Plastic Waste Management Market Size
| Study Period | 2024 - 2029 |
| Market Size (2024) | USD 38.96 Billion |
| Market Size (2029) | USD 46.87 Billion |
| CAGR (2024 - 2029) | 3.77 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Plastic Waste Management Market Analysis
The Plastic Waste Management Market size is estimated at USD 38.96 billion in 2024, and is expected to reach USD 46.87 billion by 2029, growing at a CAGR of 3.77% during the forecast period (2024-2029).
- The global plastic waste management market has experienced notable growth, driven by heightened environmental awareness and strict governmental regulations. This trend is poised to persist over the coming years, fueled by a collective emphasis on sustainability from consumers and businesses alike.
- As plastic waste mounts in landfills and projections suggest that by 2050, the ocean could hold more plastic than fish, the global environmental concern surrounding plastics is evident. Yet, the energy potential lost with this waste is often overlooked. Researchers in the US Department of Energy's National Renewable Energy Laboratory (NREL) determined that the energy locked in landfilled plastic could have powered 5% of the US transportation sector or 5.5% of its industrial sector.
- NREL's data indicates that the United States generates 44 million metric tons of plastic waste annually, although the US Environmental Protection Agency offers a slightly lower estimate of 32.2 million metric tons. Notably, the volume of plastic waste aligns with population distribution, with California, Texas, and Florida—being the most populous states—also leading in landfilled plastic waste. Surprisingly, New York, despite being the fourth most populous state, exports a significant portion of its waste.
- The US government has undertaken a significant initiative by implementing a ban on single-use plastics in federal procurement, marking its formal acknowledgment of the plastic pollution crisis. As part of this initiative, the government unveiled a holistic strategy that addresses plastic pollution across its entire lifecycle, from production and processing to use and disposal. In July 2024, the Biden-Harris administration announced that it aims to eliminate the federal procurement of single-use plastics from the foodservice, events, and packaging industries by 2027, extending this goal to encompass all federal operations by 2035. This commitment is an extension of an executive order mandating the federal government to achieve net-zero procurement by 2050. The Recycled Materials Association (ReMA) lauded this move and urged producers to prioritize recyclability in their product designs. Such developments are expected to drive market growth.
Plastic Waste Management Market Trends
The United States Emerges as a Net Importer of Plastic Scrap Amid Growing Global Demand for PET
Highlighting the shift in dynamics, the United States found itself importing more plastic scrap than it could recycle domestically in 2023. Data from Houston's ICIS, a commodities consulting firm, revealed that the United States transitioned into a net importer of plastic scrap. Specifically, US-based recycled-content reprocessors brought in 33% more polyethylene terephthalate (PET) scrap compared to 2023.
While traditional trade partners like Canada and Mexico maintained their plastic scrap exchanges with the United States, newer ties, especially with Asian nations, strengthened. Notably, the United States saw a notable uptick in its imports of plastic scrap, as per the US Census Bureau's full-year trade data. These imports, classified under the HS Code 3915, surged by 5% in 2023, totaling over 446,700 metric tons. This category encompasses not just used bottles but also various recycled feedstock forms, including purge, pairings, and flake material.
Despite the rising imports, challenges loom over the United States' recycled-content plastic production. ICIS pointed out that certain plastic grades, often used in cost-sensitive applications like construction or packaging, are witnessing a dip in demand. This is being exacerbated by an influx of low-cost virgin materials flooding the market. Even consumer packaging grades are facing softer market conditions, leading some customers to pivot to imported recycled resin.
Many recyclers are adapting to this landscape by opting for cheaper spots or imported rPET flake, redirecting their higher-cost domestic bale feedstock to direct sales. Looking ahead, the United States is eyeing increased imports of bale or flake feedstock, not just for cost reasons but to bolster its plastic recycling capabilities, especially given the stagnant domestic collection rates.
On the international front, Thailand is emerging as a significant player, with its PET scrap shipments to the United States accounting for up to 11% of total imports. However, Canada remained the dominant supplier, contributing 29% of the PET scrap imports by the United States in 2023.
Asia-Pacific Leads Global Market Surge in Plastic Waste Management
Plastic waste management is surging in Asia-Pacific, outpacing all other regions. This momentum is fueled by a blend of urbanization, industrial growth, heightened environmental consciousness, and increasingly strict governmental regulations. Projections indicate that by 2025, the Asia-Pacific market will account for a staggering 70% of the world's mismanaged plastic waste. Alarmingly, a significant portion of this waste finds its way into the oceans, with experts pointing fingers at several Asian nations as major contributors to the infamous Great Pacific garbage patch. Despite these challenges, some countries are taking proactive steps. They are championing circular waste economies, pushing to reduce single-use plastic (SUP) products, and promoting recycling and reuse. One such example is Malaysia's 12th Malaysia Plan (RMK-12), spanning from 2021 to 2025.
Beyond their local waste generation, many nations across South and Southeast Asia are pivotal importers of plastic waste, primarily from Europe and the United States. Among these nations, Malaysia, alongside Indonesia and Vietnam, stands out as a top global waste destination. Notably, in recent years, Malaysia has seen a surge in plastic waste imports, with over 300,000 metric tons arriving from the European Union alone. These trends underscore a broader pattern: after India, the United States predominantly exports its plastic waste to three ASEAN nations across Asia.
In May 2024, Dow Thailand and SCG Chemicals announced their aim to upcycle 200,000 tonnes of plastic waste annually in Asia-Pacific by 2030. The collaboration will start off in Thailand, focusing on enhancing waste sorting, mechanical recycling, and chemical recycling technologies. The ultimate objective is to elevate both mechanical and chemical recycling to transform a wider spectrum of plastic waste into high-value applications, as highlighted in a joint statement by the companies. Future phases could involve procuring plastic waste feedstocks from Southeast Asian nations, with potential expansions earmarked for China, Korea, Japan, Taiwan, Australia, and New Zealand.
Plastic Waste Management Industry Overview
Increasing urbanization and stringent environmental regulations shape a diverse competitive landscape in the global plastic waste management market. Some major players operating in the market are Veolia Environment, SUEZ, Waste Management Inc., and Clean Harbors Inc. Investments in recycling infrastructure, innovative waste treatment technologies, and sustainable practices are set to rise. Effective plastic waste management and the promotion of a circular economy will hinge on collaborative efforts between governments, businesses, and consumers.
Plastic Waste Management Market Leaders
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Veolia Environment
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SUEZ Environment
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Waste Management, Inc.
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Republic Services, Inc.
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Stericycle, Inc.
*Disclaimer: Major Players sorted in no particular order
Plastic Waste Management Market News
- June 2024: Waste Management Inc. and Stericycle announced a definitive agreement wherein Waste Management will acquire all outstanding shares of Stericycle at USD 62.00 per share in cash. This deal valued Stericycle at about USD 7.2 billion, inclusive of Stericycle's net debt of around USD 1.4 billion. The USD 62.00 per share offer stood at a 24% premium over Stericycle's 60-day volume-weighted average price as of May 23, 2024. Notably, this was the day before reports surfaced about Stericycle's potential sale.
- May 2024: Veolia, a France-based company with significant US operations, completed the acquisition of MRC Consultants and Transaction Advisers. MRC, headquartered in Spain and the United Kingdom, will now integrate into Veolia's Seureca Consulting Engineering and Operational Assistance division. Seureca specializes in waste management, recycling, and waste-to-energy technologies. MRC, the newly acquired entity, operates in over 30 countries. It offers clients an in-depth understanding of regulated markets and competition, focusing on six key industries: electricity, gas (including LNG), renewables, district energy, water and sanitation, and climate change.
Plastic Waste Management Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Current Market Scenario
4.2 Market Drivers
4.2.1 Rapid Industrial Growth
4.2.2 Rise in Urbanization
4.3 Market Restraints
4.3.1 High Operational Costs
4.3.2 Complex Regulations
4.4 Market Opportunities
4.4.1 Circular Economy
4.5 Insights into Technological Advancements
4.6 Value Chain/Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers/Buyers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Polymer Type
5.1.1 Polypropylene (PP)
5.1.2 Polyethylene (PE)
5.1.3 Polyvinyl Chloride (PVC)
5.1.4 Terephthalate (PET)
5.1.5 Other Polymer Types
5.2 By Source
5.2.1 Commercial
5.2.2 Residential
5.2.3 Industrial
5.2.4 Other Sources (Construction, Healthcare, etc.)
5.3 By Treatment
5.3.1 Recycling
5.3.2 Chemical Treatment
5.3.3 Landfill
5.3.4 Other Treatments
5.4 By Region
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 United Kingdom
5.4.2.2 France
5.4.2.3 Italy
5.4.2.4 Germany
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 India
5.4.3.3 Australia
5.4.3.4 Singapore
5.4.3.5 Japan
5.4.3.6 Rest of Asia-Pacific
5.4.4 South America
5.4.4.1 Brazil
5.4.4.2 Peru
5.4.4.3 Chile
5.4.4.4 Rest of South America
5.4.5 Middle East and Africa
5.4.5.1 Saudi Arabia
5.4.5.2 United Arab Emirates
5.4.5.3 Qatar
5.4.5.4 Kuwait
5.4.5.5 Egypt
5.4.5.6 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.2 Company Profiles
6.2.1 Veolia Environment
6.2.2 SUEZ
6.2.3 Waste Management Inc.
6.2.4 Clean Harbors
6.2.5 Republic Services Inc.
6.2.6 Stericycle
6.2.7 Biffa
6.2.8 Remondis
6.2.9 Advanced Disposal Services Inc.
6.2.10 Covanta*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. APPENDIX
Plastic Waste Management Industry Segmentation
The plastic waste management market includes the collection, transportation, recycling, treatment, and disposal of plastic waste, along with the associated processes, services, technologies, and infrastructure.
The report provides a comprehensive background analysis of the market, covering current market trends, restraints, technological updates, and detailed information on various segments and the competitive landscape of the industry.
The plastic waste management market is segmented by polymer type (polypropylene (PP), polyethylene(PE), polyvinyl chloride (PVC), terephthalate (PET), and other polymer types), source (residential, commercial, industrial, and other sources (construction, healthcare, etc.)), treatment (recycling, chemical treatment, landfill, and other treatments), and region (North America, Europe, Asia- Pacific, South America, and the Middle East and Africa). The report offers the market sizes and forecasts in value (USD) for all the above segments.
| By Polymer Type | |
| Polypropylene (PP) | |
| Polyethylene (PE) | |
| Polyvinyl Chloride (PVC) | |
| Terephthalate (PET) | |
| Other Polymer Types |
| By Source | |
| Commercial | |
| Residential | |
| Industrial | |
| Other Sources (Construction, Healthcare, etc.) |
| By Treatment | |
| Recycling | |
| Chemical Treatment | |
| Landfill | |
| Other Treatments |
| By Region | ||||||||
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Plastic Waste Management Market Research Faqs
How big is the Plastic Waste Management Market?
The Plastic Waste Management Market size is expected to reach USD 38.96 billion in 2024 and grow at a CAGR of 3.77% to reach USD 46.87 billion by 2029.
What is the current Plastic Waste Management Market size?
In 2024, the Plastic Waste Management Market size is expected to reach USD 38.96 billion.
Who are the key players in Plastic Waste Management Market?
Veolia Environment, SUEZ Environment, Waste Management, Inc., Republic Services, Inc. and Stericycle, Inc. are the major companies operating in the Plastic Waste Management Market.
Which is the fastest growing region in Plastic Waste Management Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Plastic Waste Management Market?
In 2024, the North America accounts for the largest market share in Plastic Waste Management Market.
What years does this Plastic Waste Management Market cover, and what was the market size in 2023?
In 2023, the Plastic Waste Management Market size was estimated at USD 37.49 billion. The report covers the Plastic Waste Management Market historical market size for years: . The report also forecasts the Plastic Waste Management Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Plastic Waste Management Industry Report
Statistics for the 2024 Plastic Waste Management market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Plastic Waste Management analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
