by Plastic waste management involves collecting and processing used plastics and preventing plastic materials from ending up in landfills and natural areas. Proper plastic waste management helps recover valuable resources and maintain a clean environment. With growing environmental pollution and climate change concerns, there is an increasing demand for sustainable plastic waste management options across industries that use plastics. The global market for plastic waste has been growing due to directives by regulatory bodies worldwide to effectively manage plastic waste. Recycling and reprocessing plastic reduces usage of fresh raw materials and helps lower carbon emissions.
The global Plastic Waste Management Market is estimated to be valued at US$ 42.5 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the plastic waste management market is increasing investments in advanced plastic waste sorting and recycling technologies. As traditional methods of plastic waste sorting are inefficient, companies are developing advanced sensor-based sorting systems using near-infrared spectroscopy, X-ray transmission spectroscopy and machine learning algorithms. These automated systems can accurately separate different types of plastics at high-speeds, improving recycling rates. Furthermore, development of chemical recycling technologies that convert mixed plastic waste back into raw materials is gaining traction. Chemical recycling avoids limitations of mechanical recycling and allows unlimited recycling of plastics. Investments in such advanced technologies will support sustainable plastic waste management over the forecast period.
Porter’s Analysis
Threat of new entrants: The plastic waste management industry requires high capital investments and strict regulations that pose barriers for new players. Existing players have also established strong distribution networks and brand recognition.
Bargaining power of buyers: Individual buyers have low bargaining power due to the unorganised nature of plastic waste. However, bulk industrial and commercial buyers can negotiate better prices for waste collection and processing.
Bargaining power of suppliers: A large number of small plastic waste suppliers are available. Also, suppliers have limited differentiation in waste attributes. This gives higher bargaining power to buyers.
Threat of new substitutes: No direct substitute exists for plastic waste management. However, alternatives like Reduce-Reuse-Recycle can lower demand for plastic waste processing over time.
Competitive rivalry: The industry has numerous global and local players competing on factors like technology, price, and services. Players differentiate based on type of plastic handled and waste processing technologies.
Key Takeaways
The global plastic waste management market is expected to witness high growth. Global Plastic Waste Management Market Size is estimated to be valued at US$ 42.5 Mn in 2024 and is expected to exhibit a CAGR of 3.5% over the forecast period 2024-2031.
Regional analysis: Asia Pacific region is expected to dominate the market owing to high plastic waste generation in countries like China and India. Large population and improving regulations are driving the regional market. Europe and North America regions are also significant markets with stringent regulations supporting plastic waste recycling.
Key players: Key players operating in the plastic waste management market are Wolfe Heavy Equipment, EZ-Trench, Tesmec, Ditch Witch, Marais, Vermeer, Toro, UNAC, Port Industries, Guntert & Zimmerman, Mastenbroek, Shandong Gaotang trencher, Rongcheng Shenyuan, and Inter-Drain. These players are focusing on developing advanced waste collection systems and recycling technologies to gain leadership positions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
