South Korea Plastic Waste Management Market Overview, 2028

South Korea Plastic Waste Management Market Overview, 2028

South Korea has the world’s most advanced waste management system. A decades-long separate disposal system for recyclable wastes and volume-based garbage fees for general and food wastes are the two pillars of the country’s waste management. Korea’s extended producer responsibility (EPR) scheme imposes on product manufacturers the obligation to collect and recycle the wastes derived from their products. An increasingly stricter restriction is applied to the use of single-use goods such as drink cups in coffee shops and plastic bags in supermarkets by 2030, South Korea aims to reduce plastic wastes by 50% and recycle 70% of the waste plastics. The Comprehensive Measures of Waste Recycling announced in 2018 set a series of policy actions to be implemented in each stage of resource cycle from production, consumption, disposal, collection/ separation to recycling. Plastic waste management refers to methods and approaches used to reprocess plastic material rather than dumping it into landfills, waterways, or otherwise allowing it to pollute the environment. The reduced use of virgin plastic in product manufacturing is the most important factor promoting plastic waste management.

According to the research report “South Korea Plastic Waste Management Market Overview, 2028,"" published by Bonafide Research, the market is forecasted to grow over 6% CAGR by 2023-28. Plastic production is increasing as urbanisation and industrialization expand. The increase in the number of commercial venues such as malls, theatres, restaurants, hospitals, educational institutions, and others results in an increase in the amount of plastic waste, which eventually opens up more opportunities for the need for waste management. Additionally, raising awareness about plastic recycling and reprocessing waste materials are important factors in driving demand for plastic waste management. The awareness about plastic waste management has increased significantly with the progress in consumer education and rising awareness about health and environment. The growing population and the growing income levels of people have generated new opportunities for the plastic waste management industry.

Based on the source, the plastic waste management market is segmented into residential, commercial, and industrial. During the forecast period, the industrial sector is expected to dominate the market for plastic waste management in South Korea due to an increase in industrialization and the packaging of products. Because packaging has a very short life span, typically around 6 months or less, packaging of the product is one of the key factors that will dominate the market growth of the plastic waste management market in South Korea.

Based on end use, the plastic waste management market is segmented into building & construction, consumer products, electrical & electronics, industrial machinery, packaging, and automotive. The packaging segment is expected to dominate the plastic waste management market in South Korea due to the increasing demand for plastics for the packaging of products to protect, preserve, transport, and display information.

The Korean government promised in September 2021 to cut plastic use by 60 percent before 2030 and become a plastic-free society by 2050. To meet these goals, the government implemented the ban on single-use cups on April 1, 2022, and will expand this initiative to include cutlery and straws in November of the same year. Businesses have responded to the crisis as well. Starbucks Korea announced plans to make every store plastic-free by 2025, making it the first global Starbucks to do so. While smaller, local businesses such as The Bottle Factory, a store and café in eastern Seoul

The scarcity of treatment plants is one of the most serious issues confronting plastic waste management. Several manufacturing units and sources dump their plastic waste into bodies of water or on land; additionally, a lack of understanding of waste management infrastructure is a challenge for this market. Furthermore, plastic waste management is a capital-intensive process. Processing and treating waste necessitates skilled and motivated labour, which raises operating costs and reduces profit margins. This is expected to have a negative impact on market growth during the forecast period.

RECENT DEVELOPMENTS
• December 2022: GE Technology will license Honeywell's Up Cycle Process Technology at their planned advanced recycling facility in South Korea. The plant will be able to convert mixed waste plastics into Honeywell Recycled Polymer Feedstock (RPF), which will then be used to create new plastics and help enable the development of a ""circular economy"" for plastics.

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

Aspects covered in this report
• South Korea plastic waste management market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Source Type
• Residential
• Commercial & Institutional
• Industrial

By Service Type
• Collection and Transportation
• Recycling
• Incineration
• Landfills

By End use
• Building and 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 as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Plastic waste management, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.