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. The rise in the number of laws & regulations enforced by governments is driving the growth of the plastic waste management industry across the globe. In addition, factors such as an increase in awareness programs regarding sustainable waste management practices, and reduced environmental impact through plastic recycling are also projected to contribute to the growth of the plastic waste management market during the forecast period.
Plastic waste management can be defined as the recycling, recovery, and disposal of plastic waste. Waste management systems ensure the safe collection, segregation, storage, transportation, processing, and disposal of generated plastic waste. Plastic waste management also ensures that no harm is caused to the environment during this process and that the process is undertaken in accordance with the rules, regulations, and standards prescribed by governments or associations.
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Plastic waste management comes in various polymer types, such as polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyurethane (PUR), polystyrene (PS), and polyethylene terephthalate (PET), are considered for the scope of the study. Based on service, the market is segmented into collection & transportation, recycling, incineration, and landfills. Recycled plastics are used in various applications, including packaging, building & construction, textile & clothing, automotive, and furniture.
Based on source, the residential segment in the plastic waste management market is projected to grow at the highest CAGR during the forecast period, in terms of volume, followed by the industrial and commercial & institutional. Discarded plastic bags, consumer durables, FMCG products, toys, and other plastic packaging materials collectively represent much of the waste generated by households. Furthermore, the increase in disposable income and shifting preference of consumers toward e-shopping have significantly raised the quantity of plastic waste generated by the residential sector.
Based on polymer type, the polypropylene (PP) segment is projected to dominate the plastic waste management market from 2019 to 2024, in terms of volume. PP is used for the manufacturing of products such as buckets, medicine bottles, containers, crockery, lab equipment, and sanitary napkins. It is also used in the packaging of electronic items. PP products are manufactured through methods such as injection molding, extrusion, and blow molding. These products can be recycled into brushes, cables, industrial fibers, and auto parts.
The plastic waste management market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. In terms of both value and volume, the Asia Pacific region is projected to lead the plastic waste management market during the forecast period. The market in Asia Pacific is expected to grow at the highest CAGR from 2019 to 2024, in terms of both value and volume. The rising urban population as well as the high disposable income of the people, and the demand for packaged food products are projected to drive the growth of the plastic waste management market in the region.
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