The global recycled plastic granules market was estimated to be valued at US$ 2.96 billion in 2021, according to the Global Recycled Plastic Granules Market Report, by Type (PP Granules, PE Granules, HDPE Granules, LDPE Granules, Polycarbonate Granules, Polystyrene Granules, and Others (ABS Plastic Granules, etc.)), by Application (Automotive, Consumer Products, Textile, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.
- The global recycled plastic granules market is expected to surpass US$ 3.96 billion by 2030, exhibiting a CAGR of 3.3% during the forecast period (2022-2030). Plastic plays an important role in the economy of all industrially advanced economies. However, they become waste after their use and create an environmental threat. Governments around the world along with regulatory bodies have boosted the confidence of plastic recycling manufacturers. For instance, The Shakti Plastic Industries manufacturing reprocessed granules from article waste, lumps, algo films, rolls, sheets, bails, etc. In addition, rising awareness among manufacturers about the advantage of using recycled plastic, such as cost-effectiveness, flexibility, durability, and environmental perks, is adding impetus to the recycling procedure. Thus, with significant growth in plastic recycling, the demand for recycled plastic granules is expected to increase.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 50 market data tables* and 40 figures* on "Global Recycled Plastic Granules Market” - Forecast to 2030.
Key Trends and Analysis of the Global Recycled Plastic Granules Market:
- Among regions, in terms of revenue, Asia Pacific held the largest market share for recycled plastic granules worldwide in 2021, accounting for 44.87% of the market. Europe and North America came in second and third, respectively. China was the largest country with the highest amount of plastic waste generated.
Key Takeaways of the Global Recycled Plastic Granules Market:
- The global recycled plastic granules market is expected to exhibit a CAGR of 3.3% over the forecast period (2022-2030). Plastic waste is increasingly being recycled into recycled plastic granules, pellets, and flakes. Global brands have increased the consumption of recycled plastic over virgin plastic in their products and packaging. In addition, a vast majority of plastic and demolition waste is generated annually by municipal and commercial industries in developed and developing countries. This has created a lucrative growth opportunities for recycled plastic granules manufacturers. Furthermore, government and regulatory body guidelines are bolstering the demand for recycled plastic granules.
- Among type, the PP granules segment accounted for the 36.78% revenue share in 2021. Recycled PP granules are used in the manufacturing of a wide range of products including packaging of consumer products, automobile plastic parts, textiles, etc. The top 3 importers of PP granules are India, the U.S., and Vietnam. According to Volza, in 2021, India accounted for around 7,669 shipments of PP granules followed by the U.S. and Vietnam.
- Among application, the automotive segment accounted for a significant market share in 2021. The role of plastic in design and manufacturing of automotive vehicles is increasing day by day. With stringent regulations changing consumer habit for more affordable, lightweight, and fuel-efficient vehicles, the demand for plastic is increasing day-by-day in the automotive industry. This is driving the demand for recycled plastic granules in the automotive industry. For instance, Toyota, an industry leader in automobile segment, mentioned that the company used around 20% of recycled plastic in vehicle manufacturing in 2018.
- Major players operating in the global recycled plastic granules market 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.
Global Recycled Plastic Granules Market - Impact of Coronavirus (Covid-19) Pandemic
- Plastic products were essential in ensuring public safety during the COVID-19 pandemic. The increased use of personal protection equipment caused serious disruptions to the waste disposal and supply chain systems. There is now more plastic trash washing up on ocean shorelines and coating the bottom as a result of millions of single-use plastic items (including masks, gloves, aprons, and sanitizer bottles) that have been dumped into the ecosystem on land. The supply cycle for recycled plastic granules was also impacted by decreasing demand from end-use industries including automotive, construction, electronics, etc. For instance, the automotive sector experienced a decline in car sales, the closure of manufacturing plants, and a lack of vehicle parts.