Plastic Waste Management Market

Plastic Waste Management Market Outlook (2024 to 2034)

Fact.MR, in its newly published study, says that the global plastic waste management market is pegged at US$ 37,691.0 million in 2024. The global market is forecasted to increase at 4.2% CAGR and reach a market value of US$ 56,874.2 million by the end of 2034.

The plastic waste management market size is expected to experience growth avenues in emerging economies, attributed to the adoption of sustainable and responsible practices, particularly in the realm of proper plastic waste management, which has become a crucial component of many companies' corporate social responsibility initiatives. The commitment to environmental stewardship not only reflects a growing awareness of the impact of business operations on the environment but also contributes to a positive influence on the market.

Companies are increasingly conducting comprehensive assessments of their environmental impact, including the generation and management of plastic waste. The evaluation helps businesses identify areas for improvement and set specific targets for reducing their plastic footprint.

Companies are setting specific targets for reducing the use of single-use plastics and increasing the use of recycled or sustainable alternatives. The targets often align with broader CSR goals and demonstrate a commitment to mitigating the negative environmental effects of plastic waste.

The concept of a circular economy, where materials are reused and recycled to minimize waste, has gained traction among businesses. Companies are actively incorporating circular economy principles into their operations, emphasizing the importance of responsible plastic waste management.

Report Attributes	Details
Plastic Waste Management Market Size (2024E)	US$ 37,691.0 million
Forecasted Market Value (2034F)	US$ 56,874.2 million
Global Market Growth Rate (2024 to 2034)	4.2% CAGR
North America Market Share (2034F)	29.1%
Demand Growth in Japan (2024 to 2034)	3.1% CAGR
China Market Value (2034F)	US$ 12,514.1 million
Demand for Container and Packaging (2034F)	US$ 12,967.3 million
Revenue Share of Industrial Processing Waste Segment (2034F)	17.8%
Key Companies Profiled	Veolia Environment; Waste Connections Inc.; Covanta Holding Corporation; Stericycle; SUEZ; Waste Management Inc.; Clean Harbors; Remondis SE; Biffa; Republic Services

Which Market Trends are Opening New Opportunities for Manufacturers?

“Government Regulations and Policies to Fuel the Market Growth”

Governments around the world have been imposing bans or restrictions on single-use plastics, particularly items like plastic bags, straws, and disposable cutlery. The measures aim to reduce the generation of plastic waste at the source by limiting the use of items that are commonly discarded after a single use.

Extended producer responsibility programs place the responsibility for managing the entire lifecycle of a product, including its disposal and recycling, on the manufacturers. Governments implement EPR regulations to ensure that producers take an active role in the proper disposal and recycling of the products they introduce to the market, which encourages manufacturers to adopt sustainable and recyclable packaging materials.

Some countries set mandatory recycling targets, requiring a certain percentage of plastic waste to be recycled. Governments may impose penalties or offer incentives to businesses and municipalities to meet these targets, thereby driving the adoption of efficient recycling practices.

“Increasing Awareness to Accelerate the Market Growth”

Individuals are becoming more informed about the consequences of plastic pollution on ecosystems, wildlife, and human health. The heightened awareness is leading consumers to make more environmentally conscious choices in their daily lives, including favoring products with minimal plastic packaging, recycling, and reducing their overall plastic consumption.

Businesses are adjusting their practices to align with the values, as consumers increasingly prioritize sustainability. Many companies are reevaluating their packaging strategies, opting for eco-friendly materials, and incorporating circular economy principles into their supply chains, which not only meets consumer expectations but can also enhance a company's reputation and brand image.

Governments, responding to the growing awareness of environmental issues, are implementing regulations and initiatives to address plastic pollution. The measures may include plastic bans, extended producer responsibility programs, and targets for increasing recycling rates. Governments, by doing so, are actively encouraging a more sustainable approach to plastic waste management.

“Technological Advancements to Contribute Significantly”

Traditional methods of sorting plastic waste often involve manual labor and basic machinery. Advancements in sorting technologies, such as automated sorting systems, artificial intelligence, and robotics, have significantly improved the accuracy and speed of the sorting process. Automated systems can efficiently identify and separate different types of plastics, allowing for more effective recycling.

High-speed conveyor systems facilitate the rapid and continuous movement of plastic waste through various stages of the recycling process. The systems help streamline operations, increase throughput, and reduce bottlenecks in recycling facilities.

Near-infrared technology is utilized for material identification and sorting. It enables rapid analysis of the chemical composition of materials, allowing for precise identification and separation of different types of plastics based on their molecular structures. The technology enhances the accuracy of sorting processes in recycling facilities.

Which Factor is Restraining the Demand for Plastic Waste Management?

“Lack of Adequate Infrastructure to Restrain the Market Growth”

Numerous regions, particularly in developing countries, encounter obstacles in establishing robust waste management infrastructure. The deficiency in adequately structured collection, sorting, and recycling facilities poses a significant impediment to the effective management of plastic waste. The shortfall in infrastructure hampers the ability to implement systematic and sustainable solutions for the proper handling of plastic waste throughout its life cycle.

The absence of well-established facilities not only limits the capacity for efficient waste collection but also undermines efforts to promote recycling and environmentally responsible disposal practices. The lack of proper infrastructure exacerbates the risk of plastic pollution, as inadequate waste management systems may lead to improper disposal and contribute to environmental degradation.

What Strategy Should Start-ups Incorporate to Enhance Their Market Presence?

“Rising Demand for Recycled Plastics is Key to Gaining Competitive Edge”

Increasing awareness of the environmental impact of plastic pollution has led to a growing demand for sustainable solutions. Consumers, businesses, and governments are recognizing the need to reduce the reliance on virgin plastics to mitigate the ecological harm caused by plastic waste in oceans, landfills, and ecosystems.

Many companies across industries have incorporated sustainability goals into their business strategies. Businesses, as part of these goals, are actively seeking to reduce their environmental footprint, and one way to achieve this is by incorporating recycled plastics into their products and packaging. The commitment to sustainability is often driven by consumer expectations and corporate responsibility.

The concept of a circular economy, where materials are reused and recycled to minimize waste, aligns with the rising demand for recycled plastics. Businesses are adopting circular economy principles to promote a closed-loop system, where plastics are collected, recycled, and reintroduced into the manufacturing process, reducing the need for virgin materials.

Country-wise Insights

Fact.MR, a market research and competitive intelligence provider, asserts in its newly published study that North America is predicted to hold a 29.1% share of the global market by 2034. Growing interest and investments in waste-to-energy solutions, including the conversion of plastic waste into energy, are expected to contribute to the growth of the regional market. The technologies aim to provide sustainable alternatives to traditional waste disposal methods.

What is the Scenario of the Market in the United States?

“Government Regulations and Initiatives to Augment the Growth”

Attribute	United States
Market Value (2024E)	US$ 7,279.0 million
Growth Rate (2024 to 2034)	4.6% CAGR
Projected Value (2034F)	US$ 12,164.5 million

The United States is predicted to account for 73.5% of the North American market by 2034. Stringent government regulations and initiatives aimed at addressing plastic pollution and promoting sustainable waste management practices are expected to drive the market. Legislative measures at federal, state, and local levels can include plastic bans, recycling mandates, and extended producer responsibility programs.

Growing public awareness and concerns about environmental issues, including plastic pollution, are influencing consumer behavior and preferences. The heightened awareness can lead to increased demand for businesses adopting sustainable waste management practices.

Ongoing advancements in waste management technologies, such as improved sorting systems and recycling processes, are enhancing the efficiency of plastic waste management. Technological innovations are expected to contribute to increased recycling rates and resource recovery.

What is Projected to Propel Demand for Plastic Waste Management in China?

“National Sword Policy in China to Fuel the Demand”

Attribute	China
Market Value (2024E)	US$ 7,827.9 million
Growth Rate (2024 to 2034)	4.8% CAGR
Projected Value (2034F)	US$ 12,514.1 million

China is forecasted to hold a 57.3% share of East Asia market revenue by 2034. China's National Sword Policy, which restricts the import of foreign waste, has led to a focus on domestic plastic waste management. The policy has stimulated investments in local recycling infrastructure and increased the emphasis on self-sufficiency in managing plastic waste.

Efforts to recover resources from plastic waste, such as industrial upcycling, are expected to contribute to the growth of the market. The emphasis on resource recovery aligns with circular economy principles and economic sustainability.

Various regions in China have implemented bans on single-use plastics, with plans to further reduce plastic usage. The measures contribute to the reduction of plastic waste generation and stimulate the adoption of alternative materials.

What is Projected to Propel Demand for Plastic Waste Management in Japan?

“Advanced Recycling Technologies to Enhance Market Prospects”

Attribute	Japan
Market Value (2024E)	US$ 4,622.4 million
Growth Rate (2024 to 2034)	3.1% CAGR
Projected Value (2034F)	US$ 6,289.8 million

Japan is anticipated to hold a 28.8% share of East Asia market revenue by 2034. Japan is known for its technological advancements, and the adoption of advanced recycling technologies plays a crucial role. Innovative recycling methods, including chemical recycling and efficient sorting systems, enhance the country's capacity to manage plastic waste effectively.

Collaboration between industry stakeholders and government entities fosters a coordinated approach to plastic waste management. Joint efforts may include investments in recycling infrastructure, research and development, and public awareness campaigns.

Innovations in packaging materials and design contribute to reducing the environmental impact of plastics. Companies adopting innovative and eco-friendly packaging solutions, including biodegradable materials, drive sustainable practices in plastic waste management.

Category-wise Insights

Based on source of waste collection, global demand for plastic waste management is projected to rise significantly in the container and packaging, as well as industrial process waste segments.

Collaboration within the entire value chain of the packaging industry, including manufacturers, retailers, and waste management companies, facilitates a more holistic approach to plastic waste management. Joint efforts to improve recycling infrastructure and practices contribute to the segment's growth.

Collaborations between industrial players and waste management companies foster comprehensive waste management solutions. Partnerships can involve the development of recycling infrastructure, joint research, and the exchange of best practices.

Which Source of Waste Collection to Contribute Significantly in the Sales of Plastic Waste Management?

“Container and Packaging, Industrial Process Waste are Expected to Accelerate the Market Growth”

Attribute	Container and Packaging
Segment Value (2024E)	US$ 8,442.8 million
Growth Rate (2024 to 2034)	5.1% CAGR
Projected Value (2034F)	US$ 12,967.3 million

The container and packaging segment of plastic waste management is forecasted to hold 22.8% of the market share by 2034. The widespread use of single-use plastics in packaging materials has contributed significantly to the volume of plastic waste generated. The growth in e-commerce, food delivery services, and the packaging industry, in general, has led to an increased use of disposable plastic containers and packaging.

Stringent regulations and mandates aimed at reducing plastic pollution, especially in the packaging industry, have driven the need for proper waste management practices. Governments around the world have been implementing measures to encourage the recycling and responsible disposal of plastic packaging materials.

Ongoing advancements in recycling technologies, especially those focused on plastic packaging; contribute to the growth of the segment. Improved sorting technologies and more efficient recycling processes enhance the feasibility and economics of recycling plastic packaging materials.

Attribute	Industrial Process Waste
Segment Value (2024E)	US$ 7,802.0 million
Growth Rate (2024 to 2034)	4.2% CAGR
Projected Value (2034F)	US$ 10,123.6 million

The industrial process waste segment is predicted to occupy a 17.8% share of the global market by 2034. Growing industrial activities and production result in higher volumes of plastic waste generated within various manufacturing processes. The expansion of industries, including automotive, electronics, and packaging, contributes to the increased generation of industrial process plastic waste.

Stringent environmental regulations and compliance requirements drive industries to adopt proper waste management practices. Regulatory frameworks aimed at reducing the environmental impact of industrial processes encourage businesses to implement effective plastic waste management strategies.

Some industrial plastic waste, particularly non-recyclable or difficult-to-recycle materials, can be processed through waste-to-energy solutions. The approach offers an alternative to traditional disposal methods and contributes to sustainable waste management.

Competitive Landscape

Key players in the plastic waste management industry are adopting a range of strategies to achieve their goals. The methods include fostering innovation, implementing stringent quality control measures for their products, forming strategic partnerships, optimizing supply chain management systems, and consistently advancing their products and technologies.

Recent Development

• In 2022, Republic Services, Inc. revealed its blueprint for constructing an integrated plastics recycling facility in the United States, responding to the increasing need for recycled plastic among packaging manufacturers.
• The Republic Services Polymer Center, under the company's purview, is set to oversee the plastics stream through a cohesive approach that involves collecting and delivering high-quality recycled content specifically for consumer packaging.

Veolia Environment, Waste Connections Inc., Covanta Holding Corporation, Stericycle, SUEZ, Waste Management Inc., Clean Harbors, Remondis SE, Biffa, and Republic Services are key players in the market.

Segmentation of Plastic Waste Management Market Research

• By Source of Waste Collection :

  • Container and Packaging
  • Construction
  • Electric and Electronic Component
  • Industrial Process Waste
  • Automotive Scrapyard
  • Household and Municipal Waste
  • Others

• By Region :

  • North America
  • Europe
  • East Asia
  • Latin America
  • Middle East & Africa
  • South Asia & Oceania