Global plastic waste management market is projected to be valued at around USD 26,573.3 million by 2020, growing at a CAGR of 3.02 percent from 2015 to 2020, according to a new report from Markets and Markets.
Developing markets such as China and India are emerging as growth economies for plastic waste management. Growing economies, the increasing population, and the resultant disposable income of people act as the main drivers for increased opportunities in these countries, the report said.
Packaging products made from recycled plastics occupied the largest market share in 2014, and is also projected to grow at the highest CAGR during the forecast period.
The strict laws pertaining to waste management and disposal and increasing awareness of the adverse impact of accumulating plastic waste have led the public sector such as municipalities and the private sector which involves companies offering environmental services such as collection and recycling of plastic waste, the report said.
The end-use sector for recycled plastics includes packaging, furniture, building & construction, automotive, and textile & clothing.
Increasing urban population, stringent laws & regulations enforced by the government, and increasing consumer awareness, are the main drivers of the Plastic Waste Management Market.
The plastic waste management market is expected to witness significant growth in the future due to the growing concern of the environmental impact of accumulating plastics.
The market for recycled plastics is projected to experience high demand in the packaging sector. The global market for plastic waste management faces intense competition from governmental, quasi-governmental, municipalities, and private sources.
The cost of operations of each company varies according to the area they operate in, the type of waste collected, risk of handling, and disposal. The regulations imposed in different countries also affect the margins of the company.
The leading players in the market include Veolia Environnement S.A. (France), SUEZ Environnement Company (France), Waste Management Inc. (U.S.), Republic Services Inc. (U.S.), and Stericycle Inc. (U.S.).
Rajani Baburajan