by 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 3.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Recycled plastic granules are manufactured from post-consumer waste plastic such as PET bottles, HDPE containers and polythene bags through an extrusion process. They can be remolded and reprocessed to manufacture a variety of products like pipes, automotive parts, sheets and films. Recycled plastic granules help reduce dependence on virgin plastic and support sustainable manufacturing efforts. With rising environmental concerns around plastic waste, recycled plastic granules are gaining prominence as they promote the concept of circular economy.
Market key trends:
One of the major trends in the recycled plastic granules market is the rising focus on adopting circular economy principles. Government bodies across regions are implementing stringent regulations against single-use plastics and promoting use of post-consumer recycled content in products. This is increasing the demand for recycled plastic granules from manufacturing sectors. Furthermore, recycled plastic granules offer a cost-competitive alternative to virgin plastic granules owing to lower raw material costs. As crude oil prices continue to rise, the cost benefits of recycled plastic are encouraging more companies to adopt sustainable sourcing practices.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the requirement of large capital investments for setting up recycling and processing facilities. However, rising environmental awareness is creating growth opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous established players operating in the market. Buyers can negotiate on price reducing the margins of manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to availability of alternatives. However, a steady supply of recycled plastic waste is essential.
Threat of new substitutes: The threat of substitutes is moderate as plastic granules have properties that make them suitable for various applications compared to alternatives. However, bioplastics pose a threat.
Competitive rivalry: Competition in the industry is high due to numerous regional and international players striving to gain market share.
Key Takeaways
The global Recycled Plastic Granules Market Size is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing environmental consciousness. Rising awareness regarding the benefits of using recycled plastics is fueling market growth.
Regional analysis: Asia Pacific dominates the market and is expected to grow at the fastest rate during the forecast period due to strong government support for plastic recycling in countries such as India and China. Stringent regulations regarding the use of plastics and incentives for recycled plastic usage boost market revenues.
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. Key players focus on expanding their production facilities and product portfolios to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
