The report “Plastic Waste Management Market by Service (Collection, Recycling), By Polymer Type (PP, LDPE), By Source (Residential, Commercial, Industrial), By End-Use Applications (Packaging, Building & Construction), Region – Global Forecast to 2024”, The plastic waste management market size is projected to grow from USD 32.6 billion in 2019 to USD 37.9 billion by 2024, recording a CAGR of 3.1% during the forecast period. The increasing urban population, rapid industrialization, growing concern toward the environmental impact of the improper disposal of plastic waste, along with laws & regulations regarding disposal and treatment of plastic waste, have propelled the growth of the global plastic waste management industry.
Some of the prominent key players are:
· Veolia Environnement S.A. (France)
· SUEZ Environnement Company (France)
· Waste Management, Inc. (US)
· Republic Services Inc. (US)
· Waste Connections Inc (Canada)
Recent Developments :
• 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.
In terms of value and volume, the packaging segment is estimated to lead the plastic waste management market in 2019.
The packaging segment is projected to grow at highest CAGR during the forecast period owing to a wide range of packaging applications of recycled plastics, in the form of containers, bottles, bags, films, and other protective packaging products. The factors mentioned above are expected to drive demand during the forecast period.
In terms of value and volume, the Asia Pacific region is projected to lead the market during the forecast period.
Asia Pacific is projected to dominate the market during the forecast period. This is attributed to the increasing urbanization in China and India, the growth in disposable income, and the spreading awareness about the importance of waste management are driving the growth of the Asia Pacific plastic waste management market in these countries. Other factors include the rapid industrialization and the imposition of strict laws pertaining to waste management, and disposal processes are projected to drive the demand for plastic waste management industry in the region.
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