The recycled ocean plastics market size is expected to reach US$ 23,579.40 million by 2028, registering at a CAGR of 8.5% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Increasing Launch of Products Made from Recycled Ocean Plastics to Escalate Recycled Ocean Plastics Market Growth during 2022-2028
The report highlights key factors driving the market growth and prominent players along with their developments in the market.
A large amount of plastic ends up in the ocean every year, polluting the water and endangering marine life. As a result, manufacturers recycle ocean plastic waste and produce useful products such as footwear, bags, luggage, wallets, and clothes. The global recycled ocean plastics market is segmented on the basis of resin type, application, and geography.
Global Recycled Ocean Plastics Market Breakdown – by Region
Recycled Ocean Plastics Market Forecast to 2028 - COVID-19 Impact and Global 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)
Recycled Ocean Plastics Market Size, Share Report 2022-2028
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Plastic pollution is one of the major problems as it poses a significant threat to living organisms. Hence, governments and regulatory bodies are taking initiatives to recycle these plastics. Also, various manufacturers are launching innovative and attractive products using recycled ocean plastics to achieve their sustainability goals and reduce overall environmental footprints. For instance, Patagonic Inc. offers jackets made from 100% recycled nylon yarns obtained from discarded fishing nets. Similarly, Adidas collaborated with Parley for the Oceans to design sneakers made of yarns obtained from recycled ocean plastics. Therefore, the rising number of products made from recycled ocean plastics and strategic initiatives by market players drive the recycled ocean plastics market growth.
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 customer demand.
Impact of COVID-19 Pandemic on Recycled Ocean Plastics Market
Before the onset of the COVID-19 pandemic crisis, rising awareness about the harmful impacts of virgin plastic on the environment and marine system fueled the demand for recycled ocean plastics. However, in 2020, the unprecedented rise in the number of COVID-19 cases across the world and halted operations of plastic recycling units hindered the recycled ocean plastics market growth. In North America, the overall disruptions in manufacturing processes and research & development activities restrained the growth of the market. According to an article published in Scientific American, the US has more than 9,000 plastic waste recycling facilities. Due to the COVID-19 outbreak, many recycling facilities in the US suspended their operations in 2020. This factor restrained the recycled ocean plastics market growth in 2020.
As governments across the world ease restrictions, the market is reviving. Manufacturers are permitted to operate at full capacity, which is expected to drive the recycled ocean plastics market during the forecast period.
The report includes the segmentation of the global recycled ocean plastics market as follows:
The global recycled ocean plastics market, by resin type, is segmented into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The market, based on application, is segmented into footwear, bags & luggage, apparel, construction materials, and others. By geography, the global market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The market in North America is further segmented into the US, Canada, and Mexico. The global market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The market in Asia Pacific is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and Rest of Middle East & Africa. The global market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.
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