According to Fortune Business Insights,The global plastic waste management industry share isprojected to reach USD 41.58 billion by 2027, exhibiting a CAGR of 3.1% during
the forecast period. Unchecked plastic pollution levels during the COVID-19
pandemic is expected to create unique growth opportunities for the market,
suggests Fortune Business Insights™ in its report. The COVID-19 outbreak has
triggered a race for the production of personal protective equipment (PPE),
which are mostly made from plastic.
However, their sustainable disposal,especially the disposal of single-use plastic, has sparked fears among
environmentalists and academicians as PPE contains large amounts of
micro-plastics. For example, the World Wide Fund estimates that if just 1% of
the 1 billion masks used in Italy every month are discarded improperly, it
could lead to the accumulation of 10 million plastic masks in the environment,
causing unprecedented pollution. In such a dire scenario, efficient plastic
waste management techniques can be instrumental in tackling the long-term
threats posed by skyrocketing plastic pollution levels, further fueled by the
coronavirus pandemic. However, owing to supply chain disruptions, the plastic
waste management market growth will be moderate for the present year.
Source:
As per the report, the value of themarket was at USD 32.91 billion in 2019. The report also offers the following:
- Thorough impact analysis of the COVID-19 pandemic on the market;
- In-depth examination of the market drivers and industry trends;
- Detailed assessment of the restraints holding back market growth; and
- An exhaustive study of the regional prospects and competitive dynamics influencing the plastic waste management market.
Market Driver
Proactive Initiatives by Governments toEnd Plastic Pollution to Boost the Market
Governments worldwide are takingdecisive steps to curb the menace of plastic pollution, which is likely to
stoke the plastic waste management market growth in the coming years. For
example, in June 2019, Canada, with the world’s longest coastline, announced
that it will be banning single-use plastic products by 2021. In the US, cities
such as San Diego are actively prohibiting the use of Styrofoam, a commonly
used plastic in disposable dishes, spoons, and forks. Even in developing
economies, the efforts towards removing or minimizing plastic use is
gaining momentum.
For example, in January 2019, Peruordered the ban of single-use plastics in protected natural parks and national
museums across the country. The success of these initiatives wholly depends on
the effective implementation of plastic waste management methods, which augurs
well for this plastic waste management market.
