New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plastic Waste Management Global Market Report 2022" - https://www.reportlinker.com/p06319263/?utm_source=GNW
The global plastic waste management market is expected to grow from $34.13 billion in 2021 to $35.25 billion in 2022 at a compound annual growth rate (CAGR) of 3.30%. The plastic waste management market is expected to grow to $41.39 billion in 2026 at a compound annual growth rate (CAGR) of 4.09%.
The plastic waste management market consists of the sales of plastic waste management services by entities (organizations, partnerships, and sole proprietors) that are used to provide disposal solutions to establish environment-friendly plastic waste management.It refers to managing and processing plastic waste to make it reusable.
Plastic waste management aims to encourage plastic production with circular materials, and ensure a high uptake of recycled plastics. These management techniques helps in reducing the amount of waste in the ecosystem, pollution from the atmosphere, and the elimination of harmful germs and chemicals.
The main services of plastic waste management are collection, recycling, incineration and landfills.Incineration refers to a waste treatment process that involves the combustion of waste and the recovery of energy from the heat produced.
The process produces a synthetic gas that is used to power turbines.The main sources in the plastic waste management market are noted to be residential, commercial and industrial.
Polymers like polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyurethane (PUR), terephthalate (PET) and other polymers are managed in the market to cater the demand from end-users like packaging, textile, consumer product, transportation, building and construction, electrical and electronics and other end users.
North America was the largest region in the plastic waste management market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the plastic waste management market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The plastic waste management market research report is one of a series of new reports that provides plastic waste management market statistics, including plastic waste management industry global market size, regional shares, competitors with a plastic waste management market share, detailed plastic waste management market segments, market trends and opportunities, and any further data you may need to thrive in the plastic waste management industry. This plastic waste management market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing awareness about plastic management is expected to the significant factor driving the growth of the plastic waste management industry.The awareness about plastic management induces various end-users to use recycled plastic which will boost the growth of the plastic waste management industry.
Due to the rising awareness about plastic management, several companies have taken significant steps toward reusable plastics.For instance, in February 2022, Coca-Cola, a US-based beverages company, declared an industry-leading objective to increase its use of reusable packaging significantly.
Additionally, by 2030, the company hopes to have a minimum of 25% of all beverages sold in refillable plastic bottles or containers.This increasing awareness of plastic management will invariably result in proper plastic waste management.
Therefore, awareness about plastic management is expected to propel the growth of the plastic waste management industry.
Technological advancement is the key trend in the plastic waste management market.The key players operating in the plastic waste management sector are bringing technological advancements to strengthen their position in the market.
These companies are implementing advanced technologies like machine learning, artificial intelligence (AI), satellite mapping, block-chain, nanotechnology, genetic modification of chemicals, and others to curb plastic waste and its management by lowering environmental harm.For instance, In January 2021, Unilever partnered with the Alibaba Group and introduced China’s first large-scale closed-loop plastic recycling system powered by AI.
The machines used for sorting and storing are fitted with AI technology that automatically recognizes various types of plastic bottles. Later these bottles are returned to recycling centers and reused rather than degraded.
In December 2020, LyondellBasell, a Netherlands-based chemical company, and Suez, a France-based utility company, acquired Tivaco, for an undisclosed amount.With this acquisition, Tivaco will become a part of Quality Circular Polymers (QCP), an existing plastics recycling joint venture (JV) of LyondellBasell and Suez.
The JV aims to boost the recycled material production capacity of LyondellBasell and SUEZ. Tivaco is a Belgium-based plastic recycling company.
The countries covered in the plastic waste management market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06319263/?utm_source=GNW
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