New York, NY, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Plastic Waste Management Market by Polymer Type (Polystyrene (PS), Polypropylene, Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), and Others), by Services (Landfills, Collection, Recycling, and Energy Recovery), by Source (Industrial, Residential, Commercial & Institutional, and Others), and by End-use Sector (Wood and Furniture, Textiles, Construction, Packaging, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global plastic waste management market was valued at approximately USD 24.0 billion in 2017 and is expected to generate revenue of around USD 29.8 billion by the end of 2024, growing at a CAGR of around 3.1% between 2018 and 2024.
The plastic industry is growing at the fastest rate due to its usage in various fields such as electronics, automotive, healthcare, construction, and textiles. The growth in the plastic waste management market is further driven due to various government initiatives such as Make in India, Skill India, Digital India, and the Swachh Bharat Abhiyan. Mapping of waste streams is necessary for commodity plastics and their tonnage in the recycling streams which may lead to the circular economy. Recycling of plastics helps in reducing water and air pollution. It helps to address the pre-existing plastic waste problem and save resources of oil. Scientists from National Chemical Laboratory, Pune (India), are taking initiatives towards the development of fabric from the recycling of PET bottles. The fabric is used for making pillows, T-shirts, denim, and scarves. Such initiatives are expected to drive plastic waste management market growth over the forecast period.
Browse through 119 Tables & 32 Figures spread over 110 Pages and in-depth TOC on "Global Plastic Waste Management Market Size & Share 2017: Industry Segments, Trends, Analysis and Forecast, 2024”.
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The Environment Protection Act, 1986 introduced Plastic Waste Management Rules (PWR). The rules established framework the responsibilities for the management of plastic waste to urban local body (ULB) and set-up monitoring committee at state-level. Plastic products range from things such as containers, packaging (shampoo bottles, soft drink bottles, lids, etc.), durable goods (furniture and cars), and non-durable goods which includes a plastic tray and medical devices. However, unsystematic disposal of plastic is the major threat to the environment. Plastic carry bags generate littered waste and every year millions of plastic bags are found in the surroundings, water bodies, etc. and it takes on an average of thousand years to decompose. As per the US Environmental Protection Agency, rising use of plastic is expected to positively impact industry growth.
The plastic waste management market is segmented on the basis of polymer type which is further divided into polystyrene (PS), polypropylene, polyvinyl chloride (PVC), polyethylene terephthalate (PET), and others. Polypropylene segment is expected to hold the major revenue share in 2017 due to its low-cost and availability. It is the fastest growing segment over the forecast period.
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Based on services, the plastic waste management market has been segmented into landfills, collection, recycling, and energy recovery. Recycling contributed to a substantial revenue share in 2017. The growth is attributed due to various advantages such as cost reduction and power conservation which makes it highly preferred by various end-user industries.
Based on the source, the plastic waste management market has been segmented into industrial, residential, commercial & institutional, and others. Residential segment accounted for the major revenue share in 2017. Rising adoption rate of waste management and rapid urbanization are the foremost factors expected to drive segment growth over the forecast timeframe.
Browse the full "Plastic Waste Management Market by Polymer Type (Polystyrene (PS), Polypropylene, Polyvinyl Chloride (PVC), Polyethylene Terephthalate (PET), and Others), by Services (Landfills, Collection, Recycling, and Energy Recovery), by Source (Industrial, Residential, Commercial & Institutional, and Others), and by End-use Sector (Wood and Furniture, Textiles, Construction, Packaging, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/plastic-waste-management-market
The end-use sector includes wood and furniture, textiles, construction, packaging, and others. Packaging sector has wide application for plastics, and it also has a quick recycling solution for plastics.
North America plastic waste management market accounted for substantial revenue share in 2017, due to rising awareness level among population regarding waste management and implementation of various stringent regulations to curb the emission rate of CO2. Moreover, numerous government initiatives in the United States to address the issue of solid and plastic wastes in the region are further expected to drive the industry growth over the forecast period.
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The Europe plastic waste management market is expected to account for a significant market size over the forecast period. The growth is attributed due to various environmental concerns associated with plastic waste problems and increasing government regulations measures over the past decade. Plastics waste management is the foremost strategic issue for the plastics industry in Europe. The Plastic Waste Management program is currently practiced in Europe which is expected to increase awareness levels and will also drive the market growth.
The Asia Pacific is anticipated to account for the highest growth rate over the forecast period. The growth is particularly expected in countries such as Japan, India, and China. Increasing government initiatives for proper waste management in the region is expected to drive the industry growth. For instance, India has launched the Swachh Bharat campaign to decrease the amount of garbage produced and promote recycling. Moreover, increasing percentage of paper and plastic materials in the waste stream is predicted to drive the industry growth in the region.
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Latin America anticipates contributing lucrative growth in plastic waste management over the forecast period. Increased consumption of plastic products in the region is the major factor driving the industry growth. For instance, the Brazilian local consumption of plastic products accounted for around 37%. Waste pickers are the major social agent in the recycling process identified by the Brasilian National Policy on Solid Waste (PNRS).
Some of the key players operating in plastic waste management market include Renova, Inc., Think Plastics Inc., Luxus Limited, TM Recycling GmbH., Hawkvale Limited, Kuusakoski Group, Hermion BV., PLASgran Ltd., United Plastic Recycling, and Hahn Plastics Limited.
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This report segments the global plastic waste management market as follows:
Global Plastic Waste Management Market: Polymer Type Segment Analysis
- Polystyrene (PS)
- Polypropylene
- Polyvinyl Chloride (PVC)
- Polyethylene Terephthalate (PET)
- Others
Global Plastic Waste Management Market: Services Segment Analysis
- Landfills
- Collection
- Recycling
- Energy Recovery
Global Plastic Waste Management Market: Source Segment Analysis
- Industrial
- Residential
- Commercial & Institutional
- Others
Global Plastic Waste Management Market: End-Use Sector Industry Segment Analysis
- Wood and Furniture
- Textiles
- Construction
- Packaging
- Others
Global Plastic Waste Management Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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