The plastic waste management market is driven by benevolence of people regarding the hazards of plastic. Also, people have realized the importance of managing plastic waste already generated. Therefore, the people are looking towards usage of recycled plastic in place of one-time use plastic. PMR states that the global plastic waste management market will witness a CAGR of more than 3.5% between 2020 and 2030.
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The chemicals and materials vertical would be witnessing an eco-friendly transformation in the upcoming period. Plastic waste recycling would be one amongst these green initiatives. This would also be an era of materials informatics, i.e. machine learning would be employed to the materials’ development, which would, apart from improving on the cost of R&D, also provide better agility.
Synthetic biology would be another trend ruling the roost, as it would facilitate more flexible distribution of the chemicals and also help in exploration of novel markets, that too, at lower costs. Persistence Market Research is into tabling of these details of the chemicals and materials vertical through its team of riveting analysts and consultants.
Key Takeaways from Plastic Waste Management Market
- With respect to volume, “landfills” are contributing to the filth. This could be attributed to mismanagement of plastic waste due to less number of incinerators and recycling plants present. However, in future, landfills are expected to reduce with appropriate plastic waste management in place.
- As far as recycled plastic waste is concerned, “packaging” sector is expected to lead from the front in the near future. Sustainable packaging solutions like bottles, films, bags, containers, and several other protective packaging things) are accelerating the demand.
- Coming to value, the Asia-pacific is expected to grow at the fastest rate between 2020 and 2030 due to developing and under-developed economies herein witnessing infrastructural development, which calls for proper plastic waste management.
- Amongst recycling, incineration, and others, recycling holds the largest market share and the status quo is expected to stay unchanged in the upcoming period as well.
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How is the plastic waste management market structured?
The key players in the plastic waste management market include Veolia Environnement, SUEZ, Waste Connections Inc., Republic Services, Clean Harbors, Covanta Holding Corporation, Biffa, Remondis SE & Co. KG, and Stericycle. SUEZ comes across as a major provider of waste management services. They include collection as well aas transportation of hazardous and domestic waste, decontaminating, treating, storing, and marketing secondary, recycled raw materials for helping healthcare professionals, industries, and municipalities with regards to waste management.
On proactive mode, SUEZ did partner with CAPEB (French Confederation of Construction Tradesmen and Contractors) to raise awareness amongst the construction contractors regarding enhancement in sorting as well as recovering waste from the construction materials. This partnership was in line with Energy Transition Law set up by France (to recover 70% of the building waste by the year 2020).
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