Plastic Waste Management Market Trends
Growth Drivers
- Rapid Production of Plastic Goods Throughout the World – The plastic waste management market is anticipated to significantly grow owing to the high utilization of plastic in a wide range of applications. Increasing usage of plastic generates plastic waste, which is non-degradable and is responsible for significant greenhouse gas emissions that can lead to huge ecological crises. Therefore, the growing need for proper disposal management of plastic waste is anticipated to drive the market over the forecast period. As per the latest reports by Organization for Economic Co-operation and Development, it was estimated that tlobal plastic production rose from 2000 to 2019 and stood up at approximately 460 million tons.
- High Demand for Plastic Products Owing to Rising Use in Every Packaging – The recent data disclosed in 2022, around one million plastic bottles are purchased every minute and around five trillion plastic bags are used every year across the world.
- Growth in Waste Generation with Increasing Fast-Food Centers, Beverages, and Other Product Manufacturing – As per a report published in 2022, it was estimated that 300 million tons of plastic waste are produced every year. Further, plastic wastage generation is growing at an annual rate of 9%.
- Rising Concern of Plastic Recyclability Among People – Recent report published in 2022, anticipated that around 90% of plastic is not recycled.
- Increasing Environmental Concern and Rising Awareness Among People on Eco-Friendly Products – As per a survey conducted in 2019, about 33% of people chose sustainable products, 35% of them looked for eco-friendly packaging, and over 405 of people avoided plastic use as much as possible.
Challenges
- The Lack of Availability of Treatment Plants
- The shortage of treatment plants is the major problem faced by plastic waste management. The increasing plastic waste and high capital investment required for setting up a plant are hampering the market growth. The lack of skilled labor to involve in the process of treatment and growing operating costs with fewer profit margins negatively affects the market growth.
- Requirement of High Capital Investment
- Increased Operating Costs
Plastic Waste Management Market: Key Insights
|
Base Year |
2022 |
|
Forecast Year |
2023-2033 |
|
CAGR |
~4% |
|
Base Year Market Size (2022) |
~ USD 30 Billion |
|
Forecast Year Market Size (2033) |
~ USD 40 Billion |
|
Regional Scope |
|
Global Plastic Waste Management Market Size, Forecast, and Trend Highlights Over 2023 - 2033
The global plastic waste management market is estimated to garner a revenue of ~USD 40 Billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 30 Billion in the year 2022. The primary factor that is attributed to the plastic waste management market expansion is the recent growth in the plastic industry, rising new techniques to treat plastic waste, and increasing initiatives by government and private key players. Recent reports suggest that the total value of the United States plastic shipments was around USD 400 billion in 2020.
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Get more information on this report:Rapid industrialization, rising urbanization, and increasing concern about the environmental impact of improper plastic waste management are anticipated to drive the market over the forecast period. Also, the high utilization rate is expected to bring in more plastic waste in the world, thus, expanding the plastic waste management market size. As of 2019, it was estimated that in the United States, almost 40 million tons of plastic are used every year.
Global Plastic Waste Management Market: Growth Drivers and Challenges
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4.2% |
|
Base Year Market Size (2024) |
USD 32.7 billion |
|
Forecast Year Market Size (2037) |
USD 54.86 billion |
|
Regional Scope |
|
