Plastic Waste Management Market Size & Share, by Service (Collection, Recycling, Incineration, Landfills); Polymer (Polypropylene, Low-density Polyethylene, High-density Polyethylene, Polyvinyl Chloride, Polyurethane, Terephthalate); Source (Residential, Commercial, Industrial); End-user (Packaging, Textile, Consumer Product, Transportation, Building & Construction) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

Growth Drivers

• Rapid Production of Plastic Goods Throughout the World – The plastic waste management market is anticipated to significantly grow owing to the high utilization of plastic in a wide range of applications. Increasing usage of plastic generates plastic waste, which is non-degradable and is responsible for significant greenhouse gas emissions that can lead to huge ecological crises. Therefore, the growing need for proper disposal management of plastic waste is anticipated to drive the market over the forecast period. As per the latest reports by Organization for Economic Co-operation and Development, it was estimated that tlobal plastic production rose from 2000 to 2019 and stood up at approximately 460 million tons. 
• High Demand for Plastic Products Owing to Rising Use in Every Packaging – The recent data disclosed in 2022, around one million plastic bottles are purchased every minute and around five trillion plastic bags are used every year across the world.
• Growth in Waste Generation with Increasing Fast-Food Centers, Beverages, and Other Product Manufacturing – As per a report published in 2022, it was estimated that 300 million tons of plastic waste are produced every year. Further, plastic wastage generation is growing at an annual rate of 9%.
• Rising Concern of Plastic Recyclability Among People – Recent report published in 2022, anticipated that around 90% of plastic is not recycled.
• Increasing Environmental Concern and Rising Awareness Among People on Eco-Friendly Products – As per a survey conducted in 2019, about 33% of people chose sustainable products, 35% of them looked for eco-friendly packaging, and over 405 of people avoided plastic use as much as possible.

Challenges

• The Lack of Availability of Treatment Plants
• The shortage of treatment plants is the major problem faced by plastic waste management. The increasing plastic waste and high capital investment required for setting up a plant are hampering the market growth. The lack of skilled labor to involve in the process of treatment and growing operating costs with fewer profit margins negatively affects the market growth.
• Requirement of High Capital Investment
• Increased Operating Costs