Recycled plastic granules are processed and molded plastic materials produced from post-consumer or post-industrial plastic waste. Recycled plastic granules help reduce plastic waste and conserve raw materials. They can be used to manufacture a variety of products like plastic lumber for decking, parking curbs, pipe, flooring, trash cans and other durable goods.
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 key trends:
Stringent regulations boost demand
The demand for recycled plastic granules has been augmented by stringent regulations imposed by governing bodies worldwide to curb plastic waste and promote sustainability. Many countries have either banned or imposed levies on virgin plastics while providing incentives for use of post-consumer recycled content. Growing environmental and sustainability awareness among consumers andproduct manufacturers has further spurred the adoption of recycled plastic solutions. The market trend of rising sustainability practicesis expected to accelerate the demand for recycled plastic granules over the forecast period.
Segment Analysis
The global recycled plastic granules market is dominated by the polyethylene terephthalate (PET) segment. PET packaging is widely used for bottled water and carbonated drinks. PET is the most recycled plastic globally and accounts for almost 30% of total recycled plastic. PET packaging is collected through deposit return schemes and recycling bins which makes it easily available for recycling into granules.
Key Takeaways
The global Recycled Plastic Granules Market Growth is expected to witness high growth over the forecast period driven by stringent regulations against single-use plastics and rising adoption of recycled plastics by major end-use industries. 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
Europe currently dominates the global recycled plastic granules market accounting for over 35% share in 2023. Strict regulations against single-use plastics and well-established waste management infrastructure has boosted plastic recycling activities in countries like Germany, UK, France, Italy etc. Asia Pacific is expected to be the fastest growing market during the forecast period supported by rapidly developing end-use industries and ongoing policy reforms towards waste management and recycling in major countries like China and India.
Key players
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. These players are focusing on capacity expansion of recycled plastic production facilities and new product launches to cater to the growing demand from packaging and construction industries.
For more insights, read- https://www.newsanalyticspro.com/recycled-plastic-granules-market-trends-size-and-share-analysis/
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