The plastic waste management market size is projected to grow from USD 32.6 billion in 2019 to USD 37.9 billion by 2024, recording a CAGR of 3.1% during the forecast period. Factors such as economic growth, increasing urbanization, industrialization, and changing lifestyles of people have raised the levels of plastic waste generation, which has resulted in an increasing threat to the environment. The awareness about plastic waste management has increased significantly with the progress in consumer education and rising awareness about health & environment. The growing population and the growing income levels of people have generated new opportunities for the plastic waste management industry.
Recent Developments
- In July 2019, SUEZ opened a packaging sorting plant in Germany. It is Europe’s most advanced packaging sorting facility. The plant operations include sorting of lightweight packaging, with a capacity of 110,232 tons of waste. This expansion is expected to better the waste management processes in Germany.
- In May 2019, LC Packaging (Netherlands) and Veolia Netherlands signed a strategic partnership for the reduction of flexible packaging waste globally.
Key Market Players
Veolia Environnement (France), SUEZ (France), Waste Management, Inc. (US), Republic Services (US), Waste Connections Inc (Canada), Clean Harbors (US), Biffa (UK), Covanta Holding Corporation (US), Stericycle (US), and Remondis SE & Co. KG (Germany) are the key players operating in the plastic waste management market.
Based on polymer type:
- Polypropylene (PP)
- Low-density polyethylene (LDPE)
- High-density polyethylene (HDPE)
- Polyvinyl chloride (PVC)
- Polyurethane (PUR)
- Polystyrene (PS)
- Polyethylene
- terephthalate (PET)
- Others (thermoset and thermoplastics (not included in the above segmentation such as SPI code 7 plastics, melamine-formaldehyde, bakelite, and others polyester resins))
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In terms of value, the Asia Pacific plastic waste management market is projected to grow at the highest CAGR during the forecast period.
The Asia Pacific plastic waste management industry is projected to grow at the highest CAGR from 2019 to 2024, in terms of value. The growing population, rising GDP, and increasing disposable income in Asia Pacific are leading to the generation of more solid waste (including plastic waste), which, in turn, is creating opportunities for the market in the region. Infrastructural development in under-developed and developing countries of Asia Pacific is driving the growth of various methods of plastic waste management in this region.
