Recycled plastic granules are small plastic pellets or particles that are formed through the process of recycling plastic waste like plastic packaging and non-packaging applications. Recycled plastic granules offer advantages like lower production costs and reduced environmental impact as compared to virgin plastics. With rising concerns of plastic waste accumulation and growing push for eco-friendly alternatives, recycled plastic granules have emerged as viable substitutes.
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 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity in reducing plastic waste is driving growth of the recycled plastic granules market. Plastic waste has become a huge environmental concern globally with millions of tonnes of plastic ending up in landfills or oceans each year. Recycled plastic granules offer a sustainable solution to plastic waste by facilitating reuse of post-consumer plastic scrap. As regulatory norms and bans on single-use plastic items increase, recycled plastic granules are expected to witness rising demand from packaging producers. Moreover, incentives by governments, especially in Europe and North America, for use of recycled content in plastic production are further promoting market growth. Sustainable consumption trends among consumers have also boosted replacement of virgin plastics with recycled plastic granules in packaging and non-packaging applications like automotive and construction industries.
Porter's Analysis
Threat of new entrants: Low capital requirement and established supply chains lower barriers to entry. However, established players hold majority market share minimizing threat.
Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk orders. However, differentiated products and applications limit impact.
Bargaining power of suppliers: Recycled plastic suppliers hold minimal bargaining power due to varied raw material sources and substitutes.
Threat of new substitutes: Alternate recycled materials pose minimal threat due to granules' cost effectiveness and array of applications.
Competitive rivalry: Intense competition among fragmented players to gain market share through product innovation and regional expansion.
SWOT Analysis
Strengths: Cost effectiveness, sustainability benefits, and wide application scope.
Weaknesses: Quality variations, dependence on recycling infrastructure, and price fluctuations.
Opportunities: Growth in plastic recycling rates and regulations favoring recyclables. Rising demand from packaging and construction industries.
Threats: Substitution threat from virgin plastics and alternative recycled materials. Slow infrastructure growth in developing nations.
Key Takeaways
The Global Recycled Plastic Granules Market Growth is expected to witness high over the forecast period of 2023 to 2030 supported by stringent regulations and sustainability priorities. The packaging industry dominates granule demand for flexible and rigid packaging. 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 3.1% over the forecast period 2023 to 2030.
Regional analysis shows Asia Pacific as the fastest growing and largest market led by China, India, and other developing nations improving recycling rates. Europe is another major regional market driven by regulatory push for circular plastics economy.
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. Teva and Mylan collectively account for over 35% share amid consolidations in the generics industry.
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