The plastic waste management market size is projected to grow from USD 32.6 billion in 2019 to USD 37.9 billion by 2024, recording a CAGR of 3.1% during the forecast period. The increase in awareness programs regarding sustainable waste management practices is projected to drive the growth of the plastic waste management industry across the globe during the forecast period.
Veolia Environnement (France), SUEZ (France), Waste Management, Inc. (US), Republic Services (Republic) (US), Stericycle (US), Clean Harbors (US), Waste Connections, Inc. (US), Covanta Holding Corporation (Covanta) (US), Biffa (UK), and Remondis SE & Co. KG (Germany) are the key players operating in the plastic waste management market. These players have adopted numerous growth strategies such as expansions, new product & service developments, acquisitions, partnerships, contracts, and joint ventures to increase their market shares and enhance their service portfolios.
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The strategies of expansions, partnership, and joint venture together accounted for the largest share of all strategic developments that took place in the plastic waste management market between January 2017 and August 2019. Companies such as Veolia Environnement (France), SUEZ (France), Biffa (UK), Covanta Holding Corporation (US), Clean Harbors (US), and Remondis SE & Co. KG (Germany) are the key players operating in the market that adopted these strategies to strengthen their service portfolios, expand their market presence, and enhance their growth prospects in the plastic waste management industry.
Veolia Environnement is the foremost waste management service provider, which offers various waste management services under its waste management segment. Veolia is among the key global players involved in the management of solid, liquid, non-hazardous, and hazardous waste. It is engaged in the entire lifecycle of waste management from collection to the recovery of waste. The company’s strong customer base has strengthened its position in the plastic waste management market. Moreover, its various growth strategies, such as strategic partnerships, expansions, and agreements, have enabled the company to reach out to fast-growing markets where the concern for environmental services is of paramount interest.
SUEZ is one of the key waste management service providers. It offers various services, such as collection & transportation of domestic & hazardous waste, treatment & storage, decontaminating, and marketing of recycled, secondary raw materials to help the municipalities, industries, and healthcare professionals in waste management. The company’s strong presence in the European market, along with its robust product & service portfolio, has helped it to establish a key position in the plastic waste management market. Its focus on growth strategies, such as expansions, contracts, new service developments, new product developments, joint ventures, and partnerships, will aid in its growth in the emerging and developed markets. For instance, SUEZ planned to build a recycling plant in Thailand, which would convert plastic waste into circular polymers. This plant is in line with Thailand’s ambitious target for achieving 100% plastic recycling by 2030. This expansion is expected to increase the company’s presence in Southeast Asia and also its expertise in plastic recycling.
Plastic Waste Management Market by Service (Collection, Recycling), By Polymer Type (PP, LDPE), By Source (Residential, Commercial, Industrial), By End-Use Applications (Packaging, Building & Construction), Region - Global Forecast to 2024
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