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“Stringent laws & regulations enforced by the government is leading to the rise in demand for plastic waste management services, leading to the overall growth of the plastic waste management market across the globe from 2019 to 2024.”
The plastic waste management market 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. The growing demand for plastic waste management services is attributed to the increase in awareness programs regarding sustainable waste management practices, stringent law enforcement by governments for the management of plastic waste to reduce solid waste accumulating in landfills, and growing urban population. However, the high cost of using recycled plastics and difficulty in managing the supply chain are projected to pose challenges in the growth of the market.
In terms of volume, the recycling segment is projected to grow at the highest CAGR during the forecast period.
The recycling segment in the plastic waste management market is projected to grow at the highest CAGR during the forecast period, in terms of volume. Factors such as an increase in infrastructural development (in terms of setting up recycling plants) in developing and developed countries, growing concerns about the reduction of landfills, and stringent regulations for plastic recycling are expected to boost the growth of this segment in the coming years.
In terms of volume, the residential segment is projected to be the largest source of plastic waste generation in the plastic waste management market from 2019 to 2024.
The residential segment is projected to be the largest source of plastic waste in the plastic waste management market from 2019 to 2025, in terms of volume. The increase in the amount of plastic waste generation by the residential sector is supported by the growing population, rapid urbanization & industrialization, and consequently, the rising consumption of packaged products. The rising awareness regarding the harmful effects of poor waste management practices and increasing disposable income create opportunities for plastic waste management in the residential sector.
- By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
- By Designation: C-level: 40%, D-level: 35%, and Others*: 25%
- By Region: North America: 20%, Europe: 35%, Asia Pacific: 25%, Middle East & Africa: 5%, and South America: 15%
*Others include sales managers, marketing managers, and product managers.
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.
- The market study covers the plastic waste management market across various segments. It aims at estimating the market size and the growth potential of this market across different services based on collection & transportation, recycling, incineration, landfills, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their service and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the plastic waste management industry.
Key Benefits of Buying the Report
- The report is expected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall plastic waste management market and its segments and subsegments.
- This report is expected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies.
- The report also aims at helping the stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.