Market Size of North America Plastic Waste Management Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 38.53 Billion |
| Market Size (2029) | USD 46.61 Billion |
| CAGR (2024 - 2029) | 8.33 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Plastic Waste Management Market Analysis
The North America Plastic Waste Management Market size is estimated at USD 38.53 billion in 2024, and is expected to reach USD 46.61 billion by 2029, growing at a CAGR of 8.33% during the forecast period (2024-2029).
The North American plastic waste management market is growing, fueled by robust plastic consumption and stringent regulations. This momentum is attributed to a rising environmental consciousness, tightening regulations, and technological strides in waste management solutions.
Plastic production in the United States surpasses 35 million tons annually. From plastic bags to packaging, Americans' consumption is voracious. However, this appetite for plastic has dire consequences. About 8 million metric tons of waste end up in the oceans yearly, with a mere 9% recycled. This environmental negligence comes at a steep price, with plastic pollution costing the United States an estimated USD 13 billion annually. Despite these costs, the plastic industry remains a significant employer, providing jobs for over 1 million Americans. Local governments bear the brunt of waste management, shelling out more than USD 3.3 billion annually. Plastic production contributes around 2.7% to the US gross domestic product.
The United States and Canada have taken significant steps to combat plastic waste, including bans and recycling mandates. Concurrently, a swelling public awareness of plastic's environmental repercussions is spurring the demand for more effective waste management solutions. Noteworthy innovations, like chemical recycling and advanced sorting systems, are elevating the efficacy of plastic waste management. Moreover, as corporations increasingly pivot toward sustainability and circular economy principles, the market is further fortified.
The North American plastic waste management market is set for sustained growth, propelled by regulatory backing, technological innovations, and a heightened environmental consciousness. Companies in this space will likely prioritize innovative recycling technologies, bolster recycling capacities, and forge strategic alliances to solidify their market standing.
