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Plastic has become indispensable part of day to day life with most of the products utilized are either made up of plastic materials. Plastic waste is not an environmental problem, it is an opportunity to maintain circular economy. The world generates large amount of plastic waste, most of which comes from the household and industries such as electronics, construction, packaging, automobile and agriculture among others.
Most of the energy and processed raw material such as fossil fuels is lost in the form of plastic waste instead of being recycled into new products. However several organizations such as Waste Framework Directive, Packaging and Packaging Waste Directive, and European Environment Agency among others has taken initiative in order to increase plastic recycling and energy recovery. In Europe, 25.2 million tons of plastic has been collected as post-consumer plastic waste in 2012, 62% of it is recovered through plastic recycling and energy recovery while 38% of it still went to landfills. Plastic is durable material and it can leads to problems like uncontrolled disposals and municipal waste management.
Recycling of plastic is prime need of society because it not only ensures energy recovery but also reduces carbon footprint. For every ton of plastic that’s recycled, seven yards of land can be saved from landfills and 80% of energy can be conserved for the production of new plastic material. Plastic is relatively cheap and versatile, recycled plastic is used to manufacture variety of products such as bottles, cloths, films, garbage bags, containers, and carpet among others. The Plastic Waste Management market will benefit from recycled plastic use for industrial application which is expected to increase significantly over the forecast period.
The Plastic Waste Management program is currently practiced in Europe being at present being a fraction of overall global plastic waste generated. Enhanced recycling rate would provide an ideal opportunity for new economies activities and creates jobs across the globe. Additionally, it will offer improved plastic waste management system and reduce consumption of fossil fuels as well as greenhouse gas emissions. Resultantly, plastic waste management is progressive step to ensure balance ecosystem and circular economy. It provides an opportunity to reduce material and energy consumption per unit of output and so yield improved eco-efficiency.
Recycled plastics has found great applications among end-use industries such as packaging, textiles, construction, wood and furniture and agriculture among others. Owing to its low cost and offering of variety of functions, demand of recycled plastic is expected to witness a healthy CAGR over the forecast period. Improving government regulations and the eco-aware consumer is expected to augment the growth of plastic waste management over the forecast period. Additionally, involvement of several non-profit organizations for collection of post-consumer plastic waste is expected to boost the plastic waste recycling across the globe. The burgeoning packaging industry is expected to emerge as potential driver for Plastic Waste Management System across the globe. However, existing complex plastic recycling processes is a major challenge faced by the plastic waste management organizations, which may restrain recycling rates of plastic waste. The sustainability of global plastic waste management completely depends on further innovations with respect to recycling of plastic waste in to value added products.
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Plastic waste management is a pillar of economics, it not reduce pollution but also generates revenue for government. Plastic waste management is a rising initiative opted by the most of government bodies under the scheme “Reduce, Reuse, & Recycle” to emphasize conservation of natural resources and reduce pollution. Plastic waste management is well established in North America and Western Europe, and growing government regulation over waste management in these geographies is expected to drive the plastic waste management activities over the forecast period. APEJ is expected to emerge as a most attractive segment over the forecast period. This is mainly because of increasing export of plastic waste (scraps) from North America and European countries to Asian countries such as China, Hong Kong, Thailand and India among others. Similarly, Latin America and MEA are expected to create opportunities for the plastic waste management, because of growing environmental regulations over plastic waste management.
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