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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.
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Recycled Ocean Plastics Market: Strategic Insights
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 Forecast Period 2022-2028 Base Year 2022
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Recycled Ocean Plastics Market: Strategic Insights
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 |
Forecast Period | 2022-2028 |
Base Year | 2022 |
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Speak to AnalystImpact 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.
Global Recycled Ocean Plastics Market Breakdown – by Region
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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.
Recycled Ocean Plastics Market, by Resin Type – 2021 and 2028
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Request discounts available for Start-Ups & Universities
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.
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Resin Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
The major players operating in the global recycled ocean plastics market are Aquafil S.p.A.; BIONIC; Tide Ocean SA; Oceanworks; Textil Santanderina; Envision Plastics; OceanYarn; Waste2Wear; Unifi, Inc.; and SABIC.
In 2022, Asia Pacific held the largest share of the global recycled ocean plastics market. The rise in the number of textile industries would cater the demand of recycled ocean plastics in the region. The region is also flourishing owing to presence of manufacturing facilities and cheap labor.
The polyethylene terephthalate segment held the largest market share. It is a polymer created by combining two monomers: modified ethylene glycol and purified terephthalic acid. Polyethylene terephthalate is the most widely used plastic; it is clear, strong, lightweight, and 100% recyclable. Polyethylene recycled plastics can be identified by recycling code#1; as they have a short lifespan, it is easy to recycle them.
The footwear segment held the largest market share. Footwear is the most recycled post-consumer plastics. Use of recycled ocean plastic in shoe making can help reduce plastic waste and make footwear sustainable. Ethical footwear brands are taking initiatives against plastic waste by creating shoes made from recycled ocean plastic.
The apparel segment held the largest share of the market in 2022. The apparel sector has been experiencing robust growth due to lifestyle changes, growing urban population, and shift in consumer preferences. These factors drive the demand for recycled ocean plastic in the apparel industry. Furthermore, growing trend of recycled fashion, and the ability of plastic to be recycled is boosting the market growth in the apparel industry.
Asia Pacific is estimated to register the fastest CAGR in the global recycled ocean plastics market over the forecast period. Many APAC countries, such as China and India, are the world's fastest-growing populations. With a growing population, apparel, footwear, bags and luggage, construction material, and others are growing rapidly in APAC. The apparel industry is expanding in the APAC region because of growing population. The presence of established sectors, such as footwear and construction, in nations such as China, India, Japan, and South Korea has increased the demand for recycled ocean plastics in the region.
The List of Companies - Recycled Ocean Plastics Market
- Aquafil S.p.A.
- BIONIC
- Tide Ocean SA
- Oceanworks
- Textil Santanderina
- Envision Plastics
- OceanYarn
- Waste2Wear
- Unifi, Inc.
- SABIC
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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