The global plastic waste management market is estimated to be valued at US$ 640.6 million in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.

Growing environmental awareness about reducing plastic usage and sustainable waste management is a major factor driving the market.

Key Takeaways

Key players operating in the plastic waste management market are Wolfe Heavy Equipment, EZ-Trench, Tesmec, Ditch Witch, Marais, Vermeer, Toro, UNAC, Port Industries, Guntert & Zimmerman, Mastenbroek, Shandong Gaotang trencher, Rongcheng Shenyuan, and Inter-Drain among others. These players are focusing on expanding their global presence through mergers and acquisitions and implementing advanced Plastic Waste Management Market Trends sorting and recycling technologies to strengthen their market position

Market drivers

Growing environmental pollution due to plastic wastes is a major concern globally. Improper disposal of plastic materials pollutes water bodies, releases toxic gases into air and impacts wildlife and biodiversity. Landfills are running out of space to dump non-degradable plastic wastes. This is driving the need for formal plastic waste collection and recycling programs. Stringent regulations mandating sustainable plastic waste disposal are also expected to boost the plastic waste management market during the forecast period.

The current geopolitical situations across the world are posing significant challenges for plastic waste management market growth over the forecast period. Ongoing regional conflicts and economic uncertainties are causing disruptions in supply chains, construction activities and industrial operations which generate plastic waste. Various countries have also imposed strict import-export bans and restrictions to curb non-essential cross-border movement of goods amidst the economic downturn. This poses difficulties for organizations in transporting collected plastic waste to processing facilities located in other regions. Additionally, fluctuations in crude oil prices affect the costs of recycled plastics derived from post-consumer plastic waste. To overcome such obstacles, players in the plastic waste management market need to focus on developing localized collection and recycling infrastructure. Adopting advanced plastic waste sorting and recycling technologies can also help improve autonomy and reduce dependencies. Collaborating with international partners and governments can further aid in knowledge-sharing for sustainable plastic waste practices even during geopolitical instabilities.

Gets More Insights on: Plastic Waste Management Market