Plastic waste management market set to grow 4%

The long-term outlook of the global plastic waste management market is to remain positive with the market value expected to increase at a CAGR of 3.9% between 2018 and 2026, according to recent data by a New York-based consulting firm.
 
Overall sales of the plastic waste management industry reached $33.6bn by the end of 2018, witnessing a year-on-year growth of 3.2% over 2017, said Persistence Market Research in its latest report 5 Dec.
 
North America and Europe combined accounted for over a 40% share in the global plastic waste management market by the end of 2018 and are expected to retain their position in the plastic waste management market during the forecast period.
 
In terms of polymer type, the thermoplastic segment is expected to register healthy growth during the forecast period with the generation of a high amount of plastic waste from industries.
 
With regards to services offered in the industry, the processing segment is projected to dominate the plastic waste management market, followed by disposal services.
 
The container & packaging segment is expected to witness a significant CAGR in terms of volume and value during the period under study.
 
Increasing demand by consumers for a higher content of recycled plastic in end products is expected to boost the growth of the plastic waste management market over the forecast period.
 
In addition, using recycled content in packaging reduces the environmental footprint of the product and incentivises recycling, the report noted.
 
While brands are upping their efforts to offer higher recycled content products, limited market communication and value chain coordination is expected to be the key factor restraining the growth of the segment.
 
“The plastic waste value chain is highly fragmented and comprises various sectors, diverse and often mutually exclusive range of polymers and diversity in potential end-uses. The quality and quantity of the material flowing through the value chain is limited by coordination and lack of communication along the value chain,” the report noted.
 
Over the forecast period, North America is expected to dominate the global market, while India is anticipated to register the highest growth. Thanks to landfill bans across the region, Europe is also expected to play a key role in the market.