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.

Market Overview:
Recycled plastic granules are produced from post-consumer and post-industrial plastic waste which undergoes various processes like sorting, shredding, washing and drying. They find wide applications in construction, transportation, packaging and infrastructure industries. Being cost-effective and environment-friendly, recycled plastic granules help reduce the dependence on virgin plastic.

Market key trends:
The rising environmental concerns over widespread plastic pollution have increased the demand for recycled plastic granules from manufacturing industries. According to estimates, around 300 million tons of plastic waste is generated annually around the world. Recycling plastic waste helps curb pollution and reduces the burden on landfills. Furthermore, stringent regulations against the use of virgin plastics in various countries are propelling the recycled plastic granules market. For instance, the European Union has imposed a ban on certain single-use plastic items like straws, cutlery, plates from 2021. This is expected to boost the consumption of recycled plastic resins in the region in the coming years.

Porter’s Analysis
Threat of new entrants: Recycled plastic granules requires high capital investment for recycling plants and machineries, reducing threat of new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However, environmental concerns increase buyer's preference for recycled plastic granules.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of recycled plastic waste from various end-use industries.
Threat of new substitutes: Threat from new substitutes like bio-plastics and virgin plastics is moderate due to high costs and environmental concerns favoring recycled plastic granules.
Competitive rivalry: Competition is high among established players operating recycling plants.

SWOT Analysis
Strength: High demand for recycled plastic due to environmental regulations favoring sustainability. Varied applications in packaging, construction, automotive industries.
Weakness: Require advanced recycling technology and high investment. Quality issues and contamination of recycled plastic granules.
Opportunity: Government support and policies promoting plastic waste recycling and reuse. Growth in Asia Pacific region due to increase in plastic waste generation.
Threats: Fluctuation in recycled plastic waste supply. Competition from substitutes specially in developing nations.

Key Takeaways
The global recycled plastic granules market is expected to witness high growth, exhibiting CAGR of 3.3% over the forecast period, due to increasing environmental regulations banning virgin plastics and focusing on sustainability.

Regional analysis indicates that Asia Pacific dominates the global recycled plastic granules market, accounting for over 35% of the global volume share in 2021. The region is expected to continue its dominance owing to rapidly growing construction and packaging industries generating huge plastic waste in countries such as China, India. North America and Europe are also significant markets expected to grow at notable rates through 2030 due to stringent regulations regarding plastic waste management and reuse.

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. Major players are focusing on expansion of recycling facilities and new product launches catering to applications in construction, automotive and packaging industries.

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