April 13, 2024
Recycled Plastic Granules Market

Recycled Plastic Granules Market Flourishing Due To Growing Demand From Construction Industry

Paragraph: Recycled plastic granules are fine plastic particles that are obtained after shredding and processing post-consumer and post-industrial plastic waste. They find wide applications in construction materials where they are used to manufacture wood-plastic composites, cement bricks, paving tiles, and other building materials. The construction industry has seen rising demand for recycled plastic granules as construction material manufacturers aim to reduce costs and incorporate sustainability in their business practices. Recycled plastic granules help construction firms lower raw material costs and reduce their carbon footprint.

The global recycled plastic granules market is estimated to be valued at US$ 3.16 Bn in 2024 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 Dynamics:

The growing demand from the construction industry is a major driver propelling the recycled plastic granules market growth. As mentioned earlier, construction material manufacturers are incorporating recycled plastic granules into their product mix to reduce costs and improve sustainability. Furthermore, government support through policies and regulations encouraging plastic waste recycling and use of recycled materials is also boosting market demand. For instance, the European Union has set plastic recycling targets for its member countries to increase recycling and reuse of plastic packaging waste. Such supportive initiatives are promoting recycled plastic granule consumption. In addition, the market opportunity identified in the heading of industry flourishing due to growing construction industry demand also contributes as a driver.

Segment Analysis

The recycled plastic granules market is segmented based on product type and end-use industry. Based on product type, the recycled polyester segment holds the dominant market share owing to its wide scale usage in textile and fiber industries. Recycled polyester granules are gaining popularity as they reduce dependence on petroleum-based plastic raw materials and lower carbon footprint of industries.

PEST Analysis

Political: Stringent regulations towards prohibiting single-use plastics and promoting circular economy across major economies is driving the demand for recycled plastic granules.

Economic: Fluctuating prices of crude oil impacts the raw material costs of virgin plastics. This makes recycled plastic granules a comparatively cost-effective alternative.

Social: Rising awareness among consumers about sustainability and need for eco-friendly products is fueling the adoption of recycled plastics in packaging and other industries.

Technological: Advancements in recycling technologies help achieve high quality standards for recycled plastic granules. This is increasing their acceptance across diverse applications.

Key Takeaways

The global Recycled Plastic Granules Market Growth is expected to witness high growth over the forecast period. The global recycled plastic granules market is estimated to be valued at US$ 3.16 Bn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.

Regional analysis related content

The Asia Pacific region holds the dominant share in the recycled plastic granules market currently. Growing plastic waste volumes and strong government push for circular economy makes China and India the fastest growing markets. Presence of standardized recycling facilities and proximity to plastic manufacturing industries provide competitive advantage to regional players.

Key players related content comprises

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. These players are focusing on capacity expansions of recycling plants and collaborations with end-use industries to drive adoption of recycled plastic materials.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it