The recycled plastic granules market is estimated to be valued at US$ 2.96 Bn or billion in 2022 and is expected to exhibit a CAGR of 3.3% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled plastic granules are the processed form of post-consumer plastic waste such as packaging materials, containers, and bottles. They are manufactured by shredding, washing, drying and pelletizing recycled plastics. Recycled plastic granules find widespread application in production of various plastic products such as plastic lumber, plastic frames, rope, sheets, bags and others. They help reduce the consumption of virgin plastics and hence are more environment friendly.
Market Dynamics:
Growing environmental awareness among consumers regarding sustainable plastic use and strict government regulations to curb plastic pollution are major factors driving the growth of recycled plastic granules market. stringent government policies like plastic ban and initiatives promoting use of recycled plastics in various countries has boosted the demand for recycled plastic granules. Moreover, rapid urbanization and industrialization has increased plastic waste generation globally, which is further fuelling the market growth. Growing construction activities worldwide also contribute to the market rise as recycled plastic granules are increasingly used to manufacture construction materials like plastic lumber. Additionally, cost benefits associated with recycled plastic granules compared to virgin plastics is another factor propelling the market growth.
SWOT Analysis
Strength: Recycled plastic granules are cost effective and environment friendly. It requires less energy to produce recycled plastic compared to virgin plastic. The rising environmental awareness among consumers is increasing the demand for recycled plastic.
Weakness: The quality and properties of recycled plastic may not be uniform and often diluted. It is difficult to separate different types of plastic during recycling process which affects the quality. Lack of proper waste collection and sorting infrastructure in some regions.
Opportunity: Stringent government regulations against use of virgin plastics and single use plastic products are driving the growth. Continued technological advancements in plastic recycling process enhancing efficiency. Growing reusable packaging trend among manufacturers and consumers.
Threats: Volatility in plastic waste collection due to inconsistent policies. Dependence on plastic waste imports due to limited domestic waste collection. Intense competition from substitutes like paper, glass and metals.
Key Takeaways
The global recycled plastic granules market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing environmental regulations against plastic waste. Asia Pacific region is expected to dominate the market owing to rapid industrialization and growing packaging industry in countries like China, India.
Regional analysis
The Asia Pacific region accounts for over 35% of the global recycled plastic granules market share led by China, India due to presence of vast plastic manufacturing and processing industry. Large plastic waste generation and growing environmental concerns are propelling the demand in the region.
Key players
Key players operating in the recycled plastic granules market are Polyclean Technologies Inc., Goverdhan Polygran Pvt. Ltd., Nidhi Enterprises, S.S.B Polymers & S.S.B Enterprises, The Shakti Plastic Industries, Dar AI Khaleej Plastics, GRM Polymer, Jai Shree Balaji Plastic, Kamal Polyplast, Mittal Polymers, Nahata Plastics, Navkar Industries, Amruta Plastic, Raza Traders, Vanshika Plastic Industry, Wiwat Plastic, and Xiamen Keyuan Plastic Co., Ltd.
Read More:
https://www.ukwebwire.com/recycled-plastic-granules-market-future-prospects/
