June 22, 2024
Plastic Waste Management Market

Plastic Waste Management Market Witness High Growth Owing to Advancement in Recycling Technology

Plastic waste management involves the collection, transportation and processing of plastics and plastic products that have been discarded by consumers or businesses. Plastics have proliferated in use across various industries like packaging, construction, automotive due to properties like durability, corrosion resistance and versatility. However, difficulties associated with plastic recycling and waste generation have emerged as major environmental issues. Advancement in recycling technology aims to address these issues by developing innovative solutions for sustainable plastic waste management.

The global plastic waste management market is estimated to be valued at US$ 640.6 Mn in 2024 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 To 2031. Advancements in sorting and processing technology have increased plastic recycling rates. For instance, automated sorting systems using near-infrared technology can efficiently separate different polymer types for recycling. Moreover, chemical recycling techniques are gaining traction, which can break down waste plastic into monomers to manufacture new plastics.

Key Takeaways

Key players: Key players operating in the plastic waste management market include Wolfe Heavy Equipment, EZ-Trench, Tesmec, Ditch Witch, Marais, Vermeer, Toro, UNAC, Port Industries, Guntert & Zimmerman, Mastenbroek, Shandong Gaotang trencher, Rongcheng Shenyuan, and Inter-Drain among others.

Key opportunities: Rising awareness about sustainability and government regulations on Plastic Waste Management Market Trends are creating growth opportunities for players in the plastic recycling business. Plastic-to-fuel technology can convert mixed plastic waste into valuable commodities like gasoline and diesel.

Technological advancements: Advancements like smart bin systems using IoT, robotics and AI are optimizing plastic waste collection routes. Chemical and molecular recycling technologies provide new avenues for recycling multi-layered plastics and converting waste into raw materials.

Market drivers:

Stringent environmental norms banning single-use plastic and landfilling of plastic waste are major drivers for the plastic waste management market. Rapid urbanization in developing nations is increasing plastic waste generation, necessitating improved waste management infrastructure and recycling systems. Rising oil prices also make recycled plastics economically viable substitutes for virgin plastics.

Current challenges in Plastic Waste Management Market:

Proper plastic waste management is still a challenge with increasing plastic waste generation. The major challenges include lack of adequate municipal solid waste management infrastructure and facilities for collection, segregation and recycling of plastic waste. Improper disposal of plastic leads to clogging of drainage and leakage into water bodies causing pollution. There is also lack of awareness among people about reducing and recycling plastic which leads to more use of single use plastics. The low cost of virgin plastics compared to recycled plastics is also a hindrance for adoption of recycling practices. Huge investment is required to build required facilities and supply chains for effective plastic waste collection and recycling.

SWOT Analysis

Strength: Growing concerns about environmental impacts of plastic waste; regulatory push for sustainable plastic management.
Weakness: Lack of recycling infrastructure and facilities; low rates of plastic waste collection and recycling currently.
Opportunity: Increased investment in plastic recycling sector; potential to reduce dependency on landfills and open burning of plastic.
Threats: Competition from cheaper virgin plastics; improper waste disposal practices continuing.

Geographical regions:

North America currently accounts for the largest share in terms of value in the global plastic waste management market due to stringent regulations and landfill diversion mandates. The US and Canada have developed plastic recycling industry with major players operating in the region.

The Asia Pacific region is projected to be the fastest growing regional market during the forecast period. Countries like China, Japan and India generate huge amounts of plastic waste each year due to rapidly growing consumerism. There is increased focus now on developing effective waste management framework and recycling industry to tackle the challenge of plastic pollution in the region.

*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it