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Aug 04, 2023

Global Recycled Plastic Granules Market to Reach US$ 3.96 Billion by 2030

News provided by 28 Jul, 2022, 14:00 ET Share this article SEATTLE , July 28, 2022 /PRNewswire/ -- The global recycled plastic granules market was estimated to be valued at US$ 2.96 billion in 2021

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28 Jul, 2022, 14:00 ET

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SEATTLE , July 28, 2022 /PRNewswire/ -- The global recycled plastic granules market was estimated to be valued at US$ 2.96 billion in 2021 and is expected to exhibit a CAGR of 3.3% during the forecast period (2022-2030).

Key Trends and Analysis of the Global Recycled Plastic Granules Market:

Rising demand for recycled plastic granules is driven by rising crude oil price and the vast availability of recycled plastic waste. The prices of crude oil has witnessed upward graph during last two years. The conflict between Ukraine and Russia has made the price of crude oil rise even further. Sanctions have been placed by the European Union on the import of Russian oil. By the end of 2022, these sanctions will stop about 90% of Russia's oil imports into the EU. These restrictions only apply to oil brought into the EU by sea. It excludes oil imported through pipelines into the EU. This restriction effectively limits the availability of crude oil globally. The price of crude oil is expected to increase further as a result of this real reduction in supply.

However, this is not the only factor driving up the price of crude oil. The Organization for Petroleum Exporting Countries (OPEC) reduced its oil production and supply during the two years of COVID-caused lockdowns and restrictions, which is the more crucial factor. Now that oil demand has recovered to its pre-COVID level, OPEC is not raising production to bring supply back to that level. It has stated that it will only gradually increase production and supply to reach their pre-COVID levels. Before it can be used in automobiles as gasoline, petrol, or diesel, crude oil must be refined. The price of crude oil is rising due to this lack of refining capacity across the globe, especially in the United States. Thus, with such rise in price of crude oil the plastic granules manufacturers are opting for plastic waste as a raw material for plastic granules.

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Key Market Takeaways:

The global recycled plastic granules market is expected to exhibit a CAGR of 3.3% over the forecast period (2022-2030). The global warming crisis has forced people to reconsider recycling plastic that is dumped in the environment. Global brands have begun to acknowledge this and have begun incorporating recycled plastic into their products. For instance, in 2019, Adidas used the recycled plastics to create almost 11 million pairs of shoes. Adidas collaborated with Parley, an initiative for the ocean that seeks to reduce plastic waste. Thus market for recycled plastic granules is anticipated to increase as a result of companies' positive efforts to include recycled plastic into their products.

Among type, the PP granules segment accounted for the 36.78% revenue share in 2021. Polypropylene is the most versatile polymer present today which has got the excellent physical properties. Recycled polypropylene granules are used in wide array of products such as packaging for consumer products, automobile plastic parts, textiles, etc. In addition, recycled PP granule fabric is used for several applications including fertilizer, chemical, cement, sugar, flour, and other industrial and household applications.

Among application, automotive segment accounted for a significant market share in 2021. Each year, the world's automakers consume more than a million tonnes of plastic, and that number is only increasing. A car's bumper, seats, floor mats, dashboard, and other components are all made of plastic. Numerous manufacturers of plastic granules are developing new plants in response to the expanding usage of plastic in automobiles. For instance, in 2019, American PureCycle Technologies processed 54 million kg of clear PP granules at their US$ 300 million state-of-the-art recycling facility that it then shipped to automakers.

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, Xiamen Keyuan Plastic Co., Ltd.

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Detailed Segmentation:

Global Recycled plastic granules Market, By Type:

Global Recycled plastic granules Market, By Application:

Global Recycled plastic granules Market, By Region:

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