by The Recycled Plastic Granules Market is estimated to be valued at US$ 2.96 Bn or Mn 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 made from post-industrial or post-consumer plastic waste through mechanical or chemical recycling processes. They find widespread usage in plastic products manufacturing as they help reduce the usage of virgin plastics. Key end-use industries include packaging, construction, automotive, and consumer goods. With rising environmental concerns, recycled plastic granules are increasingly being adopted by manufacturers as a sustainable raw material alternative.
Market Dynamics:
Growing focus on sustainability goals and initiatives like circular economy around the world is expected to drive the adoption of recycled plastic granules over the forecast period. According to United Nations, over 190 countries have resolved to make concerted efforts towards achieving sustainable development goals by 2030 and transitioning towards a resource efficient circular model of production and consumption.
Rising plastic waste generation globally is another key factor estimated to promote the recycled plastic granules market. Total plastic waste generation rose from 2 billion tons in 2016 to 2.2 billion tons in 2020 according to Our World in Data. With limited options for disposal of such voluminous volumes of waste, recycling plastic into granules emerges as a viable solution.
Segment Analysis
The recycled plastic granules market is segmented into polyethylene terephthalate, high-density polyethylene, low-density polyethylene, polypropylene, and others. The polyethylene terephthalate segment dominates the market and accounts for over 30% share owing to its higher recyclability rate and reusability in packaging applications like beverage bottles.
PEST Analysis
Political: Regulations supporting plastic recycling and bans on single-use plastics in many countries create a favorable environment for the recycled plastic granules market.
Economic: Volatility in crude oil prices increases the importance of plastic recycling for cost savings.
Social: Growing environmental concerns and awareness among consumers regarding sustainable alternatives boost the demand for recycled plastic products.
Technological: Advancements in plastic sorting and processing technologies enhance the efficiency of recycling processes.
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 government support for plastic recycling initiatives and growing environmental regulations. Regionally, North America dominates the market and is expected to retain its lead, supported by stringent recycling mandates in the US and Canada.
The Asia Pacific recycled plastic granules market is projected to witness the fastest growth through 2030 on account of expanding manufacturing sector and rising recycled plastic consumption in China, India, and other developing nations.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
