Pune, India, November 24, 2021 (GLOBE NEWSWIRE) – According to Fortune Business Insights, The global share of the plastic waste management industry is expected to reach $ 41.58 billion by 2027, with a CAGR of 3.1% during the forecast period. Uncontrolled plastic pollution levels during the COVID-19 pandemic are expected to create unique growth opportunities for the market, suggests Fortune Business Insights ™ in its report. The COVID-19 outbreak has sparked a race for the production of personal protective equipment (PPE), which is mostly made from plastic.
However, their sustainable disposal, especially the elimination of single-use plastic, has raised concerns among environmentalists and academics, as PPE contains large amounts of microplastics. For example, the World Wide Fund estimates that if only 1% of the billion masks used in Italy each month are inappropriately discarded, it could lead to the accumulation of 10 million plastic masks in the environment, causing pollution without previous. In such a dire scenario, effective plastic waste management techniques can play a critical role in tackling long-term threats posed by skyrocketing levels of plastic pollution, further fueled by the coronavirus pandemic. However, due to supply chain disruptions, the growth of the plastic waste management market will be moderate for the current year.
According to the report, the market was worth 32.91 billion USD in 2019. The report also offers the following:
- In-depth analysis of the impact of the COVID-19 pandemic on the market;
- In-depth review of market drivers and industry trends;
- Detailed assessment of the constraints hampering the growth of the market; and
- A comprehensive study of regional perspectives and competitive dynamics influencing the plastic waste management market.
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List of Players Featured In Plastic Waste Management Market Report:
- Envac Group (Sweden)
- Recology (USA)
- Stericycle Inc. (United States)
- Remondis AG & Co. Kg (Germany)
- Covanta Holdings Corporation (United States)
- Biffa PLC (United Kingdom)
- SUEZ Group (France)
- TANA Oy (Finland)
- ALBA Group (Germany)
- Republic Services Inc. (United States)
- Hitachi Zosen Corporation (Japan)
- Clean Harbors Inc. (United States)
- Veolia Environnement SA (France)
- Waste Management Inc. (United States)
Proactive government initiatives to end plastic pollution to stimulate the market
Governments around the world are taking decisive action to stem the threat of plastic pollution, which is expected to fuel the growth of the plastic waste management market in the years to come. For example, in June 2019, Canada, with the longest coastline in the world, announced that it would ban single-use plastic products by 2021. In the United States, cities like San Diego are actively banning the use of polystyrene, a plastic commonly used in disposable dishes, spoons and forks. Even in developing economies, efforts to eliminate or minimize Plastic use is growing.
For example, in January 2019, Peru ordered a ban on single-use plastics in protected natural parks and national museums across the country. The success of these initiatives is entirely dependent on the effective implementation of plastic waste management methods, which bodes well for this plastic waste management market.
High plastic consumption to increase the plastic waste management market in Asia-Pacific
In 2019, the market size in Asia-Pacific was 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 developing countries India, China and Vietnam, with China being the main contributor among these. .
North America boasts a strong plastic waste handling 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 well-established distribution network, which further strengthens the regional market.
In Europe, the launch of programs such as “The European Green Deal”, which aim to preserve the environment and reduce pollution, will mainly stimulate the growth of the plastic waste management market.
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Collective efforts of stakeholders to fight against plastic pollution and stimulate innovation
In response to the serious threats posed by the escalation of plastic pollution around the world, many companies in the plastic waste management market are joining hands to provide quick solutions to this problem. Some of the major players are also establishing their operations overseas to broaden their business horizons.
Key industry developments:
- June 2019: The Suez group, based in France, has unveiled its plan to build a plastic recycling unit in Thailand, with the aim of transforming plastic waste into circular polymers. The plant will be the company’s first such in Southeast Asia, and the group intends to accelerate Thailand’s efforts to achieve 100% plastic recycling by 2030.
- January 2019: About 50 companies around the world engaged in the plastics value chain have collaborated to form the Alliance to End Plastic Waste, a non-profit entity that tackles the problem of plastic pollution. Parties to the alliance have committed $ 1.5 billion to develop solutions to prevent leaks and recover plastic waste.
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Key ideas
- Main emerging trends in the global market
- Latest technological advances
- Overview of the regulatory scenario
- Porters Five Forces Analysis
- Main developments: acquisition, collaboration, strategic partnership and joint venture
- Global Plastic Waste Management Market Analysis, Outlook and Forecast – by Source, 2016-2027
- Main conclusions / summary
- Market Analysis, Information & Forecast – By Source
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