NEW YORK, August 8, 2018 /PRNewswire/ --
Global Plastic Waste Management Market Pegged to Register a CAGR of 3.9% During 2018 - 2026 with North America Accounting for a Significant Value Share by 2026 End
Plastic waste is a pressing problem across the globe resulting in pollution, clog up oceans, rivers, lands-adversely affecting the biodiversity. Proper planning apropos of disposal and processing of plastic is the key for effective management of plastic waste, making plastic waste management a critical issue, globally. As per a recent comprehensive study by Persistence Market Research, the global plastic waste management market is anticipated to pick up pace, growing at a moderate CAGR of 3.9%, standing at a market size of US$ 45.6 Bn by 2026. In the analysis of the global waste management market, experts at PMR have also studied the various drivers, restraints, opportunities, and trends likely to impact the market over the forecast period of 2018-2026.
Plastic being an integral part, is used in various applications across industries-owing to which its safe disposal remains a major challenge. Incineration, recycling, and landfill are important plastic waste processing activities carried out, globally. Policy initiatives focusing on strengthening the market for plastic waste management can be used to overcome overall plastic waste. The non-degradable nature of plastic is a crucial concern as incineration leads to the generation of toxic gases. Plastic has found increased application in automobiles, agriculture, and packaging-attributable to growing consumer demand for design and color specifications.
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Recycled, Green Plastic Preference Pushing the Demand for Plastic Waste Management
Consumers are increasingly adopting products made with recycled plastic. In the coming years, plastic waste management market is likely to benefit from green public procurement of plastic products designed for easy recycling. This, in turn, would help build a large, reliable market for recycled plastic-driving the plastic waste management efforts. Owing to the emerging sustainable strategy trend, various food & beverage companies are focusing on increasingly using bottles made of recycled plastic. With CocaCola doubling the recycled plastic content in its bottle, presently standing at 25%, beverage companies are likely to follow the suite and announce bottle deposit return services. Pepsi, Unilever, Nestle and M&S have already committed to produce more eco-friendly bottles by using plant-based material, or less plastic. With an alleviating demand for conventional plastic, recycled plastic is gaining momentum, further riving the global plastic waste management market over the forecast period of 2018-2026.
Plastic Waste Management Market Segmentation By Resin Type - Thermosetting, Thermoplastic ; by Nature of Service - Disposal, Processing, Incineration, Recycling, Others (Pyrolysis, fuel, etc.); By Source of Waste Collection - Containers & Packaging, Construction, Electric & Electronic Components, Industrial Process Waste, Automotive Scrapyard, Others (Marine, Agriculture, etc.): https://www.persistencemarketresearch.com/market-research/plastic-waste-management-market.asp
Arising from a variety of industries like agriculture, construction and demolition, and packaging, post-consumer waste plastic is a valuable resource and, currently underutilized. Key players are committed to utilizing Post-Consumer Recycled (PCR) content in their products and packaging solutions, ensuring recycle-compatible products. Using recycle plastic would not only help in efficient plastic waste management, it would also create a stream of clean plastic that can be directly fed into the recycling plants. With increased demand for consumer good, packaged in recycled and sustainable materials, is estimated to fuel global plastic waste management market.
"However, the volatility in demand for recycled plastic and the lack of stability in the market, limits the incentives to make long-term investments in infrastructure and recycling technologies, restricting the global plastic waste management market to some extent. Also, lack of global demand for recycle plastic coupled with relatively low price difference between recycled and virgin plastic, leads to minimal incentive to change production in favor of recycled plastic usage. Additionally, uncertainty about material quality makes manufactures reluctant to use recycled sources",
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Prominent players in the global plastic waste management market including B. SCHOENBERG & CO., INC., Advanced Environmental Recycling Technologies, Inc., REPLAS, Clear Path Recycling, PLASgran Ltd., Custom Polymers, Inc, CarbonLITE Industries, and LUXUS Ltd., are focusing on the development of 'waste to energy' and recycling plants with the global trend towards a circular economy. For a long term growth, key players are introducing more waste processing facilities in developing regions and European countries, owing to the ban of landfills
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