Plastic Waste Management Market to Fuel Revenue Growth Through 2027
According to Fortune Business Insights, The global plastic waste management industry share is projected to reach USD 41.58 billion by 2027, exhibiting a CAGR of 3.1% during the forecast period. Unchecked plastic pollution levels during the COVID-19 pandemic is expected to create unique growth opportunities for the market, suggests Fortune Business Insights™ in its report. The COVID-19 outbreak has triggered a race for the production of personal protective equipment (PPE), which are mostly made from plastic.
However, their sustainable disposal, especially the disposal of single-use plastic, has sparked fears among environmentalists and academicians as PPE contains large amounts of micro-plastics. For example, the World Wide Fund estimates that if just 1% of the 1 billion masks used in Italy every month are discarded improperly, it could lead to the accumulation of 10 million plastic masks in the environment, causing unprecedented pollution. In such a dire scenario, efficient plastic waste management techniques can be instrumental in tackling the long-term threats posed by skyrocketing plastic pollution levels, further fueled by the coronavirus pandemic. However, owing to supply chain disruptions, the plastic waste management market growth will be moderate for the present year.
Get a Sample PDF Brochure:
As per the report, the value of the market was at USD 32.91 billion in 2019. The report also offers the following:
- Thorough impact analysis of the COVID-19 pandemic on the market;
- In-depth examination of the market drivers and industry trends;
- Detailed assessment of the restraints holding back market growth; and
- An exhaustive study of the regional prospects and competitive dynamics influencing the plastic waste management market.
Proactive Initiatives by Governments to End Plastic Pollution to Boost the Market
Governments worldwide are taking decisive steps to curb the menace of plastic pollution, which is likely to stoke the plastic waste management market growth in the coming years. For example, in June 2019, Canada, with the world’s longest coastline, announced that it will be banning single-use plastic products by 2021. In the US, cities such as San Diego are actively prohibiting the use of Styrofoam, a commonly used plastic in disposable dishes, spoons, and forks. Even in developing economies, the efforts towards removing or minimizing plastic use is gaining momentum.
For example, in January 2019, Peru ordered the ban of single-use plastics in protected natural parks and national museums across the country. The success of these initiatives wholly depends on the effective implementation of plastic waste management methods, which augurs well for this plastic waste management market.
High Plastic Consumption to Augment the Plastic Waste Management Market in Asia Pacific
In 2019, the market size in the Asia Pacific was at USD 11.08 billion, and the region is expected to dominate the plastic waste management market share during the forecast period. The region’s leading position is attributable to the high per capita plastic consumption and waste generation in the developing countries of India, China, and Vietnam, with China being the largest contributor among these.
North America boasts of a robust plastic waste processing infrastructure, which is supported by a strong presence of well-established solid waste management companies in the region. These companies also have a deep and entrenched distribution network, which further strengthens the regional market.
In Europe, the initiation of programs such as “The European Green Deal”, which are aimed at conserving the environment and reducing pollution, will primarily drive plastic waste management market growth.
Inquire Before Buying This Report:
Collective Efforts by Players to Curb Plastic Pollution to Stimulate Innovation
In response to the grave threats posed by escalating plastic pollution worldwide, many plastic waste management market companies are joining hands to provide swift solutions to this issue. Some of the major players are also establishing their operations overseas to expand their business horizons.
Key Industry Developments:
- June 2019: The France-based Suez Group unveiled its plans to construct a plastic recycling unit in Thailand, with the aim of turning scrap plastic into circular polymers. The plant will be the company’s first such undertaking in Southeast Asia and the group intends to accelerate Thailand’s efforts towards achieving 100% plastic recycling by 2030.
- January 2019: Around 50 companies from around the world engaged in the plastics value chain collaborated to form the “Alliance to End Plastic Waste”, a not-for-profit entity to tackle the issue of plastic pollution. The parties in the alliance have committed USD 1.5 billion for developing solutions to prevent leakages and recover plastic waste.
List of Players Profiled in the Plastic Waste Management Market Report:
- Envac Group (Sweden)
- Recology (USA)
- Stericycle Inc. (USA)
- Remondis AG & Co. Kg (Germany)
- Covanta Holdings Corporation (USA)
- Biffa PLC (U.K.)
- SUEZ Group (France)
- TANA Oy (Finland)
- ALBA Group (Germany)
- Republic Services Inc. (USA)
- Hitachi Zosen Corporation (Japan)
- Clean Harbors Inc. (USA)
- Veolia Environment S.A. (France)
- Waste Management Inc. (USA)
Speak to our experts:
Read Related News:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights Pvt. Ltd.9th Floor, Icon Tower, Baner –
Mahalunge Road, Baner, Pune-411045,
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]