The global plastic waste management market will record a CAGR of almost 3% during the forecast period
NEW YORK, July 17, 2019 /PRNewswire/ --
Global Plastic Waste Management Market: About this market
Plastic waste management involves landfilling, incineration, or recycling solutions. This plastic waste management market analysis considers sales from the disposal, incineration, and recycling sectors. Our analysis also considers the adoption of plastic waste management services in APAC, Europe, MEA, North America, and South America. In 2018, the disposal segment held the highest market share owing to its primary ability to produce methane, which is used to generate electricity. However, the incineration segment will lead the market in 2023 because it is being considered a more viable alternative for plastic management. Plastics can be converted to hydrogen, diesel, crude oil and sulfur, primarily used to generate electricity, through incineration. This trend is expected to remain prevalent over the forecast period. Also, our global plastic waste management report has observed market growth factors such as the rising demand for plastic, growth of global population and rapid urbanization, and presence of favorable government regulations. However, high operating and maintenance cost of plastic waste treatment, adverse impact of plastic waste management on environment, and stringent government regulations pertaining to landfilling and incineration may hamper the growth of the plastic waste management industry over the forecast period.
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Global Plastic Waste Management Market: Overview
Rising demand for plastic
The use of plastic has been rising across industries such as consumer packaging, healthcare, textiles, food and beverages, retail, and others. The ubiquitous use of plastic has been contributing to the generation of a huge volume of plastic waste. Poor plastic waste management has been causing adverse environmental effects. This, in turn, has prompted governments to implement stringent policies and regulations for effective management of plastic waste. As a result, vendors of the plastic waste management market have been collaborating with industries and governments to establish plants and designated areas for plastic waste management, contributing to the market growth. The global plastic waste management market will record a CAGR of almost 3% during the forecast period.
Rising popularity of producer responsibility organizations (PROs) for plastic waste management
The rising implementation of stringent government regulations and policies are imposing responsibilities on plastic producers to collect and process plastic waste. However, setting up separate recycling and disposing of facilities adds to operational cost and is also complex. This gave rise to third-party organizations called the producer responsibility organizations (PROs), which are hired by plastic-producing industries for plastic waste management at a cost. The PROs avail services of certified plastic recyclers. Plastic recyclers can also be PROs. The rising popularity of PROs for plastic waste management is one of the key trends that will have a positive influence on the growth of the global plastic waste management market.
Competitive Landscape
With the presence of several major players, the global plastic waste management market is fragmented. This robust vendor analysis is designed to help clients in improving their market position, and in line with this, this report provides a detailed analysis of several leading Plastic waste management manufacturers, which include Republic Services Inc., Suez SA, Veolia Environnement SA, Waste Connections Inc., and Waste Management Inc.
Also, the plastic waste management market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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