Plastic Waste Management Market Size, Share & Trends Analysis Report By Service (Collection, Recycling), By Source (Plastic Bags, Plastic Bottles), By Polymer, By Region, And Segment Forecasts, 2024 - 2030

Plastic Waste Management Market Size, Share & Trends Analysis Report By Service (Collection, Recycling), By Source (Plastic Bags, Plastic Bottles), By Polymer, By Region, And Segment Forecasts, 2024 - 2030

Plastic Waste Management Market Growth & Trends

The global plastic waste management market size is anticipated to reach USD 46.84 billion by 2030 and is anticipated to expand at a CAGR of 3.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is experiencing significant growth, driven by increasing awareness about the environmental impact of plastic waste and the adoption of sustainable waste management practices. Governments worldwide are implementing stringent regulations to curb plastic pollution, which is compelling industries to adopt eco-friendly packaging and recycling practices.

The market is witnessing a shift towards recycling and the circular economy as key strategies to manage plastic waste effectively. Innovations in recycling technologies, such as chemical recycling, are gaining traction, offering new opportunities for the recovery of high-quality plastic materials from waste. This trend is expected to reduce reliance on virgin plastics, promoting the use of recycled plastics across various industries.

In addition, plastic production and consumption have been growing significantly across the globe, fueled by its affordability, versatility, and durability. This factor is directly impacting the demand for plastic waste management services. As plastic is used majorly in packaging and consumer goods, the resultant waste poses significant environmental challenges, including pollution and harm to marine life. These aforementioned factors are anticipated to drive the demand for the market over the forecast period.

Additionally, governments are enacting strict measures aimed at minimizing plastic consumption while encouraging recycling and reuse practices. These measures include prohibiting single-use plastics, offering rewards for recycling efforts, and setting ambitious targets for reducing plastic waste. Such initiatives are fueling the expansion of the plastic waste management market. Moreover, many countries have introduced bans on the manufacture, sale, and use of single-use plastic items such as plastic bags, straws, cups, and cutlery.

The EU, for instance, has banned single-use plastic cutlery, plates, straws, and stirrers. For instance, according to the World Economic Forum by 2030, the European Union (EU) is committed to decreasing plastic pollution by prohibiting single-use plastics. This move is a component of a wider strategy aimed at enhancing the sustainability of packaging throughout the EU. Additionally, some countries have introduced taxes on plastic packaging that do not meet a minimum threshold of recycled content. The UK, for example, has introduced a Plastic Packaging Tax on plastic packaging with less than 30% recycled content.

Plastic Waste Management Market Report Highlights

• The landfill segment dominated the service segment with a 45.2% share in 2023, it provides a final disposal solution for non-recyclable plastics, helping to minimize environmental pollution and manage waste efficiently.
• The recycling segment is anticipated to witness the highest CAGR of 5.2% over the forecast period, as it transforms waste into valuable resources, significantly reducing environmental pollution, conserving resources, and minimizing landfill dependency.
• Polypropylene, being one of the most versatile and widely used plastics, finds applications in various sectors including packaging, automotive parts, textiles, and medical devices, among others. This widespread use raises concerns about its impact on the environment, particularly regarding waste management practices and the increasing demand for more sustainable solutions.
• The surge in plastic bag usage has led to a dramatic increase in pollution, severely impacting marine life and clogging waterways. This environmental crisis underscores the urgent need for effective waste management and the adoption of sustainable alternatives.
• Asia Pacific dominated the plastic waste management market, due to rising population, growing industrialization, and increased plastic consumption and production. The plastic waste management is further propelled by inadequate waste management and plastic recycling infrastructure in the region.
• In January 2024, Shell Chemicals and Braskem are joining forces to boost the circular content in Braskem's polypropylene manufacturing, aiming for broader value chain improvements. This initiative will see the production of circular polypropylene utilizing ISCC PLUS-certified feedstock, adhering to a mass balance methodology. Braskem's clientele, particularly within the packaging and automotive industries, will benefit from this initiative.

Please note The report will be delivered in 4-8 business days upon order notification.