous medical waste. Furthermore, favourable government waste management activities are expected to promote global sales of plastic waste management services throughout the projection period. The aforementioned determinants will significantly boost the market's revenue trajectory over the forecast period.

Major Companies present in the market:
Republic Services, Inc., WM(Waste Management, Inc.), Augean plc, Stericycle Inc., Veolia Environnement S.A., GFL Environmental, Umicore, Sembcorp Industries Ltd., Biffa plc, Capital enviroment, Casella Waste Systems, Electronic Recyclers International, Inc., Clean Way, Covanta Holding Corporation, Plastic Energy, Renewi plc, Enviro-Hub Holdings Ltd, waste Connection, Planet green Recycling (L.L.C), Al Nouras Waste Collection & Transporting LLC, FCC Environment Limited.

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

Aspects covered in this report
• Global 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

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America, Middle East & Africa (Brazil, UAE, Saudi Arabia, South Africa)

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

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

By Polymer Type:
• Polypropylene (PP)
• Low-density polyethylene (LDPE)
• High-density polyethylene (HDPE)
• Polyvinyl chloride (PVC)
• Polyurethane (PUR)
• Polystyrene (PS)
• Polyethylene terephthalate (PET)
• Others

By End-Use Type:
• Building & construction
• Consumer Product
• Electrical and Electronics
• Industrial Machinery
• Packaging
• Automotive
• 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.

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