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Dec 07, 2022, 06:10 ET
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LONDON, Dec. 7, 2022 /PRNewswire/ — Use of artificial intelligence is a key trend gaining popularity in the plastic waste management market, as per the plastic waste management market trend analysis. AI enables more efficient management of recycling and waste sorting plants. A smart recycling bin monitors and sorts waste at the time of disposal. It uses AI (artificial intelligence), computer vision, robotics, and machine learning to efficiently and accurately sort waste. For example, in January 2021, Unilever, a UK based consumer goods company and the Alibaba Group, a China based E-commerce company, have created an Al-enabled recycling system that automatically identifies and sorts plastic packaging. Its aim is to speed high-grade plastic back into the circular economy and move China’s companies and consumers towards a waste-free world.
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The global plastic waste management market size is expected to grow from $34.13 billion in 2021 to $35.25 billion in 2022 at a compound annual growth rate (CAGR) of 3.30%. The global plastic waste management market is expected to grow to $41.39 billion in 2026 at a compound annual growth rate (CAGR) of 4.09%.
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Plastic Waste Management Market Driver – Rising Demand For Packaged Food
The rising demand for packaged food is expected to drive the growth of the plastic waste management market going forward. The increasing amount of food packaging waste is perceived as a problem in urgent need of solution in all industrialized countries. Rising consumer demand for packaged products due to the shift in eating habits and evolving lifestyles is having a major impact. For example, in November 2021, according to Bizom data, an India based Retail Intelligence Platform of choice for brands and their retailers, sales of packaged foods increased by 95 % year on year in the run-up to the holiday season, led by ready-to-eat products and rising out-of-home consumption.
Plastic Waste Management Market Segments
The global plastic waste management market is segmented by services into collection, recycling, incineration, landfills; by source into residential, commercial, industrial; by polymer into polypropylene (PP), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyurethane (PUR), terephthalate (PET), others; by end user into packaging, textile, consumer product, transportation, building and construction, electrical and electronics, others.
Plastic Waste Management Market Restraints – High Cost Of Raw Materials
The high cost of raw materials is acting as a major restraint in the plastic waste management market during the forecast period. Because of the high cost of raw materials, the process and requirements of the plastic waste management market are quite complicated. For example, in July 2021, according to Summit Packaging, a US based aerosol valve and actuator manufacturer and distributor, US polypropylene prices rose from 13.5 to 96.5 cents per pound as a result of production shortages, import slowdowns, and exports to Latin America.
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