Plastic Waste Management Market Size 2021: COVID-19 Impact 2021-2023: Industry
Posted by Komal Boudhh on January 25th, 2021
The global plastic waste management market is deemed to experience a moderate CAGR of 3% during the review period (2017-2023), asserts Market Research Future (MRFR). Plastic has recently emerged as an indispensable component for various applications. Along with it, an increasing awareness can also be witnessed regarding the plastic waste management as it supports the restoration of fossil fuel energy.
Drivers and Restraints:
Growing ecological concern has led to the adoption of plastic waste management worldwide. This effective waste management method is ensured to leave a minimal carbon footprint by saving landfills and conserving up to 80% of the energy for the production of new plastic-based components. The industrial application for the recycled plastic products can propel the market of plastic waste management.
Governments of various nations are also showing a keen interest in this plastic waste management procedure. Hazards related to plastic usage has given rise to concerns regarding its usage. Governments are now imposing several stringent measures and stipulations to lower the carbon footprint, therefore, giving rise to the implementation of plastic waste management.
However, the existing plastic recycling processes are complex and incur high-cost. At the same time, the market requires innovations to make the process simpler and more effective to ease up the market advancements.
The Environmental Protection Agency (EPA) has recently announced aggressive measures for cleanup and remediation of landfills. Along with the deregulatory agenda of the Trump administration, this measure could impact severe changes at the federal level.
Recently, UBQ Materials, an Israeli company, has claimed that they can convert waste into plastic gold and in the process can make landfills obsolete. The procedure turns unsorted garbage into a bio-based thermoplastic composite which requires no water with low carbon emission levels.
The global market of plastic waste management market can be segmented by source, service & equipment, polymer, and end-user.
By source, the market can be segmented into residential, commercial and industrial. Residential segment dominated the market in 2016 and given the current scenario it can record a phenomenal growth in the coming future. Rapid urbanization and increasing adoption of waste management can ensure the top spot for the segment.
Service & equipment includes collection, recycling, incineration, and disposal. Recycling has numerous advantages such as cost reduction and conservation of power which make it a popular choice for various end-user industries. Therefore, the segment can experience a spiraling expansion during the review period.
Polymer-wise the segment consists polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), and others. Polypropylene is widely available and cheap. Its features make it a market-friendly component, and it dominated the market in 2016. The segment is to continue its dominance during the review period as well.
The end-user segment comprises packaging, building & construction, textile & clothing, automobile, and others. Packaging sector has a vast application for plastics, and even after the primary application, the sector has a quick recycling solution for plastics. This helps the sector dominate the market with great fervor and can continue to do so during the prognosis period.
The plastic waste management market can be segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
Plastic waste management has proven itself as a useful economic measure as it generates much revenue for the government. In Europe and North America, the sector is well-established as the governments in these regions have already implemented a number of stringent regulations to curb the CO2 emission rate. PlasticsEurope has recently announced a strategy that would prohibit any plastic leakage in the environment by harmonizing the policies of various European nations by 2030. North America is going to benefit much from China’s ban on waste imports including plastic. The ban will enforce a strategic shift in North America’s plastic recycling policies.
APAC region is currently experiencing a steady growth due to unawareness and lackadaisical approach of the governments in implementing necessary measures. However, countries such as India China, Japan, and South Korea are showing some positive steps. India has launched a campaign Swachh Bharat to reduce the amount of garbage produced and promote recycling. China’s ban on waste import has forced developed countries to reconsider and check their plastic addiction.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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About the AuthorKomal Boudhh
Joined: July 17th, 2020
Articles Posted: 121
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