by The global Plastic Waste Management Market is estimated to be valued at US$ 35.71 billion in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plastic waste management deals with managing plastic waste through recycling or disposal of plastic products after consumption. It helps in reducing and managing plastic waste that ends up in water bodies and landfills. Plastic waste management involves collection, sorting, and recycling of plastic waste. Some of the key advantages of plastic waste management include reducing greenhouse gas emissions, conserving natural resources, and production of secondary raw materials for plastic manufacturing. With rising concerns about environmental pollution, there is an increasing need for proper waste management which drives the demand for plastic waste management solutions.
Market key trends:
Regulations and legislations regarding plastic waste disposal have been implemented by various governments globally which is promoting the growth of the plastic waste management market. For instance, the European Union has implemented stringent regulations around plastic waste recycling and disposal. Growing adoption of technologies like advanced sorting and pyrolysis for plastic waste recycling is also a major trend in the market. Investments in plastic-to-fuel technologies present growth opportunities within plastic-to-oil and chemical recycling. Rising focus on construction and production of plastic roads using recycled plastic is another key trend gaining traction in the market.
Porter’s Analysis
Threat of new entrants: The plastic waste management market entry requires high capital investments and technology which creates barriers for new players. However, growing opportunities attract new local players.
Bargaining power of buyers: Large plastic waste generators can bargain on prices with established players. However, fragmented plastic waste streams limit bargaining power.
Bargaining power of suppliers: Due to fragmented plastic waste streams from diverse industries, suppliers have low bargaining power in this market.
Threat of new substitutes: No close substitutes exist for plastic waste management currently due to its advantages over alternatives. However, regulations to curb single use plastics can boost alternative materials.
Competitive rivalry: The presence of numerous global and local players makes this market highly competitive. Players differentiate based on technology, geographical reach and service offerings.
Key Takeaways
The global Plastic Waste Management Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing regulations to curb plastic pollution.
Regional analysis: Asia Pacific dominates the market with China, India, and Southeast Asian countries generating significant plastic waste. North America and Europe also offer opportunities due to stringent regulations on waste recycling.
Key players operating in the plastic waste management market are Veolia, SUEZ Group, Waste Management, Waste Connections, CLEAN HARBORS INC., Biffa, Covanta Holding Corporation, Stericycle, REMONDIS SE & Co. KG, Republic Services, Inc., Cleanaway, Hawkvale Limited, FCC Environment, Rumpke, DS Smith, Hitachi Transport System, Ltd., Marius Pedersen a.s., Environmental Recovery Corporation of PA, Shell, Montello S.p.A., The Shakti Plastic Industries, Daya Charan Company, Thermowaste Solutions, Banyan Sustainable Waste Management Pvt. Ltd., Premium Recycled Plastics, VITAL WASTE, SAMKI GROUP, and 99P Recycling.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
