Global Plastic waste management market Size, Share & Trends Analysis Report, By Service, by Polymer, by Source, by End-Use, By Region Forecasts, 2024 – 2032

Global Plastic waste management market Size, Share & Trends Analysis Report, By Service, by Polymer, by Source, by End-Use, By Region Forecasts, 2024 – 2032

Global Plastic waste management market was valued at US $ 27.7 Billion in 2023 and is expected to reach US $ 37.1 billion by 2032 growing at a CAGR of 3.3% during the forecast period 2024 – 2032.

The industry that includes the collection, transportation, processing, recycling, and disposal of plastic waste produced across several industries is known as the waste plastic management market. It entails putting policies and technology into place designed to lessen the negative effects plastic pollution has on the environment. The creation and management of recycling facilities, the sorting and segregation of garbage, the use of sustainable disposal techniques, and the advocacy of circular economy ideas to reduce the production of plastic waste are important activities in this industry. The market strives to promote environmental sustainability, lessen dependency on virgin plastics, and encourage appropriate waste management practices across businesses and communities in response to the problems presented by the growing volume of plastic trash worldwide.

The market for waste plastic management is expanding due in large part to growing awareness of the negative effects that plastic waste has on the environment. There is a collective push to address these issues as awareness of the harmful impacts of plastic waste on ecosystems and human health grows worldwide. In response to increasing knowledge, governments are enforcing strict laws that force companies to use sustainable waste management techniques, such as recycling and appropriate disposal. The market is growing due in part to corporate sustainability initiatives, which are fueled by shifting customer preferences in favour of eco-friendly products. Communities, corporations, and governments are progressively implementing tactics to reduce the environmental impact of plastic as they embrace the concepts of the circular economy. The dissemination of knowledge through media platforms and educational efforts is essential in creating a populace that is aware of environmental issues and makes informed decisions. Furthermore, continuous technological advancements in recycling improve waste plastic management efficiency, supporting the larger environmental imperative. To put it simply, the market is being driven towards sustainable growth by the growing worry about the environmental effects of plastic waste. This concern is driving demand for comprehensive waste plastic management solutions.

“Recycling segment, by service, to be dominating market from 2023 to 2030.”

The leading segment is recycling, with a projected market share of 12.37% in 2023. With a predicted CAGR of more than 4.2% throughout the course of the forecast period (2024–2032), it is growing at the highest rate. Recycling is the industry leader in waste plastic management and is also the fastest-growing category in the market. The rise in environmental consciousness worldwide and the tightening of laws that give priority to environmentally friendly waste management techniques are the main causes of this prominence. Reusing and recycling materials continuously has become popular as part of the circular economy concept, which emphasises recycling as an essential part of cutting down on environmental impact and dependence on virgin resources.

“LDPE segment, by polymer, to be dominating market from 2023 to 2030.”

LDPE is the clear leader in the market, with a 19.23% share in 2023. With a predicted CAGR of more than 5.2% for the duration of the forecast period (2024–2032), PP is growing at the quickest rate. Low-Density Polyethylene, or LDPE, dominates the waste plastic management market because of its wide range of packaging uses, such as plastic films, bags, and containers. Because of its adaptability and flexibility, LDPE is a popular material used in many different industries, which leads to its widespread use and increased waste production. Because LDPE is so widely used in common consumer items and is so lightweight, it is undoubtedly one of the main sources of plastic garbage.

“Residential segment, by source, to be dominating market from 2023 to 2030.”

Residential is the clear leader, with a 9.5% market share in 2023. The sector growing at the quickest rate is the industrial, with a predicted CAGR of more than 4.1% from 2024 to 2032. Due to their huge and diverse consumer base, which produces a significant amount of plastic trash from everyday activities like packaging, single-use items, and other domestic applications, residential regions lead the waste plastic management industry. The increased consciousness among residential communities regarding the ecological ramifications of plastic trash has led to increased involvement in recycling programmes, enabled by the provision of infrastructure for conscientious garbage disposal.

“Packaging segment, by end use, to be dominating market from 2023 to 2030.”

With 40.12% of the market's sales in 2023, the Packaging sector led the way. It is projected to expand between 2024 and 2032 at a 4.7% CAGR. In the waste plastic management industry, packaging is the most popular and fastest-growing area. This is mostly because of its large consumption volume and the pervasive usage of single-use plastics in the food, beverage, consumer goods, and e-commerce sectors. Stricter restrictions and growing customer awareness of the negative environmental effects of plastic packaging are pushing the industry to use more recyclable and sustainable materials.

“North America to be largest region in Plastic waste management market.”

North America, comprising 18.2% of the overall market share in 2023, is projected for significant growth. Asia Pacific is poised to lead the market, expecting a robust 3.4% CAGR over the forecast period. North America leads the world in waste plastic management due to its extensive infrastructure and advanced technology investments, strict regulations, and forceful awareness efforts. Because of the region's proactive stance, recycling and waste reduction have built a well-established infrastructure. Growing awareness of the need to lessen the carbon footprint caused by plastic trash is motivating the region, and the United States plays a major role in this effort by exporting waste for recycling or disposal. The waste plastic management market in North America (NA) is expanding quickly as a result of rising awareness of the harm that plastic waste causes to the environment and the desire to lower carbon footprints.

Plastic waste management Competitive Landscape

The competitive landscape of the Plastic waste management market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Plastic waste management technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Plastic waste management market is highly competitive, with numerous companies vying for market share. Prominent companies in the Plastic waste management Market include:

PLASgran Ltd., Hawkvale Limited, Hahn Plastic Limited, United Plastic Recycle Inc., Remondis SE & Co. KG (Germany), Waste Management Inc., Plasgran Ltd. (UK), Vanden Global Ltd. (China), WasteCare (UK), Custom Polymers (U.S.), Replas (Australia), Clear Path Recycling (U.S.), B. Schoenberg & Co., Inc. (U.S.) Stericycle, Inc., (U.S.), Remondis SE & Co. KG (Germany), Covanta Holding Corporation (U.S.), Clean Harbors, Inc., (U.S.), Biffa (UK), Waste Connections (Canada), Reprocessed Plastics, Inc. (U.S.), Republic Services, Inc., (U.S.), LUXUS Ltd. (UK), Veolia (France), WM Intellectual Property Holdings, L.L.C. (U.S.), Suez (France) and others.

Recent developments:

To fulfil the demand for recycled plastic in packaging, Republic Services, Inc. unveiled plans for a US integrated plastics recycling facility in March 2022. The expedited procedure will be managed by the Republic Services Polymer Centre, guaranteeing premium recycled material for consumer packaging.

Biffa was named the official waste management and recycling supplier for the July 2022 Commonwealth Games Birmingham 2022 in June 2022. In 2020, Biffa also signed a multimillion-pound contract for recycled plastic, a one-year collaboration with Esterform Packaging, the top bottle producer in the UK.