The global plastic waste management market size was estimated at USD 33.1 billion in 2019 and is expected to register a CAGR of 3.1% over the forecast period. Rapid industrialization, rising urbanization, and increasing concern towards the environmental impact of improper plastic waste management are anticipated to drive the market over the forecast period. The plastic market is growing significantly owing to its unique properties and a wide range of applications. Increasing usage of plastic is also generating plastic waste, which is non-degradable and is responsible for significant greenhouse gas emissions that can lead to huge ecological crises. Therefore, growing need for proper disposal management of plastic waste is anticipated to drive the market over the forecast period. U.S is one of the largest plastic waste generating countries. The recycling rate of plastic in the country is very less as compared to the overall plastic waste generation in the country. U.S. exports most of its plastic waste to the countries including China, Hong Kong, Ecuador, Colombia, Indonesia, Vietnam, and Thailand, where it is recycled or processed for energy generation or disposed of in landfills. Plastic waste management refers to approaches and methodologies used to reprocess plastic material instead of dumping it into landfills, or waterways, or otherwise left in open to contaminate the environment. The major factor promoting plastic waste management is reduced use of virgin plastic to manufacture products. Advanced technologies and frameworks utilized for the reprocessing, arranging, and assortment of recyclable plastics are creating new opportunities in the market for plastic waste management. Furthermore, laws and guidelines enforced by government and related agencies across the countries for plastic waste disposal management are anticipated to drive the market over the forecast period. The cost at which recycled plastic can be created is generally stable, while the cost of virgin plastic fluctuates based on the performance of the oil and gas industry and the demand for crude oil-based products across the end-use industries. This fluctuation in prices promotes the incentive to make long-term investments in recycling technology and infrastructure. Source:https://www.grandviewresearch.com/industry-analysis/plastic-waste-management-market