Recycled Plastic Granules Market Estimated to Witness Significant Growth
SWOT Analysis
Strength: The Recycled Plastic Granules from plastic waste has very good mechanical and durable properties. It can be used to manufacture various plastic products like sheets, pipes fittings etc. Being recycled material, it promotes circular economy and sustainability. Using Recycled Plastic Granules reduces dependence on crude oil and saves natural resources.
Weakness: The quality and properties of Recycled Plastic Granules vary depending on the type and quality of recycled plastic waste. It may contain other impurities that affect the properties. There is lack of standardized process for recycling plastic waste into high quality Recycled Plastic Granules.
Opportunity: With the growing environmental regulations banning use of virgin plastics, the demand for recycled plastic is increasing worldwide. Many countries have policies supporting use of post-consumer recycled plastics. New technologies for advanced recycling of multi-layered plastics into Recycled Plastic Granules provide new opportunities.
Threats: Vulnerability to fluctuation in prices of recycled plastic waste. Established manufacturers may resist shift towards use of recycled plastics due to quality issues.
Key Takeaways
Global Recycled Plastic Granules Market Size is expected to witness high growth. Rising awareness about sustainability and waste management is driving the growth of recycled plastics globally.
The European region currently dominates the market due to stringent regulations banning virgin plastics and landfilling of plastic waste. Countries like Germany, UK, Italy, France recycling plastic waste at higher rates.
Key players operating in the Recycled Plastic Granules market are Roche, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Ltd., Mylan N.V., Apotex Inc., Sandoz AG, Accord Healthcare Ltd.
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