New York, NY 12 May 2021: The global Plastic Waste Management market size is anticipated to reach USD 35.10 billion by 2026. In 2017, the recycling segment accounted for the highest share in the market in terms of revenue. Asia-Pacific is expected to be the leading contributor to the global market revenue in 2017.
The significant initiatives taken by the public and private sector for environmental protection coupled with initiatives aimed at use of recyclable packaging solutions majorly drive the market growth. The increasing population, industrialization, and urbanization further support the markey growth. Increasing demand for sustainable packaging solutions, increasing trend towards recycled plastic, and growing use of recyclable plastic packaging in various sectors boosts the market growth. Increasing environmental concerns, growing pollution levels across the world, and rising need to recycle plastic waste accelerates the growth of the plastic waste management market. Stringent regulations enforced by governments worldwide, and growing initiatives to promote sustainable waste management practices are expected to provide growth opportunities in the during the forecast period.
There are numerous ways in which plastic wastes can be managed like landfilling, incineration and recycling. Among these, recycling plastic is the only environmentally sustainable method of plastic management. One particular way in which plastic waste can be reused is by reprocessing the waste into construction material. Research indicates that the resins included in the composition of plastic turn into excellent reinforcement and can be used as a high performing composite material. This material, named as Polyester Concrete, is also low-cost owing to the cheap source. With proper implementation of this process, the plastic waste can be successfully managed.
Asia-Pacific generated the highest market share in terms of revenue in the global plastic waste management industry in 2017, and is expected to lead the market throughout the forecast period. The growing population, rising disposable incomes, and a transition from traditional markets to the purchasing of packaged consumerist goods has accelerated the market growth in the region. The rising environmental concerns, and stringent government regulations regarding use of plastic is generating numerous opportunities for the plastic waste management industry in the region.
The well-known companies profiled in the plastic waste management report include Progressive Waste Solutions Ltd., Covanta Holding Corporation, Wastecare Ltd., Reprocesses Plastic, Inc., Waste Management Inc., Suez Environnement Company, ADS Waste Holdings, Inc., United Plastic Recycling, TM Recycling GmbH., and Hahn Plastics Limited. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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