The long-term outlook on the global plastic waste management market will remain positive with the plastic waste management market value expected to increase at a CAGR of 3.9% during the forecast period 2018 – 2026. According to the resin type, the thermoplastic segment is expected to register healthy growth during the forecast period with the generation of a high amount of plastic waste from industries. Based on the source of waste collection, the container & packaging segment is expected to witness a significant CAGR in terms of volume and value during the forecast period.
Sales of plastic waste management in the global market is estimated to reach US$ 33,681.2 Mn by the end of 2018, witnessing a Y-o-Y growth of 3.2% over 2017. North America and Europe are collectively expected to account for over a 2/5th share in the global plastic waste management market by the end of 2018 and retain their position in the plastic waste management market during the forecast period.
Global Plastic Waste Management Market Dynamics
Growing end user demand for a higher content of recycled plastic in bottles is expected to boost the growth of the plastic waste management market over the forecast period. Utilization of recycled content in packaging reduces the environmental footprint of the package and incentivizes recycling. Various brand owners have shown strong commitment towards utilizing post-consumer recycled content in their products and packaging solutions, while ensuring that their products are compatible to be recycled with existing products.
Limited market communication and value chain coordination is expected to be the key factor restraining the growth of the global plastic waste management market over the forecast period. The plastic waste value chain is highly fragmented and comprises various sectors, diverse and often mutually exclusive range of polymers and diversity in potential end-uses. The quality and quantity of the material flowing though the value chain is limited by coordination and lack of communication along the value chain.
Utilization of plastic waste for the construction of roads is one of the key trends identified in the plastic waste management market across the globe. Various organizations across the globe are focusing on the development of plans to build houses utilizing plastic bottles to provide environment-friendly houses.
Global Plastic Waste Management Market Forecast
On the basis of resin type, market insights suggest that the thermoplastic segment will continue to dominate the plastic waste management market during the forecast period followed by thermosetting segment. On the basis of nature of service, the processing segment followed by disposal segment is projected to dominate the plastic waste management market in terms of values and volumes during the forecast period. On the basis of source of waste collection, packaging & container segment to remain dominant throughout the forecast period in the global plastic waste management market.
The North America Plastic Waste Management market is to dominate the global plastic waste management market throughout the forecast period. The rest of Europe is expected to dominate the Europe plastic waste management market, owing to the landfill ban across various countries in the region. The India plastic waste management market is expected to register the highest growth over the forecast period.