LONDON, December 7, 2022 /PRNewswire/ — The use of artificial intelligence is a key trend gaining popularity in the plastic waste management market, according to analysis of plastic waste management market trends. AI enables more efficient management of waste sorting and recycling plants. A smart recycling bin monitors and sorts waste as it is being disposed of. It uses AI (artificial intelligence), computer vision, robotics and machine learning to sort waste efficiently and accurately. For example, in January 2021Unilever, a UK-based consumer goods company and the Alibaba Group, a China based on e-commerce, have created an Al-enabled recycling system that automatically identifies and sorts plastic packaging. Its objective is to accelerate the return of high quality plastic to the circular economy and to displace China companies and consumers towards a world without waste.
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The size of the global plastic waste management market is expected to grow from $34.13 billion in 2021 for $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 Foods
The growing demand for packaged food is expected to drive the growth of the plastic waste management market in the future. The growing amount of food packaging waste is perceived as a problem requiring an urgent solution in all industrialized countries. Growing consumer demand for packaged goods due to changing eating habits and changing lifestyles is having a major impact. For example, in November 2021according to Bizom data, a India Retail Intelligence Platform of choice for brands and their retailers, packaged food sales grew 95% year-on-year ahead of the holiday season, driven 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, landfill; by source in residential, commercial, industrial; Polypropylene Polypropylene (PP), Low Density Polyethylene (LDPE), High Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Polyurethane (PUR), Terephthalate (PET), Others; per end user in packaging, textiles, consumer products, transportation, building and construction, electrical and electronics, etc.
Plastic Waste Management Market Constraints – High Cost of Raw Materials
The high cost of raw materials acts as a major restraint in the plastic waste management market during the forecast period. Due to the high cost of raw materials, the process and market requirements of plastic waste management are quite complicated. For example, in July 2021according to Summit Packaging, an American manufacturer and distributor of aerosol valves and actuators, polypropylene prices in the United States have gone from 13.5 to 96.5 cents per pound due to production shortages, slowdowns in imports and exports to Latin America.
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