Publication Month: Oct 2022 | Report Code: TIPRE00029755 | No. of Pages: 181 | Category: Chemicals and Materials | Status: Published
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 Size Value in||US$ 14,432.91 Million in 2022|
|Market Size Value by||US$ 23,579.40 Million by 2028|
|Growth rate||CAGR of 8.5% from 2022 to 2028|
|No. of Pages||181|
|No. of Tables||89|
|No. of Charts & Figures||107|
|Historical data available||Yes|
|Segments covered||Resin Type, and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
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.
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.
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.
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.
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.