Plastic waste is the collection of plastic objects that are not recycled and end up in the environment affecting wildlife habitat, oceans and humans. Globally, wide range of plastic products are used in the form of containers, cans, equipments & others and they have become an important part of daily life of every individual. Plastic waste is slow to degrade and can lead to ecological crisis owing to its strong and lasting chemical bonds along with its chemical structure. The use of plastic is increased dramatically resulting into the rise of plastic waste.
The market for plastic waste management is anticipated to record a CAGR of around 3.5% over the forecast period 2020-2028. The increasing urbanization and rapid industrialization are resulting into huge amount of plastic waste. Further, increase in the consumption of plastic in various modes along with the changing lifestyles of people have raised the generation of plastic waste. In addition, the rising use of plastic in packaging sector for its properties such as flexibility, adaptability and durability is increasing the demand for plastics. Therefore, with the enhancement in the education level of consumers regarding health and surroundings, the awareness about management of plastic waste has increased. Hence, these factors are anticipated to drive the growth of the market over the forecast period.
On the basis of end user industries, the market is segmented into packaging, automotive, construction, textile and others, out of which, the market for packaging segment is estimated to dominate the market on the back of wide range of applications of plastic material in sustainable packaging for most of the beverages, cloths and others. Further, plastic packaging requires less storage space and is easy to transport, thus reducing the carbon footprint. Moreover, increased use of cost effective plastic packaging for single use in standardised packaging by most of the small scale manufacturers is accelerating the growth of the market. CLICK TO DOWNLOAD SAMPLE REPORT
The shifting consumer preferences towards recycled plastic is estimated to drive the demand for plastic waste management. In addition, various government initiatives regarding plastic waste disposing and recycling hazardous plastic materials will lead to the increased demand for recyclable and reusable raw material. These initiatives are taken to raise awareness about the plastic footprint to prompt various industries for using biodegradable materials or recycling plastic trash along with the modification of product designs to minimize the usage of plastic. Hence, increasing awareness about improved plastic waste management system and greenhouse gas emissions will foster the market growth.
Nowadays, the increased consumption of plastic is leading to tonnes of plastic waste in our environment. The use of plastic bottles as building material will have a substantial effect on reducing the carbon dioxide emissions in manufacturing cement owing to the reduction of cement used. Further, the utilization of plastic bottles in recycled materials for construction will offer a diminution in the final cost and will benefit the people who cannot afford to buy cooling systems for their houses. Therefore, use of plastic waste in construction activities will fuel the market growth.
The main restraint for the plastic waste management is difficulties in the separation of plastic waste containing hazardous substance from non hazardous waste. Further, lack of proper infrastructure for the generated plastic waste and unavailability of required methods of disposal is hindering the market growth. Therefore, improper plastic waste management causing pollution owing to the release of harmful gases such as carbon monoxide will affect ecosystems and restrain the growth of market.
Our in-depth analysis of plastic waste management market includes the following segments:
On the basis of regional analysis, the plastic waste management market is segmented into five major region including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for plastic waste management in North America is anticipated to dominate owing to its well established waste management systems along with the stringent government regulations to reduce carbon emissions. The Asia Pacific region is anticipated to witness lucrative growth on the account of growing population in the region and increasing disposable incomes leading to infrastructural developments, which in turn, will generate more solid waste and drive the growth of the market. Moreover, rising beneficial programs among the population in emerging economies in the region regarding hygiene and healthcare will boost the market growth of plastic waste management system.
The plastic waste management market is further classified on the basis of region as follows:
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