LOS ANGELES, April 6 (Korea Bizwire) — Acumen Research and Consulting, announced new study on “Plastic Waste Management Market (By Service: Collection & transportation, Recycling, Incineration, Landfills; By Polymer Type: Polypropylene (PP), Low-density polyethylene (LDPE), High-density polyethylene (HDPE), Polyvinyl chloride (PVC), Polyurethane (PUR), Polystyrene (PS), Polyethylene, Terephthalate (PET), Others; By End Use: Packaging, Building & construction, Textile & clothing, Automotive, Furniture, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
Plastic waste management is a major problem faced by the government of developed and developing countries. According to World Economic Forum on global level the plastic waste generation stood at 300 million tons each year.
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The market in North America is expected to account for significant revenue share in the global market due to increasing government initiatives in order to control the plastic waste. In addition, stringent government regulations related to use of plastic is expected to support the growth of target market in this region. In 2020, WM worked with Cascade Cart Solutions to integrate bulky rigid plastics collected in curbside recycling programs to begin producing the Company’s curbside carts.
Moreover, increasing government spending on development infrastructure related to plastic waste recycling is expected to support the revenue growth of target market in this region.
The market in Asia Pacific is expected to witness faster growth in the next few years due to high plastic waste generation. Emerging economies in this region are expected to generate high plastic waste due to rapid industrialization. Every year India generates 15 million tons of plastic out of which only one fourth of the plastic is recycled this is majorly due to unavailability of proper functional solid waste management system.
In addition, high spending of the government along with inclination towards partnerships between public and private players is expected to support the growth of target market. For instance in 2018 United Nations Development Programme India signed a agreement with the Hindustan Coca-Cola Beverages Private Limited (HCCBPL) and Hindustan Unilever Limited (HUL) and initiated a project in order to build a system that help to reduce the impact of plastic. Currently the project is operational in 20 cities and 22 material recovery centers that are established for sustainable waste management.
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Increase in plastic waste across the globe and rising concern related to environment is resulting in demand for plastic waste management plants is a major factors expected to drive the growth of the global plastic waste management market. plastic tend to be a better packaging solution for any products which is increasing its adoption from various end use manufacturers such as food & beverage, chemical, pharmaceutical, etc. High use of plastic for product packing is resulting in generation of plastic waste. According to United Nations Environment Programme report, the world produces 400 million ton single-use plastic (SUP) waste annually i.e. 47% of the total plastic waste.
Plastic has an adverse effect on the environment as well as on the well-being on the people. Countries with low economical level are witnessing the impact to a greater extent. Government on developed and developing countries is focused on lowering the plastic waste by implementing various rules and regulations related to use of plastic. Establishment of various waste management plants by the public and private players with the focus to achieve sustainable development goals.
Various initiates by the major players in order to reduce the plastic waste are expected to support the growth of target market. For instance Coca-Cola a beverage manufacturing company operating on global level pledged to adopt 100% recyclable packaging by 2025. In addition, Dow company took an initiative to finance waste management in order to reduce the global plastic leakage by 45%.
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However, factors such as high initial investment and low collection source of plastic waste are expected to hamper the growth of target market. The capital investment involved in the plant set up is high and the collection of plastic waste is relatively low. In addition, difficulty in managing the supply chain is another factor expected to challenge the growth of target market.
Increasing initiatives by the government in order to recycle the plastic and introduction of new recyclable plastic by the players are factors expected to create new revenue opportunities over the forecast period. In addition, approach towards strengthening the supply chain and increase n public private partnerships are expected to support the revenue traction of the global market.
The plastic waste management market is segmented into service, polymer type, end use, and region. The service segment is segmented into collection & transportation, recycling, incineration, and landfills.
Some players operating in the target market are Veolia Environment, SUEZ, Waste Management Inc., Republic Services, Stericycle, Clean Harbors, Waste Connections, Inc., Covanta Holding Corporation, Remondis SE & Co. Kg, and Biffa.
Market By Service
- Collection & transportation
Market By Polymer Type
- Polypropylene (PP)
- Low-density polyethylene (LDPE)
- High-density polyethylene (HDPE)
- Polyvinyl chloride (PVC)
- Polyurethane (PUR)
- Polystyrene (PS)
- Terephthalate (PET)
Market By End Use
- Building & construction
- Textile & clothing
Market By Region
- Rest of Europe
- South Korea
- Rest of Asia Pacific
- Rest if Latin America
Middle East & Africa
- South Africa
- Rest of Meddle East & Africa
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Source: Acumen Research and Consulting via GLOBE NEWSWIRE