The long-term outlook for the global plastic waste management market will remain positive, with the market value expected to increase at a CAGR of 3.9% between 2018 and 2026, according to a report published by Persistence Market Research.
The New York-based consulting firm noted that overall sales across the plastic waste management industry reached $33.6bn by the end of 2018, a year-on-year growth of 3.2% over 2017.
Combined, North America and Europe accounted for over a 40% share in the global plastic waste management market by the end of 2018. The regions are expected to retain this level during the forecast period.
In terms of polymer type, the thermoplastic segment is expected to register healthy growth, with industry generating a high amount of plastic waste.
The processing segment is projected to dominate the plastic waste management market, followed by disposal services.
The container and packaging segment is expected to see a significant CAGR in terms of volume and value during the period covered by the study.
Increasing consumer demand for products with a higher percentage of recycled plastic is expected to boost growth of the plastic waste management market over the same timeframe.
While brands are increasing efforts to offer higher recycled content rates, limited market communication and value chain coordination are expected to be key factors holding back segment growth.
“The plastic waste value chain is highly fragmented and comprises various sectors, diverse and often mutually exclusive range of polymers and diversity in potential end-uses. The quality and quantity of the material flowing through the value chain is limited by coordination and lack of communication along the value chain,” the report noted.
Over the forecast period, North America is expected to dominate the global market, while India is anticipated to register the highest growth. Thanks to landfill bans across the region, Europe is also expected to play a key role in the market.