DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
The plastic waste management market 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 market study covers the plastic waste management market across various segments.
- It aims at estimating the market size and the growth potential of this market across different services based on collection & transportation, recycling, incineration, landfills, and region.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their service and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the plastic waste management industry.
The growing demand for plastic waste management services is attributed to the increase in awareness programs regarding sustainable waste management practices, stringent law enforcement by governments for the management of plastic waste to reduce solid waste accumulating in landfills, and growing urban population. However, the high cost of using recycled plastics and difficulty in managing the supply chain are projected to pose challenges in the growth of the market.
Veolia Environnement (France), SUEZ (France), Waste Management, Inc. (US), Republic Services (US), Waste Connections Inc (Canada), Clean Harbors (US), Biffa (UK), Covanta Holding Corporation (US), Stericycle (US), and Remondis SE & Co. KG (Germany) are the key players operating in the plastic waste management market.
In terms of volume, the recycling segment is projected to grow at the highest CAGR during the forecast period
The recycling segment in the plastic waste management market is projected to grow at the highest CAGR during the forecast period, in terms of volume. Factors such as an increase in infrastructural development (in terms of setting up recycling plants) in developing and developed countries, growing concerns about the reduction of landfills, and stringent regulations for plastic recycling are expected to boost the growth of this segment in the coming years.
In terms of volume, the residential segment is projected to be the largest source of plastic waste generation in the plastic waste management market from 2019 to 2024
The residential segment is projected to be the largest source of plastic waste in the plastic waste management market from 2019 to 2025, in terms of volume. The increase in the amount of plastic waste generation by the residential sector is supported by the growing population, rapid urbanization & industrialization, and consequently, the rising consumption of packaged products. The rising awareness regarding the harmful effects of poor waste management practices and increasing disposable income create opportunities for plastic waste management in the residential sector.
Market Dynamics
Drivers
- Laws & Regulations Enforced By Governments
- Increase in Awareness Programs Regarding Sustainable Waste Management Practices
- Increasing Urbanization and Industrialization
- Reduced Environmental Impact Through Plastic Recycling
Restraints
- Less Participation of Source Sectors in the Management of Plastic Waste
- Absence of the Required Framework for Plastic Waste Collection and Segregation
- Fewer Treatment Plants and Lack of Expertise for the Recycling of Plastic Waste
Opportunities
- Rising Demand From Emerging Economies
- Public & Private Sector Partnership Helps Establish A Win-Win Situation to Both
Challenges
- High Cost of Using Recycled Plastics
- Difficulty in Managing the Supply Chain
Companies Profiled
- Biffa
- Casella Waste Systems
- Clean Harbors
- Covanta Holding Corporation
- Hahn Plastics
- Krubong-Karich Group
- Luxus Limited
- Plasgran
- Plastic Energy
- Remondis SE & Co. KG
- Republic Services
- Stericycle
- SUEZ
- Tm Recycling
- United Plastic Recycling
- Veolia Environnement
- Waste Connections, Inc.
- Waste Management Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ghj8bg
