The 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:
Plastic granules are tiny plastic pellets made from recycled plastic materials such as polyethylene terephthalate (PET), high-density polyethylene (HDPE), low-density polyethylene (LDPE), polyvinyl chloride (PVC), and others. Recycled plastic granules are increasingly being used for manufacturing a wide variety of products including plastic pipes, sheets, bags, bottles, household items, and many more. They provide an eco-friendly and cost-effective alternative to virgin plastics. With growing awareness about environmental issues associated with plastic waste, recycled plastic granules are gaining popularity.
Market key trends
One of the major trends driving growth of the recycled plastic granules market is rising environmental concerns regarding plastic waste. Plastic waste dumped in landfills or oceans poses severe threat to the environment and wildlife. Recycling plastic waste into useful granules helps reduce environmental pollution and promotes circular economy. Growing government regulations pushing bans on single-use plastics and mandates on plastic recycling are further fueling adoption of recycled plastic granules across industries. Moreover, recycling plastic helps companies lower their carbon footprint and attain sustainability targets. Key manufacturers are focusing on developing newer technologies to recycle multi-layered plastics and make recycled plastic granules suitable for high-quality applications. This is expected to support market growth over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements for setting up recycling plants and machinery. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternatives. Threat of new substitutes: Threat from substitutes like virgin plastics is high. Competitive rivalry: The market is highly competitive with companies focusing on product quality and innovation.
SWOT Analysis
Strengths: Recycled plastics help reduce environmental pollution. Wide availability of plastic waste facilitates recycling.
Weaknesses: Collection and sorting of plastic waste is a challenge. Quality issues associated with reused plastics.
Opportunities: Stringent regulations on plastic waste disposal create market demand. Growth in e-commerce sector increases plastic packaging waste.
Threats: Substitutes like bioplastics threaten demand. Economic slowdowns affecting end-use sectors.
Key Takeaways
The global Recycled Plastic Granules Market Size is expected to grow at a CAGR of 3.3% over the forecast period due to stringent government regulations pertaining to plastic waste disposal and recycling. Asia Pacific dominates the market with India, China, and Japan being the major contributors. Key players include 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 operating in the recycled plastic granules market are focusing on expansion into emerging markets through partnerships, new product launches, and mergers and acquisitions to strengthen their geographical footprint.
Read More: https://www.rapidwebwire.com/recycled-plastic-granules-market-demand-growth-and-regional-outlook/
