According to Fortune Business Insights, The global plastic waste management industry share is projected 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:

https://www.fortunebusinessinsights.com/plastic-waste-management-market-103063

As per the report, the value of the market 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 to End Plastic Pollution to Boost the Market

Governments worldwide are taking decisive 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, Peru ordered 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.