Recycled Plastic Granules Market Is Estimated To Witness High...

Recycled Plastic Granules Market Is Estimated To Witness High Growth

Posted 2023-10-30 12:21:14

The recycled plastic granules market is estimated to be valued at US$ 2.96 Bn or billion 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 the processed form of post-consumer plastic waste such as packaging materials, containers, and bottles. They are manufactured by shredding, washing, drying and pelletizing recycled plastics. Recycled plastic granules find widespread application in production of various plastic products such as plastic lumber, plastic frames, rope, sheets, bags and others. They help reduce the consumption of virgin plastics and hence are more environment friendly.

Market Dynamics:

Growing environmental awareness among consumers regarding sustainable plastic use and strict government regulations to curb plastic pollution are major factors driving the growth of recycled plastic granules market. stringent government policies like plastic ban and initiatives promoting use of recycled plastics in various countries has boosted the demand for recycled plastic granules. Moreover, rapid urbanization and industrialization has increased plastic waste generation globally, which is further fuelling the market growth. Growing construction activities worldwide also contribute to the market rise as recycled plastic granules are increasingly used to manufacture construction materials like plastic lumber. Additionally, cost benefits associated with recycled plastic granules compared to virgin plastics is another factor propelling the market growth.

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 regulations against plastic waste. Asia Pacific region is expected to dominate the market owing to rapid industrialization and growing packaging industry in countries like China, India.

Regional analysis

The Asia Pacific region accounts for over 35% of the global recycled plastic granules market share led by China, India due to presence of vast plastic manufacturing and processing industry. Large plastic waste generation and growing environmental concerns are propelling the demand in the region.