The global Recycled Plastic Granules Market is estimated to be valued at US$ 2.96 Bn or Mn in 2022 and is expected to exhibit a 3.3% CAGR over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled plastic granules are used to make various goods across industries like packaging, construction materials and automotive components. Obtained from PET bottles, LDPE films and other plastic waste, these granules help reduce landfill waste and carbon footprint. With growing environmental regulations banning single-use plastics, recycled plastic granules are increasingly being used by manufacturers as a sustainable raw material alternative to virgin plastics.
Market key trends:
Packaging continues to be a major end-use segment for recycled plastic granules accounting for over 30% of global demand. Rapid growth of e-commerce is generating unprecedented volumes of plastic packaging waste. This is driving companies to use post-consumer recycled plastic in products such as shopping bags, bins, crates and wraps. Governments across Europe and North America have implemented policies promoting use of minimum recycled content in packaging. Furthermore, advances in sorting and washing technologies have improved quality and consistency of recycled plastic granules. This has increased their acceptance for high-performance applications earlier served only by virgin plastics.
Porter’s Analysis
Threat of new entrants: The recycled plastic granules market has high initial capital requirements which limits the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material substitutes.
The threat of new substitutes: There is a moderate threat from substitutes like virgin plastic due to performance advantages.
Competitive rivalry: The recycled plastic granules market has many local and international players resulting in high competitive rivalry.
Key Takeaways
The global recycled plastic granules market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing environmental concerns. Regional analysis The North American recycled plastic granules market is expected to dominate the global market over the forecast period, owing to stringent regulations regarding plastic waste recycling in the region. 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it