Plastic waste management refers to the collection, processing, and disposal of plastic waste in a way that minimizes its impact on the environment and human health. Moreover, municipalities, governments, and private foundations and companies compete for global plastic waste management. With the increased demand for plastic waste management, new opportunities in the plastic waste management industry have emerged. Plastic waste management is used in textiles and clothing, packaging, building and construction, furniture, automotive, and other industries. Plastic waste is used in the construction of roads, and the plastic used in the construction of roads should have a maximum thickness of 60 microns and can be done primarily through dry and wet processes. Plastic is used in textile and clothing mills for tenter frames, work surfaces, templates, looms, and other purposes. Furthermore, polyester yarn is made from plastic bottle waste. The major factors driving the growth of plastic waste management are Individuals, businesses, and governments are becoming more aware of the impact of plastic pollution on the environment and human health. This has resulted in a greater emphasis on plastic waste management and a push for more environmentally friendly practises.
According to the research report, “Global Plastic Waste Management Market Research Report, 2028” published by Actual Market Research, the market is anticipated to attain market size of USD 40.75 Billion by 2028, increasing from USD 32.02 Million in 2022. The overall market is projected to grow with 4.20% CAGR for 2023-2028. Plastic management is one of the most important markets in both developed and developing countries. Furthermore, various global companies operating in the plastic product manufacturing sector around the world have joined forces to reduce plastic pollution. Due to its unique properties and wide range of applications, the plastic market is rapidly expanding. The increased use of plastic is also generating plastic waste, which is non-biodegradable and contributes significantly to greenhouse gas emissions, which can lead to major ecological crises. As a result, the growing need for proper plastic waste disposal management is expected to drive the market over the forecast period. Moreover, Plastic waste management refers to approaches and methodologies used to reprocess plastic material rather than dumping it into landfills or waterways or otherwise leaving it in the open to pollute the environment.
World Plastic Waste Day is celebrated on July 3rd each year. It is a global observance that aims to raise awareness of the growing problem of plastic waste and its impact on the environment and human health. The day is an opportunity to educate people about the importance of reducing, reusing, and recycling plastic waste, and to encourage individuals and communities to take action to address this issue. World Plastic Waste Day was first celebrated in 2018 and has since become an important date on the calendar for environmental organizations, policymakers, and individuals who are working to combat plastic waste. On this day, events and activities are organized around the world to raise awareness of the problem of plastic waste and to promote sustainable practices. These may include beach cleanups, recycling drives, and educational campaigns.
As per the report, the market is divided into different types of sources, like Residential, Commercial & Institutional, Industrial and others. Among these, industrial waste is the market's largest and fastest-growing segment. Industries are the primary source of plastic waste. The rapid industrialization of developing economies is primarily responsible for the segment's growth. Manufacturing industries must properly dispose of plastic waste due to strict environmental regulations. Furthermore, plastic recycling is critical to achieving economically and environmentally sustainable goals. The commercial and industrial sectors have the highest CAGR in terms of plastic waste generation. Globally expanding commercial spaces such as malls, educational institutes, hospitals, office buildings, retail stores, hotels, and restaurants are expected to drive demand for plastic, resulting in a large amount of waste. Based on polymer type, polyethylene is the most widely produced and consumed polymer on the planet. HDPE and LDPE combined accounted for more than 35% of the market. Polyethylene is widely used in a variety of end-use industries due to its high performance properties, including packaging, construction, and electronics. This market is classified by end user into Building & Construction, Consumer Product, Electrical & Electronic, Industrial Machinery, packaging, automotive, and others. Among these, packaging had the highest revenue share. Due to the increasing use of plastic in the production of packaging products. Most packaging manufacturers are shifting their preferences towards sustainable plastic packaging solutions in order to avoid increasing plastic pollution. During the forecast period, this is expected to increase demand for plastic waste recycling processes. The landfills segment is expected to dominate the plastic waste management market in terms of service. The presence of fewer recycling plants and incinerators leads to waste mismanagement, which contributes to an increase in plastic waste disposals and landfills.
The global market is divided into North America, Europe, Asia-Pacific, South America, the Middle East and Africa, and Asia-Pacific. The Asia Pacific plastic waste management industry is expected to grow at the fastest rate. Growing population, rising GDP, and rising disposable income in Asia Pacific are causing more solid waste (including plastic waste) to be generated, which is creating opportunities for the region's market. Infrastructural development in Asia Pacific's underdeveloped and developing countries is driving the growth of various methods of plastic waste management in this region. North America had the world's second-largest revenue share. In terms of collection and treatment, the region has a well-established market. The presence of solid waste management companies and their distribution network is a key growth factor for the North American market. In Europe, the majority of collected plastic waste is used to generate energy. The new 'Circular Economy Action Plan' and 'The European Green Deal' are expected to have a significant impact on the growth of this market in Europe. The European Green Deal lays out a plan for expanding the circular economy, restoring biodiversity, and reducing pollution.
Globally, the COVID-19 pandemic has had a significant impact on plastic waste management. Here are some of the ways it has impacted the problem are the use of single-use plastics such as masks, gloves, and other personal protective equipment (PPE) has increased significantly due to the pandemic. Additionally, with many people staying at home, there has been an increase in online shopping and food delivery, leading to an increase in packaging waste. Further, the pandemic has led to disruptions in waste collection and recycling services, particularly in countries with less developed waste management systems. This has led to an increase in the amount of plastic waste that ends up in landfills or the environment. Moreover, In some countries, the increased volume of plastic waste has led to an increase in the use of incineration as a method of waste management. While incineration can reduce the amount of plastic waste in landfills, it can also have negative environmental impacts.
• Terracycle: Terracycle is a global waste management company that specializes in hard-to-recycle materials, including plastic waste. They have developed recycling programs for a wide range of products and materials, from cigarette butts to coffee capsules. Terracycle works with businesses and individuals to collect and recycle plastic waste, creating a closed-loop system that keeps waste out of landfills and the environment.
• Loop Industries: Loop Industries is a technology company that has developed a process for upcycling plastic waste into high-quality plastics that can be used in a variety of products. Their technology involves breaking down plastic waste into its component parts and then reassembling those parts into new plastic materials. Loop Industries has partnerships with major companies such as PepsiCo, Danone, and Coca-Cola to create a more sustainable supply chain for plastic.
• The Ocean Cleanup: The Ocean Cleanup is a nonprofit organization that is working to remove plastic waste from the world's oceans. They have developed a system that uses natural ocean currents to capture and remove plastic waste from the water. The organization has also developed technology to recycle the plastic waste they collect into new products.
• Plastic Bank: Plastic Bank is a social enterprise that has developed a system for creating a circular economy for plastic waste in developing countries. They work with local communities to collect plastic waste, which is then traded for goods and services. The plastic waste is then recycled and sold to companies that use it to create new products.