LONDON--(BUSINESS WIRE)--The global plastic waste management market size is poised to reach USD 4.8 billion by 2023, according to a new report by Technavio, progressing at a CAGR of 3% during the forecast period. The rising demand for plastic is expected to augment the market over the forecast period.
Key suggestions from the report:
- Disposal segment represented over 41% of the overall market share in 2018 because of low-capital requirement as compared to recycling and incineration. Other factors such as convenience, and the lack of waste management regulations and technologies in low-income countries are propelling the growth of this segment
- Incineration is likely to register a CAGR of 4% in terms of revenue from 2019 to 2023 owing to initiatives by recycling facilities to manage the growing plastic waste, government support, and the R&D being carried out to produce useful fuels from plastic. The Asia Pacific plastic waste management market accounted for 37% of the overall revenue in 2018, owing to the ban on foreign waste import in China. Also, the countries in the region have set national and local policies to ensure efficient plastic waste management, which is fostering the growth of the market in APAC
- Presence of many players and the presence of favorable government regulations are bolstering the competitive rivalry in the market.
Read a 142 page research report with TOC on "Plastic Waste Management Market Analysis Report by Type (disposal, incineration, and recycling) and segment forecasts for 2019 to 2023" at
The market is driven by the rising demand for plastic for various applications. However, the extensive use of plastic across the world has been resulting in the generation of a large volume of plastic waste. Subsequently, this plastic waste needs efficient management, as the lack of efficiency causes an adverse impact on human and environmental health. Thus, due to such factors, the market for plastic waste management market is expected to showcase a positive outlook over the forecast period.
Rising popularity of producer responsibility organizations for plastic waste management has resulted in a significant number of recycling stations. The stringent implementation of waste segregation at source, is leading to successful plastic waste management. Hence, the rising popularity of PROs has been enabling efficient collection and treatment of plastic waste, thereby boosting the growth of the market in focus.
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High operating and maintenance cost of plastic waste treatment processes such as land filling and incineration require significant capital investments as well as high operating and maintenance cost. These costs vary depending on plant size, design, waste disposal amenities, local infrastructural conditions and energy utilization capabilities. Thus, these processes might limit the adoption of efficient plastic waste management processes, which will deter the growth of the market, during the forecast period.
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