Market Overview:
Plastic waste management involves the collection, recovery, disposal and treatment of varied forms of plastic waste. Plastic is a versatile material that provides lightweight and durable solution for packaging and other applications. However, its accumulation in the environment poses serious health and environmental hazards. There is growing focus on deploying sustainable solutions for plastic waste collection and treatment.
Market Dynamics:
Rising environmental concerns over plastic accumulation in landfills and oceans is a key factor driving growth of plastic waste management market. According to United Nations Environment Programme, nearly 300 million tons of plastic waste are produced globally each year of which around 50-80% enters oceans as marine plastic pollution.Moreover, improper disposal of plastic waste increases risk of air and water pollution and poses health hazards. This has necessitated adoption of efficient waste collection and recycling systems. Furthermore, increasing legislation banning single use plastic and landfill dumping is prompting industries and municipalities to invest in sustainable plastic waste treatment facilities. For instance, over 180 nations have signed a resolution to develop an internationally binding agreement by 2024 to curb plastic pollution. Additionally, growing focus on development of circular economy models wherein plastic is recovered and converted into secondary products is fueling market growth. However, high costs associated with plastic waste recycling and complexities in segregation and treatment processesremain a major obstacle.
Market Dynamics:
The plastic waste management market is driven by rising environmental concerns over plastic pollution. According to United Nations, around 50-80% of global plastic waste enters oceans posing serious threat to marine life. Moreover, improper disposal increases risk of air and water pollution. This has necessitated adoption of efficient waste collection and recycling systems. Furthermore, increasing government legislation banning single use plastic and landfill dumping is prompting industries to invest in sustainable treatment facilities. For instance, over 180 nations have signed a resolution to curb plastic pollution by 2024. Additionally, growing focus on circular economy models wherein plastic is converted into secondary products is fueling market growth. However, high costs associated with recycling and complex treatment processes remain a challenge.
Key Takeaways
The global Plastic Waste Management Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing environmental regulations against plastic pollution. Stringent norms in major economies like Europe and China favors market growth.
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