The Recycled Plastic Granules Market is estimated to be valued at US$ 2.96 Bn 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.
Recycled plastic granules are produced from post-consumer and post-industrial plastic waste. They are used to manufacture various plastic products like furniture, pipes, automotive parts, packaging etc.
The growth of the recycled plastic granules market is driven by two main factors – strict regulations regarding plastic waste management and lower production cost compared to virgin plastic. Stringent norms by governments globally to ban single-use plastic and encourage reuse of plastic waste is boosting demand for recycled plastic granules from packaging and construction industries. Additionally, recycled plastic granules are cheaper to produce than virgin plastic as the raw material cost is lower. This cost advantage is prompting plastic product manufacturers to increase use of recycled plastic resins.
The key trend in the recycled plastic granules market is the growing adoption of recycled plastic granules for durable goods manufacturing. Recycled plastic granules help industries reduce their environmental footprint as they require lesser energy to produce than virgin plastics. They also help conserve raw materials and minimize waste. Furthermore, recycled plastic granules are cost-effective compared to virgin plastics. This has driven their increasing demand from industries such as construction, automotive and packaging.
Strengths: Wide range of applications in industries such as packaging, construction and automotive. Help reduce environmental impact and conserve raw materials.
Weaknesses: Issues regarding quality and consistency of recycled plastic granules. Potential contamination can limit end-use applications.
Opportunities: Growing awareness about sustainability and waste reduction. Increase in regulations restricting use of virgin plastics.
Threats: Volatility in prices of recycled plastics. Development of alternative eco-friendly materials.
The global recycled plastic granules market size is expected to witness high growth, exhibiting a CAGR of 3.3% over the forecast period from 2022 to 2030, due to the increasing awareness about sustainability and waste reduction. The market was valued at US$ 2.96 Bn in 2021.
On the regional front, North America dominated the global recycled plastic granules market in 2021 and the region is expected to continue its dominance during the forecast period. This is attributable to strict regulations regarding plastic waste recycling and reuse in the region. Countries like the U.S. and Canada have implemented various programs promoting plastic recycling.
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. These companies are focusing on capacity expansion and new product launches to strengthen their presence in the market.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it