The global recycled ocean plastics market size is expected to reach USD 2.70 billion by 2030, according to a new study by Polaris Market Research. The report “Recycled Ocean Plastics Market Share, Size, Trends, Industry Analysis Report, By Resin Type (Polyethylene Terephthalate (PET), Polyethylene (PE)); By Source (Plastic, Fiber); By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides an analysis of future market growth.
The growing demand for urbanization and industrialization requires fibers that are made up of plastics. Recycled ocean plastics are used to make products that can be reused and is helping the industry to grow. Furthermore, government authorities, many non-profitable groups, and organizations are actively working on sea waste plastics, thus increasing the demand.
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In addition, the growing awareness and plastic waste across developing economies such as India, Japan, Italy, and Germany, will positively impact the demand for the market over the coming years. A large amount of sea waste is collected and recycled; thus, new research takes place to degrade the plastics as new protein was developed to degrade the plastic.
The recycled ocean plastics industry was negatively impacted during the COVID-19 pandemic, as all the regions were affected badly. All the industries were shut down, raw materials were unavailable, and import-export was closed entirely. However, industry activities resumed at a good pace. As people switched to home delivery services, the demand for packed bottles and food increased, thus resulting in high consumption of plastic and high demand for market.
Recycled Ocean Plastics Market Report Highlights
- Growing demand for the Polyethylene Terephthalate (PET) segment in the packaging industry is gaining the market. PET is widely used as it is easily recyclable and used in making bottles, juices, and drinks.
- The Plastic bottle segment accounted for the highest revenue share in 2021 and is expected to continue its dominance owing to the higher demand for packaging of food products.
- Consumer product packaging is widely used over the globe, thus generating high revenue in the market. Packaging contributes at a higher rate as it is easily recycled.
- Asia Pacific is expected to grow at a significant CAGR over the forecast period on account of several government policies and awareness across developing nations in the region, such as India and China
- Major players operating in the industry include The Ocean Cleanup, Oceanworks, Far Eastern New Century Corporation, KW Plastics, B. Schoenberg & Co., B&B Plastics, Remondis SE & Co. KG, Clear Path Recycling, Custom Polymers, Plastipak Holdings, Waste Connections, Inc., MBA Polymers
Polaris Market Research has segmented the recycled ocean plastics market report based on resin type, source, end-use, and region:
Recycled Ocean Plastic, Resin type Outlook (Revenue – USD Billion, 2018 – 2030)
- Polyethylene Terephthalate (PET)
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
Recycled Ocean Plastic, Source Outlook (Revenue – USD Billion, 2018 – 2030)
- Plastic Bottles
- Plastic Films
- Synthetic Fibers
- Rigid Plastics & Foams
Recycled Ocean Plastic, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)
- Consumer Products
- Building and Construction
Recycled Ocean Plastic, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa