KUALA LUMPUR, April 7 -- The global plastic waste management market size was US$31.7 billion in 2018 and will reach US$41.1 billion by 2026 with a CAGR of 3.3 per cent over the forecast period 2019-2026. (US$1 = RM4.35)
Acumen Research and Consulting recently announced a new study on ‘Plastic Waste Management Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026’.
Plastic waste management is a major problem faced by governments of developed and developing countries. According to the World Economic Forum on global level, the plastic waste generation stood at 300 million tonnes annually.
The plastic waste management market is segmented into service, polymer type, end use and region.
On the other hand, the service segment is segmented into collection & transportation, recycling, incineration and landfills.
The market in North America is expected to account for significant revenue share in the global market due to increasing government initiatives, in order to control the plastic waste.
The Asia Pacific market is expected to witness faster growth in the next few years due to high plastic waste generation. Emerging economies in this region are expected to generate high plastic waste due to rapid industrialisation.
Plastic tends to be a better packaging solution for any product which increases its adoption from various end use manufacturers such as food & beverage, chemical and pharmaceutical.
High use of plastic for product packing is resulting in generation of plastic waste. According to the United Nations Environment Programme report, the world produces 400 million tonnes of single-use plastic waste annually - 47 per cent of the total plastic waste.
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