2020 Witnessed Soaring Demand for Plastic Waste Management with Rising Generation of Plastic Waste and Rapid Industrialization; Market to Grow Significantly Throughout 2020-2028

Research Nester published a report titled “Plastic waste management market- Global Demand Analysis and Opportunity Outlook 2020-2028” which delivers detailed overview of the plastic waste management market in terms of market segmentation by polymer type, by service type, by source type, by end user industries and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

The market for plastic waste management is anticipated to record a notable CAGRof around 3.5% over the forecast period 2020-2028. The major key factors driving the growth of the market are increasing population and industrial activities leading to huge amount of plastic waste. With the improvement in the education level of consumers the realization about the plastic waste management has increased. Further, the change in the lifestyle and consumer preferences has increased plastic consumption which is estimated to increase the awareness related to plastic waste management. Based on end user industries, the market is segmented into packaging, automotive, construction, textile and others. The market for packaging segment is anticipated to dominate the market owing to the advantages related to plastic packaging such as flexibility, durability and ease of transportation. Additionally, standardized plastic packaging to reduce the cost is widely accepted by most of the small scale manufacturers. Therefore, with the wide range of applications associated with plastic packaging, the market is estimated to propel over the forecast period.

Based on the regional analysis, the market for plastic waste management is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The plastic waste management market in North America is estimated to dominate the market on the back of government initiatives and regulations to reduce carbon emissions along with the well established plastic waste management systems. The Asia Pacific region is anticipated to be fastest growing market on the back of infrastructural developments along with the increasing disposable incomes and growing population. Further, generation of solid waste has pushed the emerging countries towards beneficial programs regarding health and hygiene, which in turn, is estimated to accelerate the market growth.

Rising Usage of Plastic Waste in Construction and Environmental Consciousness

Increase in the government initiatives regarding the disposal and recycling of plastic waste is driving the demand for recyclable raw material. Additionally, in order to reduce plastic footprint along with green house gas emissions and to push industries for using biodegradable materials, these initiatives are fostering the industries for product design modifications to reduce the usage of plastic. Further, use of plastic waste in construction material is estimated to reduce carbon dioxide emissions in manufacturing cement. Moreover, the people who cannot afford houses with cooling systems, the utilization of plastic bottles in construction materials for building walls and ceilings will benefit them with the reduction in cost. Hence, these factors are anticipated to account for the growth in the market over the forecast period.

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However, improper management of hazardous substances leading to land and water pollution along with the lack of proper infrastructure are expected to operate as key restraint into the growth of plastic waste management market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the plastic waste management market which includes company profiling of Veolia Environnement SA (EPA:VIE), Republic Services Inc (NYSE:RSG), Stericycle (NASDAQ:SRCL), Clean Harbors Inc (NYSE:CLH), Suez Utilities Company (EPA:SEV), Luxus Limited, TM Recycling GmbH, Hermion Inc, PLASgran Ltd and Hitachi Zosen Corporation (TYO:7004). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the plastic waste management market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.