Published Report - Recycled Ocean Plastics Market Size, Share, and Analysis by 2028
Published Report - Recycled Ocean Plastics Market Forecast to 2028 - Analysis By Resin Type [Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), and Others] and Application (Footwear, Bags & Luggage, Apparel, Construction Materials, and Others)
- Status : Published
- Report Code : TIPAR00029755
- Category : Chemicals and Materials
- No. of Pages : 181
- Available Report Formats :
- Last update date : June 13, 2024
2022 Market Size
US$ 14.43 Bn
Base year value
2028 Forecast
US$ 23.58 Bn
Projected by 2028
CAGR 2023-2028
8.5 %
Growth rate
Addressable Market
US$ 116.31 Bn
(2023-2028)
The recycled ocean plastics market size was valued at US$ 14,432.91 million in 2022, it is expected to grow at a CAGR of 8.5% from 2022 to 2028.
Plastic pollution is one of the major concerns due to its adverse impact on living organisms. Every year, tons of plastic waste is dumped into oceans and waterways, which hampers the marine ecosystem. Hence, manufacturers are significantly focusing on recycling ocean plastic waste and producing useful products such as footwear, bags, luggage, wallets, and clothes from these plastics.
In 2021, Asia Pacific held the largest revenue share of the global recycled ocean plastics market. The market in Asia Pacific is segmented into India, China, Australia, Japan, South Korea, and Rest of Asia Pacific. The recycled ocean plastics market growth in the region is driven by the rapidly expanding fashion industry, increasing population, and rising consumer awareness about sustainable solutions across the region. China and India are among the countries with the fastest-growing population. Owing to the growing population, the footwear, packaging, and construction industries are developing rapidly in the region. The growing initiatives by the regional manufacturers to reduce carbon footprint by producing eco-friendly products also fuel the recycled ocean plastics market growth in the region.
Market Research Highlights
- Asia Pacific dominated the market with 49.3% share in 2021.
- Asia Pacific is poised to grow at a CAGR of 9.2% over the forecast period.
- United States market is projected to grow at a CAGR of 8.1% over the forecast period.
- By Resin Type, the Polyethylene Terephthalate (PET) segment accounted for the largest market share of 44.5% in 2021.
- By Application, the Footwear segment is anticipated to witness the fastest growth, registering a CAGR of 9.1% over the forecast period
- The report profiles key industry players such as BIONIC, Tide Ocean SA, Oceanworks, Textil Santanderina, Aquafil S.p.A., Envision Plastics, Unifi, Inc., SABIC, Waste2Wear, OceanYarn, while also analyzing key developments in novel ideas, disruptive products, and innovative services that could reshape the future market and reveal emerging themes across the industry.
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Published Report - Recycled Ocean Plastics Market: Strategic Insights
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Impact of COVID-19 Pandemic on Recycled Ocean Plastics Market
The rising requirement for sustainable and environment-friendly materials from the footwear, apparel, packaging, and construction industries was driving the demand for recycled ocean plastic before the onset of the COVID-19 pandemic crisis. However, in 2020, the governments of various countries imposed lockdowns to control the spread of SARS-CoV-2 infection, which halted the operations of plastic recycling units, causing a shortage of recycled ocean plastics. According to a report published by GA Circular, 80% of the recycling units in India, Vietnam, and the Philippines were closed during the initial months of 2020, which caused a significant shortage of recycled plastics. This had an adverse impact on the recycled ocean plastics market growth.
In 2021, many economies revived their operations. The governments of various countries relaxed the previously imposed restrictions and permitted manufacturers to operate at full capacity. This factor had a positive impact on plastic recycling activities. Many governments and NGOs are building robust waste management infrastructure to support the circular economy and minimize the threat of plastic waste on marine ecosystems. This factor would drive the demand for recycled ocean plastics during the forecast period.
Market Insights
Increasing Launch of Products Made from Recycled Ocean Plastics
Plastic pollution is a pressing global challenge due to the significant threat it poses to living organisms. According to the statistics provided by Ocean Literacy Portal by United Nations Educational, Scientific and Cultural Organization; plastic waste accounts for ~80% of the total marine pollution, and ~8–10 million metric tons (MMT) of plastic ends up in the ocean every year. Moreover, the volume of microplastics in the oceans is expected to surge significantly in the future. Nevertheless, the awareness regarding plastic pollution in oceans has increased in many countries, and governments and regulatory bodies are taking initiatives to recycle these plastics. Many companies are launching innovative and attractive products, such as footwear, handbags and wallets, sunglasses, and apparel, using recycled ocean plastics to achieve their sustainability goals and reduce their overall environmental footprints. All these mentioned factors drive the recycled ocean plastics market growth.
Resin Type Insights
Based on resin type, the global recycled ocean plastics market is segmented into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The polyethylene terephthalate segment held the largest share in the market in 2021. The ease of extracting polyethylene terephthalate (PET) from oceans and waterways due to its heavier weight and ability to retain its shape is bolster the market growth in the segemnt. Moreover, rising demand for recycled ocean PET for bags & luggage and footwear applications is also driving the market growth in the region.
Application Insights
Based on application, the global recycled ocean plastics market is segmented into footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held the largest market share in 2021. Increasing apparel demand from the fashion industry and the growing global population are expected to drive the need for recycled ocean plastic in the textile industry in the coming years.
Aquafil S.p.A.; BIONIC; Tide Ocean SA; Oceanworks; Textil Santanderina; Envision Plastics; OceanYarn; Waste2Wear; Unifi, Inc.; and SABIC are among the players operating in the recycled ocean plastics market. These companies are making significant investments in R&D to develop innovative products to address emerging consumer requirements. Market players focus on providing high-quality products to meet the customer demand.
Recycled Ocean Plastics
Published Report - Recycled Ocean Plastics Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 14.43 Billion |
| Market Size by 2028 | US$ 23.58 Billion |
| Global CAGR (2022 - 2028) | 8.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Resin Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
Published Report - Recycled Ocean Plastics Market Players Density: Understanding Its Impact on Business Dynamics
The Published Report - Recycled Ocean Plastics Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Report Spotlights
- Progressive industry trends in the recycled ocean plastics market to help players develop effective long-term strategies
- Business growth strategies adopted by developed and developing markets
- Quantitative analysis of the recycled ocean plastics market from 2020 to 2028
- Estimation of global demand for recycled ocean plastics
- Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook as well as factors driving and restraining the recycled ocean plastics market growth
- Assistance in decision-making process by highlighting market strategies that underpin commercial interest, leading to the recycled ocean plastics market growth
- The size of the recycled ocean plastics market size at various nodes
- Detailed overview and segmentation of the market, as well as the recycled ocean plastics industry dynamics
- Size of the recycled ocean plastics market in various regions with promising growth opportunities
Global Recycled Ocean Plastics Market
Global recycled ocean plastics market is segmented by resin type into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. By Application, the market is segmented into footwear, bags & luggage, apparel, construction materials, and others.
Company Profiles
- Aquafil S.p.A.
- BIONIC
- Tide Ocean SA
- Oceanworks
- Textil Santanderina
- Envision Plastics
- OceanYarn
- Waste2Wear
- Unifi, Inc.
- SABIC amon
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