Global Plastic Waste Management Market Overview, 2023-28

Plastic waste management refers to methods and procedures for recycling plastic waste rather than dumping it in landfills or otherwise polluting the environment. It is aided by less use of virgin plastic in product manufacturing. The global plastic waste management market is becoming more mainstream as a result of governments enforcing stringent policies and regulations to effectively manage plastic waste material, as well as rising concerns about the harmful effects of plastics on the environment. The rising rate of carbon emissions is encouraging the use of plastic waste management services to reduce the environmental impact of plastics. The primary factor driving market demand is the increased use of plastics across various industrial sectors. The Global Plastic Waste Management Market has grown as a result of increased awareness and concern about health and the environment, as well as plastic waste management and supportive government initiatives around the world, and waste management initiatives undertaken by large private companies will drive the market for plastic waste management. Moreover, Infrastructure development, innovative technologies for plastic waste management, education and engagement at all levels of communities and cleaning up existing concentrated plastic polluted areas are all part of these strategies. Such initiatives encourage the use of plastic waste management services in order to achieve the long-term goal of eliminating plastic pollution.

According to the research report, “Global Plastic Waste Management Market Overview, 2023-28” published by Bonafide Research, the market is anticipated to attain market size of USD 40.75 Billion by 2028, increasing from USD 32.02 Million in 2022. The overall market is projected to grow with 4.20% CAGR for 2023-2028. Based on polymer type, polyethylene is the most widely produced and consumed polymer on the planet. HDPE and LDPE combined accounted for more than 35% of the market. Polyethylene is widely used in a variety of end-use industries due to its high performance properties, including packaging, construction, and electronics. Due to increasing demand for plastics for the packaging of products to protect, preserve, transport, and display information, the packaging end-use segment is expected to be the largest and fastest-growing segment over the forecast period. The commercial sector is the second-largest generator of plastic waste. Globally expanding commercial spaces such as malls, educational institutes, hospitals, office buildings, retail stores, hotels, and restaurants are expected to drive demand for plastic, resulting in a large amount of waste. During the forecast period, the recycled plastic waste market is expected to grow at the fastest CAGR. The demand for recycled plastics is driven by the benefits of recycled plastics (such as reduced pollution and less reliance on fossil fuels) and their widespread use in sustainable packaging solutions (such as containers, bottles, bags, films, and other protective packaging products).

Petrochemicals, such as oil and natural gas, are the primary raw materials used in the production of virgin plastics. Fillers and colourants are among the additives used in the manufacture of plastic products. Most recycling companies are unaware of what is added to plastic, which affects plastic recycling. Furthermore, when using thermochemical techniques to recover energy, it is difficult to separate plastic from various types of waste streams. Plastic sorting is a critical stage in many waste management systems. Furthermore, sorting and segregating plastic is time-consuming and expensive when compared to the far less expensive production of fresh plastic from petrochemicals. As a result, the rate of growth of the plastic waste management market will be hampered. Furthermore, factors such as fewer treatment plants combined with a lack of expertise in the recycling of plastic waste impede market growth. The lack of participation of source sectors in plastic waste management also impedes market growth over the forecast period.

Restraints
Plastic waste management is a complex process that necessitates significant capital investment in order to efficiently carry out the various tasks, including waste collection and disposal. Furthermore, the waste must be processed by skilled and highly motivated workers. This, in turn, raises operating costs and reduces profit margins. However, as new technologies are adopted, the impact of this constraint is expected to diminish over the forecast period.

Developments
• In March 2022, Republic Services, Inc. unveiled the development plans for the integrated plastics recycling facility in the USA, to address the rising demand for recycled plastic from packaging manufacturing players. The Republic Services Polymer Center representing the company will manage the plastics stream using an integrated process for the collection and delivery of high-quality recycled content for consumer packaging.
• In June 2022, Biffa has been appointed as the official waste management and recycling provider for Commonwealth Games Birmingham 2022, which is set to take place in July 2022. Biffa also secured a multi-million-pound recycled plastic deal which is a one-year partnership with the UK's leading bottle manufacturer, Esterform Packaging in 2020.
• The Coca-Cola Foundation has been granted recognition by the Growing Business Foundation (GBF) to expand the plastic waste management value chain with the implementation of Empowering Collectors Initiative (ECI). This has been designed to upgrade the largely informal plastic waste collection, aggregation, and recycling process in Nigeria.

Covid-19
The previous coronavirus outbreak has had a significant impact on the market for plastic waste management. As the number of COVID-19 cases increased, so did the amount of plastic waste generated in the region, particularly in healthcare facilities. As a result, demand for plastic waste management services is expected to rise by 2020. This contributed significantly to the market's growth during the pandemic.
Major Companies present in the market:
Republic Services, Inc., Waste Management, Inc., Augean’s , Stericycle Inc., Veolia Environnement S.A., Cfl Ltd, Umicore,, Sembcorp Industries Ltd., Biffa plc, Capital environment.

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Plastic Waste market with its value and forecast along with its segments
• Region-wise E-Waste Management market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America, Middle East & Africa (Brazil, UAE, Saudi Arabia, South Africa)

By Service Type
• Collection & transportation
• Recycling
• Incineration
• Landfills

By Source Type :
• Residential
• Commercial & institutional
• Industrial
• Others

By Polymer Type:
• Polypropylene (PP)
• Low-density polyethylene (LDPE)
• High-density polyethylene (HDPE)
• Polyvinyl chloride (PVC)
• Polyurethane (PUR)
• Polystyrene (PS)
• Polyethylene terephthalate (PET)
• Others

By End-Use Type:
• Building & construction
• Consumer Product
• Electrical and Electronics
• Industrial Machinery
• Packaging
• Automotive
• Others

The approach of the report:
This report consists of a combined approach of primary and secondary research. Secondary research was initially used to gain an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases and annual reports of companies, as well as government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Following this, we began making primary calls to consumers, segmenting them equally into regional aspects, tier aspects, age groups, and gender. Once we had primary data with us, we started verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations and organisations related to the E-Waste Management industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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