Published by Jessica Weisman-Pitts
Posted on February 27, 2025
According to Fact.MR, the global plastic waste management market is projected to grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2034. By 2034, the market is expected to reach a value of approximately USD 56,874.2 million, driven by increasing regulatory support and advancements in technology.
Governments, private enterprise, and non-governmental organizations (NGOs) are coming together to create integrated plastic waste management programs. Such collaborative efforts are a must for understanding the intricacies of plastic waste and creating lasting solutions. Global action toward homogenized waste management and recycling strategies is increasing with the formulation of international covenants, agreements, and coalitions with respect to plastic pollution.
The use of substitute materials like biodegradable plastics and vegetable-based polymers is transforming the industry. The environmentally friendly substitutes are assisting in lessening the environmental footprint of plastic products.
Advances in technology are also contributing significantly towards enhancing waste management efficiency. Developments in robotics and artificial intelligence (AI) are optimizing waste collection and sorting activities, resulting in increased recycling rates.
In addition, the plastic-to-fuel conversion technology commercialization, such as pyrolysis and gasification, is gathering pace, providing new opportunities for recovering energy from waste plastics. The growing trend of plastic-free initiatives and zero-waste movements is also impacting consumer culture and corporate sustainability policies. Businesses embracing plastic-free packaging and waste minimization are poised to leverage shifting market demand.
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Plastic waste management Market Insights & Forecast:
"Technological developments in mechanical and chemical recycling are broadening the range of plastics that can be recycled, solving problems inherent with conventional recycling technologies," reveals a Fact.MR analyst.
Rising Awareness Driving Market Expansion:
Increasing awareness of the effects of plastic pollution on the environment, wildlife, and human health is encouraging people to adopt more sustainable lifestyles. People are increasingly turning towards products with less plastic packaging, adopting recycling habits, and actively cutting down on plastic use in their everyday lives.
Companies are responding to this change by positioning their strategies along sustainability values. Numerous companies are updating their packaging strategies, using environmentally friendly materials, and embedding circular economy concepts in their supply chains. Not only do these actions satisfy customer expectations, but they also enhance brand reputation and corporate responsibility.
Governments are launching regulations and initiatives to deal with plastic pollution, realizing the imperative of environmental issues. Initiatives like banning plastics, extended producer responsibility schemes, and recycling objectives are creating a greener waste management practice, propelling the global momentum for environmental stewardship.
Key Market Players:
Competitive Landscape:
Players in the market are targeting regulatory support and technological advancement to stay competitive. Being flexible enough to meet changing market forces and adopting cutting-edge recycling technology will be imperative to long-term success in the market.
Recent Developments:
With increased investments, governmental support, and advancements in technology, the plastic waste management sector is poised to experience steady growth, presenting significant opportunities for business and stakeholders alike.
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Country-wise Insights:
The United States is anticipated to dominate the North American market with a 73.5% share by 2034. The reasons for this growth include strict government regulations and efforts to curb plastic pollution and encourage eco-friendly waste disposal. Federal, state, and local legislation, including plastic bans, recycling requirements, and extended producer responsibility programs, will drive market growth.
Growing consumer knowledge of environmental issues, especially plastic pollution, is changing consumer behavior and propelling demand for companies that embark on environmentally friendly waste management.
A rise in waste management technological developments, such as enhanced sorting systems and recycling processes, is increasing efficiency. These technological advancements are likely to increase recycling rates and enhance efforts at resource recovery.
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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