Plastic Waste Management Market Size to Touch USD 41.58 Bn by 2027; Widespread Consumption of Polyethylene Worldwide to Fuel Market Growth

The global plastic waste management market size is expected to reach USD 41.58 billion by 2027 on account of rapid expansion of the packaging industry, shares Fortune Business Insights™ in its report, titled “Plastic Waste Management Market Size, Share & Industry Analysis, By Source (Industrial Waste and Municipal Waste), By Material (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polystyrene and Others), By Product Type (Packaging, Construction, Automotive, Electrical & Electronics and Others), By Treatment Method (Collection, Recycling and Disposal {Landfilling & Incineration}) and Regional Forecast, 2020-2027”. According to the report, the market value stood at USD 32.91 billion in 2019 and is projected to grow at a 3.1% CAGR from 2020 to 2027.

However, during the current year, the market growth is expected to be moderate as the COVID-19 pandemic has majorly disrupted global supply-chains. Post-pandemic, on the other hand, the market is likely to make substantial gains as plastic pollution created by discarded PPE will surge the demand for plastic waste management tools and solutions.

Biffa Opens Next-Gen Recycling Plant in Durham

The UK-based waste management company, Biffa plc, inaugurated its state-of-the-art plastic recycling facility in Durham County at an estimated investment of £27.5 million. The new plant, which is Biffa’s contribution towards augmenting UK’s recycling infrastructure, will be capable of processing nearly 57,000 tons of polyethylene terephthalate (PET) plastic per year. Biffa will convert the PET plastic waste into plastic pellets of high purity, which will be sold to manufacturers in the food & beverages and packaging industries for a variety of uses. Thus, rising private sector investment in plastic processing will fuel the plastic waste management market growth during the forecast period.

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https://www.fortunebusinessinsights.com/plastic-waste-management-market-103063

Increasing Municipal Plastic Waste to Accelerate Market Growth

Speedy urbanization in emerging economies has heightened the issue of plastic waste accumulation around the world in the form of municipal solid waste generation. According to the World Bank, 242 million tons of plastic waste was generated globally in 2016, representing 12% of the total municipal waste produced that year. Largest portion of this waste came from the East Asia and Pacific region (57 million tons), while North America created 35 million tons of plastic waste. The UK-based Ellen McArthur Foundation estimates that by 2050, there will be more plastic than fish in the oceans, if no action is taken at the present stage. To efficiently address this persistent threat to the environment and human health, public and private sector entities are heavily investing in developing and adopting advanced plastic waste management solutions, which is favoring the growth of this market.

Key Players to Focus on Building Innovation Capacity through Collaborations

Competition in this market is healthy in nature, since most companies are engaged in a race to make the world more pollution-free. To meet sustainability goals, major players in this market are entering into collaborations and partnerships to enhance their capacity to innovate and expand their operational avenues. This has led many companies to make strategic, long-term investments in waste recycling domain to gain an edge in the market competition.

Industry Development:

• February 2020: US-based Waste Management Inc. joined forces with Cascade Cart Solutions to incorporate bulky plastics collected during curbside recycling drives and produce curbside carts. The innovative product, named EcoCart, is made from 10% post-consumer plastic content, thereby boosting the ‘circular economy’ initiative.

List of Companies Covered in this Market Report:

• TANA Oy (Finland)


• ALBA Group (Germany)


• Republic Services Inc. (USA)


• Hitachi Zosen Corporation (Japan)


• Clean Harbors Inc. (USA)


• Veolia Environment S.A. (France)


• Waste Management Inc. (USA)


• Envac Group (Sweden)


• Recology (USA)


• Stericycle Inc. (USA) 


• Remondis AG & Co. Kg (Germany)


• Covanta Holdings Corporation (USA)


• Biffa PLC (U.K.)


• SUEZ Group (France)

Further Report Findings:

• The collection method segment is set to lead the market share as plastic waste collection is a complex and tedious process, requiring heavy investment in machinery. In 2019, the segment held a market share of 55.4%.


• With a market size of USD 11.08 billion in 2019, Asia Pacific is expected to dominate this market share owing to strict implementation environmental policies in Japan, South Korea, New Zealand, and Australia.


• The market in Europe is anticipated to grow considerably, since large proportion of the plastic waste in the region is utilized for energy generation.

Table of Segmentation: