The global recycled plastic granules market is estimated to be valued at US$ 3.16 Bn in 2023 and is expected to exhibit a CAGR of 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled plastic granules are fine particles of recycled plastic that are commonly used as raw material in the manufacturing various plastic products. Recycled plastic granules help reduce plastic waste and promote sustainable production.
Market key trends:
One of the key drivers boosting growth of the recycled plastic granules market is stringent regulations against landfilling and incineration of plastic waste. Many countries and regions have either banned or imposed high taxes on disposal of plastic waste via landfills or incineration due to adverse environmental impact. This has significantly boosted demand for recycled plastic granules from plastic manufacturing companies. Furthermore, increasing initiatives of various governments and private organizations to promote waste segregation at source and enhance plastic recycling infrastructure is also favoring market growth.
SWOT Analysis
Strengths: Recycled plastic granules help reduce dependency on petroleum-based virgin plastics and lower production costs for manufacturers. It is also considered an environment-friendly alternative.
Weaknesses: Quality and consistency of recycled plastic can vary significantly depending on waste collection and processing methods. It may also contain contaminants that affect properties.
Opportunities: Growing focus on sustainable development and circular economy offers huge market potential. Volumes can be increased by improving waste management infrastructure to ensure adequate raw material supply.
Threats: Lower oil prices can reduce the cost competitiveness of recycled plastics. Technological breakthroughs may reduce the usage of plastics.
Key Takeaways
The global Recycled Plastic Granules Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing demand from packaging industry. Rapid growth of e-commerce sector and expanded distribution channels are driving packaging waste volumes.
Regional analysis Asia Pacific dominates the global recycled plastic granules market currently. China generates maximum plastic waste worldwide. Other developing Asian countries lack proper waste management infrastructure but are taking initiatives now.
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