June 05, 2022 20:03 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, June 05, 2022 (GLOBE NEWSWIRE) -- Recently, plastic waste management is considered to be the most important factor for rising concerns for environmental sustainability. Additionally, growing urbanization, rapid industrialization, and changing life-style has resulted threatening to the environment sustainability. The need for plastic waste management is major factor discussed on the geopolitical level. Thus, to remedy the situation, stringent regulations are imposed by government bodies. Also, governments in several countries has already banned the use of plastic bags and is focusing on recycling of abundant plastic waste and taking several initiatives and investing money in Research and Development (R&D). thus, anticipated to flourish the market growth over the forecast period.
The Global Market revenue stood at a value USD 33.5 Billion in the year 2021. The Global Plastic Waste Management Market size is forecasted to reach USD 39.7 Billion by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 2.9% during the forecast period; states Vantage Market Research, in a report, titled “Plastic Waste Management Market Size, Share & Trends Analysis Report by Service (Collection & transportation, Recycling, Incineration, Landfills), by Type (Polypropylene (PP), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC)), by Source (Commercial & Institutional, Residential, Industrial, Others), by Application (Packaging, Building & Construction, Textile & Clothing, Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Driver: Increasing Awareness Programs in the Sustainability Projects
Growing consumption of plastics has generated huge amounts of waste in recent years. The increasing awareness programs initiated by government bodies are helping manufacturers to use bio-degradable plastics and reduce unnecessary plastic consumption. Nowadays, plastics are increasingly being used in daily life activities, including the packaging in different food and brewing companies. Cosmetics, pharmaceutical, and other production sectors need to pack their end products for efficient and safer pharmaceutical products into the community. Around 9% of the generated waste is recycled, which was a very minute quantity compared to total production. Approximately 80% of the generated waste is reported to accumulate in landfills or in the natural environment.
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Segmentation of the Global Plastic Waste Management Market:
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Driver: Lack of Wast Treatment Plants and High Management Cost
Production of plastics is quite a easy process but recycling it is getting harder. The demand for plastics is increasing rapidly, according to global plastic consumption, 367 metric tonns waste was generated in 2020, and 82% ended in waste. About 40% of plastic materials worldwide are used to stock and package finished products from different factories. Plastics had a significant contribution in creating a sustainable, proper, hygienic, cost-effective, energy-efficient, and environmentally friendly packaging system that can keep the environment clean, but this is insufficient without maximizing plastic recycling and treatment plants. This is hindering the market growth.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the waste management industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Plastic Waste Management Market highlights:
Asia Pacific Dominates the Global Plastic Waste Management Market
Asia Pacific held the largest market share in 2021. The rising population, increase in economic development, and increasing disposable income in Asia Pacific are leading to the generation of more plastic waste, this is creating opportunities for the market in the region. Increasing infrastructure in less-developed and developing countries of Asia Pacific is driving the growth of various methods of plastic waste management in this region.
In July 2019, SUEZ opened a packaging sorting plant in Germany. It is Europe's most advanced packaging sorting facility. The plant operations include sorting of lightweight packaging, with a capacity of 110,232 tons of waste. This expansion is expected to better the waste management processes in Germany.
In May 2019, LC Packaging (Netherlands) and Veolia Netherlands signed a strategic partnership for the reduction of flexible packaging waste globally.
List of Prominent Players in Plastic Waste Management Market:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Plastic Waste Management Market Size, Share & Trends Analysis Report by Service (Collection & transportation, Recycling, Incineration, Landfills), by Type (Polypropylene (PP), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyvinyl Chloride (PVC)), by Source (Commercial & Institutional, Residential, Industrial, Others), by Application (Packaging, Building & Construction, Textile & Clothing, Automotive), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/plastic-waste-management-market-552882
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This market titled “Plastic Waste Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
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