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Increasing demand for high-quality plastic materials from the automobile sector is a key factor driving market revenue growth
NEW YORK CITY, NY, UNITED STATES, February 27, 2022 /EINPresswire.com / -- The Plastic Waste Management Market size is expected to reach USD 47.76 billion in 2028 and register a revenue CAGR of 4.3% over the forecast period, according to the latest report by Reports and Data. Growing demand for plastics from household and commercial sectors is a key factor driving market revenue growth. Plastic is an essential part of everyday life, and most of the things consumed are being made of or packaged in plastic materials. Plastic waste is non-biodegradable and can cause widespread environmental disasters. The whole world produces large amounts of plastic waste, which comes from households and industrial sectors such as electronics, packaging, automobiles, agriculture, and construction. Technological advancements and the emergence of novel systems for sorting, reprocessing, and collecting recyclable plastics are opening new options in connection with public health, economic, conservation, and industrial policies. Some factors such as rapid urbanization, industrialization, and increasing awareness of environmental hazards are driving market revenue growth.
Plastic recycling is important for society because it aids in energy recovery and reduces carbon footprint. For every ton of recyclable plastic, about seven yards of landfill space can be saved and about a certain amount of energy can be saved to manufacture a new kind of plastic material. Plastic is relatively inexpensive and recycled plastics are used to make a wide variety of products such as clothes, bottles, carpets, films, garbage bags, and containers.
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Market Dynamics
The global chemicals and materials have a wide range of application areas such as crop protection, animal nutrition, dietary supplements, preservatives, flame retardants, surface ingredients, active pharmaceutical ingredients, and matting agents among others. Population explosion along with rapid economic growth is expected to propel market growth. Moreover, the growing urbanization, rapid industrialization, and high investment in infrastructure development create market demand over the forecast period.
Competitive Landscape:
The global Plastic Waste Management market research report provides a competitive strategy analysis portfolio to provide a better understanding of the competitive landscape. The report further discusses in depth the business strategies undertaken by key manufacturers on mergers and acquisitions, joint ventures, and collaborations. It sheds light on the companies holding the largest market share in terms of revenue in the global Plastic Waste Management market.
major companies profiled in the market report are Veolia Environnement S.A., Waste Management, Inc., SUEZ, Republic Services, Clean Harbors, Inc., Biffa plc, Covanta Holding Corporation, Stericycle, Inc., Remondis SE & Co. KG, and ADS Waste Holdings, Inc.
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Some Key Highlights From the Report
Polystyrene (PS) segment is expected to register a significant revenue growth rate over the forecast period. PS is used in a variety of applications such as cutlery, packaging, toys, housewares, containers, and others. It has better gamma radiation resistance and moisture resistance properties. It can also resist the growth of bacteria and can be recycled. PS is lightweight and can be easily turned into various shapes. It is a common plastic material that is used in everyday items.
The Polyvinyl chloride (PVC) segment is expected to account for significant revenue share over the forecast period. PVC is used in many end-use industries, including electrical and electronics, construction, and automotive. PVC has friction and moisture resistance properties that are suitable for various applications, including cables and wires, windows, toys, raincoats, pipes, and many technical, as well as household products.
The recycling segment is expected to account for a larger revenue share in the plastic waste management market over the forecast period. Recycling is an effective alternative to saving the environment. By adopting this service, a company can contribute to society. Segregation is done before the recycling process. Recycling presents benefits such as energy-saving, raw material conservation, and solving environmental problems. Due to the introduction of innovative technology, the recycling process has become more affordable and manageable.
The residential segment is expected to register a rapid growth rate in terms of revenue over the forecast period. Plastic is an important element in daily life and is widely used for household purposes. Lifestyle changes, rapid population growth, rising disposable income resulted in increasing usage of plastics in the residential sector.
The packaging segment is expected to register a significant revenue growth rate over the forecast period. Bottles, plastic containers, films, bags, and other packaging products are some commonly used products in this segment. Recycled plastic can be a good alternative to packaging because it can not only reduce the level of pollution but also lower additional costs for companies.
Market in Europe is expected to contribute to significant revenue share over the forecast period, owing to the imposition of strict regulations by European authorities. Adoption of 'The European Green Deal' and 'Circular Economy Action Plan' is anticipated to affect market revenue growth in this region positively. European Green Deal, for instance, provides a road map to restore biodiversity, reduce pollution, and expand the circular economy.
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For the purpose of this report, Reports and Data has segmented the plastic waste management market based on polymer type, service, source, application, and region:
Polymer Type Outlook (Revenue, USD Billion; 2018-2028)
Polypropylene (PP)
Polyurethane (PUR
Polystyrene (PS)
Polyethylene Terephthalate (PET)
Polyvinyl Chloride (PVC)
High-Density Polyethylene (HDPE)
Low-Density Polyethylene (LDPE)
Source Outlook (Revenue, USD Billion; 2018-2028)
Residential
Commercial
Industrial
Others
Application Outlook (Revenue, USD Billion; 2018-2028)
Packaging
Building & Construction
Textile
Automobile
Furniture
Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
North America
Europe
Asia Pacific
Latin America
MEA
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