Global plastic waste management market with slowdown, but positive outlook
PMR anticipates a steep rise in the demand for single-use plastics owing to the surge in the number of online orders in this period of lockdown. The increase in the use of plastics will have a negative influence on the environment as well as the plastic waste management market. The period of lockdown and house arrest has halted the movement of workers, resulting in a shortage of workforce for plastic waste management. The plastics waste operations are hard hit which is expected to pile up the heap of plastics used for recycling.
Besides the government orders, the fear of transmitting corona virus from the plastics is emerging as a major restraining factor in the market. A majority of the available workforce is resisting work owing to a lack of proper gear to protect them from getting affected. Apart from the workforce, the number of waste pickers is substantially declining with the growing lockdown period. Though the input of plastics waste management has decreased, it is expected to have a negligible impact on the market in the current situation where the recycling operations are carried out at a very sluggish pace.
Amid the growing lockdown period in COVID-19 pandemic, the overall efforts to reduce the use of plastics across all the sectors are going in vain. Along with an increase in online orders, a surge in demand for sanitizers and bottled water is projected to generate a fresh pile of plastic waste that will require greater efforts for recycling. The plastic ban for different industries to expected to witness relaxed norms in the light of current economic transitions.
The capital generated by plastics waste management is foreseen to decline during the pandemic situation. However, PMR projects the market to pick a rapid pace after the COVID-19 crisis subsides. With heaps of waste, the market will witness growth in opportunities and investment. To deal with the after effect of the corona virus scenario, several new stakeholders may plunge into the market, thereby fastening the recycling process along with increasing the competition in the market. PMR also indicates towards the introduction of technologically advanced machines to recycle the plastic waste where the front line workers may have lesser physical contact with the waste. Such moves will ensure a secure recycling procedure for the future.