Rockville , March 13, 2024 (GLOBE NEWSWIRE) -- The plastic waste management market is expected to grow at a 4.2% CAGR between 2024 and 2034, according to Fact MR By 2034, the global market for these products is expected to reach US$ 56,874.2 million. According to Fact MR, a provider of market research and competitive intelligence, the global plastic waste management market is rapidly growing and is expected to continue its growth trajectory in the coming years.
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Collaborations between governments, businesses, and non-governmental organizations are fostering the development of comprehensive plastic waste management strategies. Partnerships are essential in addressing the complexity of the plastic waste issue and implementing effective solutions. The formation of international agreements, pacts, and alliances focused on addressing plastic pollution is gaining momentum. Collaborative efforts at a global scale are creating opportunities for standardized approaches to plastic waste management and recycling.
The development and adoption of alternative materials to traditional plastics, such as biodegradable plastics and plant-based polymers, are impacting the plastic waste management landscape. The alternatives offer potential solutions to reduce the overall environmental impact of plastic products. Advancements in waste collection and sorting technologies, including robotics and artificial intelligence, are streamlining the process of segregating different types of plastics. The efficiency in sorting contribute to improved recycling rates.
The development and commercialization of technologies converting plastic waste into fuel, such as pyrolysis and gasification, are gaining attention. The technologies present opportunities for energy recovery from plastic waste. The rise of plastic-free initiatives and zero-waste movements is influencing consumer behavior and corporate strategies. Companies adopting plastic-free packaging and zero-waste practices are well-positioned to capitalize on changing market preferences.
| Report Attribute | Details |
| Value Projection (2034) | US$ 56,874.2 million |
| Growth Rate (2024-2034) | 4.2% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 32 Tables |
| No. of Figures | 96 Figures |
Key Takeaways from the Market Study
- In 2024, the global plastic waste management market is estimated to have a global market size of US$ 37,691.0 million.
- The container and packaging is expected to dominate the market, with a market share of 22.8% in 2034.
- The industrial process waste category is expected to hold a market share of 20.7% in 2024.
- China is predicted to acquire a 56.9% of the global market share in 2024.
- East Asia is expected to account for a CAGR of 4.6% by 2034.
“Continued advancements in chemical and mechanical recycling technologies are expanding the possibilities for recycling a broader range of plastics. The technologies aim to address challenges associated with traditional recycling methods,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Veolia Environment
- Waste Connections Inc.
- Covanta Holding Corporation
- Stericycle
- SUEZ
- Waste Management Inc.
- Clean Harbors
- Remondis SE
- Biffa
- Republic Services
Competitive Landscape
The plastic waste management market is shaped by regulatory compliance to gain a competitive edge. Adapting to market dynamics and staying abreast of technological advancements are essential for sustained success in this dynamic industry.
Recent Development
- In 2022, Biffa was selected as the designated waste management and recycling provider for the upcoming Commonwealth Games in Birmingham, scheduled for July 2022.
- Biffa had previously entered into a significant recycled plastic agreement, a multi-million-pound deal, establishing a one-year partnership with Esterform Packaging, the UK's foremost bottle manufacturer, in 2020.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global plastic waste management market, presenting historical analysis from 2019 to 2023 and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on plastic waste management market analysis by by source of waste collection (container and packaging, construction, electric and electronic component, industrial process waste, automotive scrapyard, household and municipal waste, others), and by region (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East & Africa).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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