Plastic Waste Management Market is driven by growing environmental concerns
Plastic waste management involves the collection, recovery and recycling of plastic materials that are discarded by individuals and commercial establishments. Various plastic waste management solutions such as mechanical sorting, pyrolysis and waste-to-energy are adopted to process plastic wastes and produce useful resources or dispose them safely. The plastic waste materials processed include polyethylene terephthalate (PET), high-density polyethylene (HDPE), polyvinyl chloride (PVC), low-density polyethylene (LDPE), polypropylene (PP) and others.
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.
The plastic waste management market is witnessing high demand owing to stringent government regulations banning single-use plastic products and landfills in several countries. Various awareness campaigns by environmental agencies and NGOs are encouraging individuals and businesses to adopt sustainable plastic waste disposal practices.
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