The global Recycled Plastic Granules Market is estimated to
be valued at US$ 2.96 Bn 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 processed from post-consumer and post-industrial
plastic waste. They offer an eco-friendly alternative to virgin plastic with
cost competitiveness. Recycled plastic granules help reduce plastic waste and
GHG emissions.
Market key trends
One of the prominent trends in the recycled plastic granules market is the
growing emphasis on sustainable plastics. With the rising concern over plastic
pollution and greenhouse gas emissions from virgin plastics, there is a
increasing focus on adopting circular economy approaches and promoting
sustainable alternatives such as recycled plastics. Several regulations have
been introduced globally to mandate the use of recycled content in packaging
and other plastic products. This is expected to drive significant growth in the
demand for recycled plastic granules over the forecast period.
Segment Analysis
The global recycled plastic granules market is dominated by post-industrial
recycled granules segment that accounts for over 60% market share in 2021. This
is because post-industrial plastic waste generated from manufacturing and
industrial operations is more organized and easy to collect compared to
post-consumer plastic waste. The post-industrial recycled granules segment is
expected to continue dominating the market during the forecast period owing to
steady supply of waste from manufacturing units.
Key Takeaways
The
global
recycled plastic granules market size was valued at US$ 2.96 Bn in 2021
and is expected to witness high growth, exhibiting a CAGR of 3.3% over the
forecast period from 2022 to 2030, due to increasing environmental concerns and
stringent regulations against dumping of plastic waste.
The recycled plastic granules market is dominated by North America region that
accounts for around 35% of the global market share in 2021. This is due to high
plastic waste collection and recycling rates in US and Canada. However, Asia
Pacific region is expected to witness fastest growth during the forecast period
owing to rapid industrialization and increasing investments in plastic
recycling facilities in major economies like China and India.
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.
The major players are focusing on expansion of production and supply chain
facilities to cater to increasing demand for recycled plastic products
globally.
Read More:
https://www.dailyprbulletin.com/recycled-plastic-granules-market-driving-sustainability-trends/
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