The recycled ocean plastics market was valued at USD 14,432. It is projected to reach $91 million in 2022, reaching US$23,579. 40 million by 2028. From 2022 he is expected to grow at his CAGR of 8.5% through 2028.
NEW YORK, Nov. 16, 2022 (GLOBE NEWSWIRE) — Reportlinker.com publishes the report “Recycled Marine Plastics Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Resin Type and Application.” Announcing the release – https://www.reportlinker.com/p06363001/?utm_source=GNW
Concerns about plastic pollution are growing due to its negative impact on living organisms. Every year, large amounts of plastic waste are dumped into our oceans and waterways, interfering with marine ecosystems.
As a result, various manufacturers are working hard to recycle marine plastic waste, turning it into useful products such as footwear, bags, luggage, wallets and clothing. Polypropylene, polystyrene, polyvinyl chloride, polyethylene terephthalate.
The growth of the recycled ocean plastics market is mainly due to growing awareness of environmental sustainability and growing demand for recycled ocean plastics from the footwear, apparel and packaging industries. Additionally, many governments and non-profit organizations are working to recycle plastic waste that ends up in oceans and landfills.
Such government regulations are boosting the growth of the market. Emerging applications of recycled marine plastics in food packaging offer lucrative opportunities for manufacturers of recycled marine plastics during the forecast period. Collecting marine plastic litter is a complex process. Collecting floating plastic from oceans and oceans requires a high tech equipment setup. Therefore, various challenges related to waste collection and treatment hinder the growth of the recycled marine plastics market.
By resin type, the global recycled marine plastic market is segmented into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The polyethylene terephthalate segment held the largest market share in 2021.
Polyethylene terephthalate is the most widely used plastic because it is clear, strong, lightweight, and 100% recyclable. Polyethylene terephthalate bottles recovered from the ocean are used for recycling purposes.
Due to the increasing demand for packaged food and beverages, polyethylene terephthalate is used in food packaging and bottling applications. Government initiatives and heavy financial investment in plastic recycling have increased the demand for recycled polyethylene terephthalate.
In 2021, Asia-Pacific accounted for the largest revenue share of the global recycled marine plastics market. The regional market is segmented by country into Australia, China, India, Japan, South Korea, and Rest of Asia Pacific.
The footwear, packaging and construction industries are developing rapidly as the region’s population grows. The presence of established footwear manufacturing, apparel manufacturing and packaging companies in the region has significantly increased the demand for recycled ocean plastics.
There are many possibilities for the construction business in the countries of the Asia-Pacific region. Construction is an essential industry that contributes significantly to the economic growth of the region.
Increasing urbanization has increased residential construction activity. Recycled ocean plastics are used in the construction industry. It is used for building roads, designing facades, designing roofs, and as a material for doors and windows. Widespread use of recycled marine plastics in the construction industry is further fueling the growth of the recycled marine plastics market in the region. Additionally, local manufacturers produce eco-friendly products to reduce their carbon footprint. For example, Covestro, Huafeng and Cyclone jointly developed a solution for the sustainable production of high-quality sports shoes. Such developments will drive market growth.
Aquafil SpA; Bionic; Tide Ocean SA; Oceanworks; Textile Santanderina; Ocean Yarn; Waste2Wear; Unifi Corporation; and SABIC are he among the players operating in the recycled ocean plastics market. These companies invest heavily in R&D to develop innovative products that meet emerging consumer demands. Market players operating in the recycled ocean plastics market focus on providing quality products to meet customer demand.
The overall global recycled marine plastics market size has been derived using both primary and secondary sources. To initiate the research process, a thorough secondary research was conducted using internal and external sources to obtain qualitative and quantitative information relevant to the market.
Also, multiple key interviews were conducted with industry insiders to validate the data and gain more analytical insights on the topic. Participants in this process include industry experts such as vice presidents, business development managers, market intelligence managers, domestic sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders to help recycle specializes in the global marine plastics market.
Read the full report: https://www.reportlinker.com/p06363001/?utm_source=GNW
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