The GMI Research projects that the Plastic Waste Management Market will endure a growing demand over the forecast period. This is because of the aggravating usage of plastics to conserve and transfer products and increasing agitation concerned with the injurious impacts of plastics.
Introduction of the Plastic Waste Management Market
Plastic waste management refers to a technique used to manage the demolition, dispensation, retention, or distribution of plastics. It includes various activities, such as plastic waste disposal and processing. This method is used to transform the waste plastic or scrap into a precious product. Thus, as these plastics are imperishable in nature, they need to be recycled as an element of the world’s efforts to reduce the plastic in the environment.
Key Players of Market:
- Covanta Holding Corporation
- Republic Services, Inc.
- WM Intellectual Property Holdings, L.L.C.
- Clean Harbors, Inc.
- Waste Connections
- REMONDIS SE & Co. KG
Plastic Waste Management Market Dynamics
The rigorous rules & strategies imposed by the government in order to efficiently control plastic waste material is the foremost factor supplementing the growth of the global plastic waste management market. Also, the increasing apprehension concerned with the injurious impacts caused by plastics in the environment is further complementing the market growth. Thus, the mounting rate of carbon discharge is persuading the endorsement of plastic waste management services to curb the impact of plastics on the environment. In parallel, swift urbanization, accelerating population rate, as well as the increasing seepage of industries, primarily across the emerging nations, such as India and China, has bolstered the market growth.
Besides this, the increasing research and development activities, as well as the augmentation in technological modernizations in the process, have led to more effective reprocessing of plastics. Furthermore, e increasing spread of the coronavirus has stimulated the usage of plastics. The soaring number of online fast-food orders, along with the soaring consciousness concerned with the usage of methods, has inclined consumers towards reusable rather than traditional plastic. However, the insufficient technology required for the accumulation and separation of and inflated costs associated with recycling are hindering Plastic Waste Management market growth.
Polymer Type Segment Drivers
The Polypropylene (PP) segment is anticipated to witness faster growth over the coming years. The aggravating endorsement of this polymer to produce plastic because of its remarkable properties such as better chemical resilience across different acids & bases, excessive twisting strength, resilience to moisture, and its lower cost and better impact strength are driving the market growth.
In accordance with the regional coverage, Asia-Pacific is contemplated to seize the largest share in the market. This is because of the surging demand for plastic waste management as a result of the mounting population and exacerbation in the disposable income of the consumers. Moreover, the intensified initiatives by the government to encourage the adoption of these services in emerging nations are further complementing the Plastic Waste Management market growth.
Plastic Waste Management Market Segmentation:
Segmentation by Service
- Collection & Transportation
Segmentation by Polymer Type
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- High-Density Polyethylene (HDPE)
- Polystyrene (PS)
- Polyurethane (PUR)
- Polyethylene Terephthalate (PET)
Segmentation by Source
- Commercial & Institutional
Segmentation by End-Use Application
- Building & Construction
- Textile & Clothing
- Recycled Plastics in Other End-Use Applications
Segmentation by Region:
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- South Africa
- Saudi Arabia
About GMI Research
The market research and consulting organisation providing business perceptions and research reports to several enterprises is established with the prime motive to help clients achieve a long-term growth. The large team of analysts and experts from different regions offers a one-stop solution to support them in reaching a managerial decision. The research reports of GMI proffer a comprehensive analysis about forecasts, competitive landscape, growth drivers, and other market dynamics.