SAN FRANCISCO, April 21, 2020 /PRNewswire/ -- The global plastic waste management market size is anticipated to reach USD 42.2 billion by 2027, expanding at a CAGR of 3.1%, according to a new report by Grand View Research, Inc. Economic growth, rising industrialization, increasing urbanization, and growing health awareness are the major factors, which are likely to boost market growth over the forecast period.
Regulations pertaining to each end-use industry, along with other specifications pertaining to plastic waste management are expected to create opportunities in the market. Increasing awareness towards sustainable advantages and benefits of reusing and recycling are projected to drive the market.
Key suggestions from the report:
- Recycling is anticipated to be the fastest growing service segment, registering a CAGR of 4.9% over the forecast period owing to the growing number of recycling plants and stringent regulations for recycling of plastic
- Based on polymer, the Polypropylene (PP) segment is anticipated to dominate the market over the forecast period owing to its increasing in automotive, packaging, and textile industries on account of excellent chemical resistance
- The packaging end-use segment is anticipated to be the largest contributor in the market on account of increasing application of recycled plastics in the form of bottles, containers, bags, and other packaging products
- In Asia Pacific, the plastic waste management market is anticipated to register fastest growth of 3.4% over the forecast period owing to rising GDP, growing population, and increasing disposable income in the developing economies such as India, China, and Japan
- Key players in the market are focusing on several strategies including new product developments, new service developments, expansions, contracts, partnerships, and joint ventures.
Read 130 page research report with ToC on "Plastic Waste Management Market Size, Share & Trends Analysis Report By Service (Collection, Recycling, Incineration, Landfills), By Polymer (PP, PET, PVC), By Source, By End Use, By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/plastic-waste-management-market
Plastic waste management is a collective approach to recycle the plastic or to generate energy through incineration. In addition, such recycling of waste will help save resources and protect the environment. Moreover, it can help reduce the manufacturing cost of companies by recycling the materials.
Majority of the players operating the industry cater to commercial, residential, and industrial sectors. The market concentration in developed economies is growing through consolidation and companies are outsourcing the waste treatment and disposal services. This, in turn, is expected to drive the plastic waste management market over the forecast period.
Grand View Research has segmented the global plastic waste management market on the basis of service, polymer, source, and region:
- Plastic Waste Management Service Outlook (Revenue, USD Million, 2016 - 2027)
- Plastic Waste Management Polymer Outlook (Revenue, USD Million, 2016 - 2027)
- Polypropylene (PP)
- Low-density Polyethylene (LDPE)
- High-density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polyurethane (PUR)
- Terephthalate (PET)
- Plastic Waste Management Source Outlook (Revenue, USD Million, 2016 - 2027)
- Consumer Product
- Building & Construction
- Electrical & Electronics
- Plastic Waste Management Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:
- Thermoformed Plastics Market – The increasing demand for thermoformed plastics from the healthcare and pharmaceutical packaging sectors is projected to be a key factor driving the market growth over the forecast period.
- Pharmaceutical Packaging Market – The growing pharmaceutical industry most notably in several emerging economies including China, India, and Brazil on account of increasing population, rising disposable income, and growing focus on increasing the life expectancy is expected to drive the market.
- Lubricant Packaging Market – The global lubricant packaging market is projected to have a steady growth rate over the forecast period. Factors including growing demand for lubricants especially from the automotive sector coupled with rapid industrialization
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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