Plastic Waste Management Market | Outlook, and Forecasts (2020 – 2027)

Plastic Waste Management

The global plastic waste management market size is projected to reach USD 41.58 billion by 2027, exhibiting a CAGR of 3.1% during the forecast period. Unchecked plastic pollution levels during the COVID-19 pandemic is expected to create unique growth opportunities for the market, suggests Fortune Business Insights™ in its report, titled “Plastic Waste Management Market Size, Share & Industry Analysis, By Source (Industrial Waste and Municipal Waste), By Material (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polystyrene, and Others), By Product Type (Packaging, Construction, Automotive, Electrical & Electronics, and Others), By Treatment Method (Collection, Recycling and Disposal {Landfilling & Incineration}) and Regional Forecast, 2020-2027”. The COVID-19 outbreak has triggered a race for the production of personal protective equipment (PPE), which is mostly made from plastic. However, their sustainable disposal, especially the disposal of single-use plastic, has sparked fears among environmentalists and academicians as PPE contains large amounts of micro-plastics. For example, the World Wide Fund estimates that if just 1% of the 1 billion masks used in Italy every month are discarded improperly, it could lead to the accumulation of 10 million plastic masks in the environment, causing unprecedented pollution. In such a dire scenario, efficient plastic waste management techniques can be instrumental in tackling the long-term threats posed by skyrocketing plastic pollution levels, further fueled by the coronavirus pandemic. However, owing to supply chain disruptions, the market growth will be moderate for the present year.

Market Driver

Proactive Initiatives by Governments to End Plastic Pollution to Boost the Market

Governments worldwide are taking decisive steps to curb the menace of plastic pollution, which is likely to stoke the plastic waste management market growth in the coming years. For example, in June 2019, Canada, with the world’s longest coastline, announced that it will be banning single-use plastic products by 2021. In the US, cities such as San Diego are actively prohibiting the use of Styrofoam, a commonly used plastic in disposable dishes, spoons, and forks. Even in developing economies, the efforts towards removing or minimizing plastic use is gaining momentum. For example, in January 2019, Peru ordered the ban of single-use plastics in protected natural parks and national museums across the country. The success of these initiatives wholly depends on the effective implementation of plastic waste management methods, which augurs well for this market.

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Regional Insights

High Plastic Consumption to Augment the Market in Asia Pacific

In 2019, the market size in Asia Pacific was at USD 11.08 billion and the region is expected to dominate the plastic waste management market share during the forecast period. The region’s leading position is attributable to the high per capita plastic consumption and waste generation in the developing countries of India, China, and Vietnam, with China being the largest contributor among these.

North America boasts of a robust plastic waste processing infrastructure, which is supported by a strong presence of well-established solid waste management companies in the region. These companies also have a deep and entrenched distribution network, which further strengthens the regional market. In Europe, initiation of programs such as “The European Green Deal”, which are aimed at conserving the environment and reducing pollution, will primarily drive market growth.

Information source: https://www.fortunebusinessinsights.com/plastic-waste-management-market-103063

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