Plastic pollution is one of the major concerns due to its adverse impact on living organisms. Every year, tons of plastic waste is dumped into oceans and waterways, which hampers the marine ecosystem. Hence, manufacturers are significantly focusing on recycling ocean plastic waste and producing useful products such as footwear, bags, luggage, wallets, and clothes from these plastics.
In 2021, Asia Pacific held the largest revenue share of the global recycled ocean plastics market. The market in Asia Pacific is segmented into India, China, Australia, Japan, South Korea, and Rest of Asia Pacific. The recycled ocean plastics market growth in the region is driven by the rapidly expanding fashion industry, increasing population, and rising consumer awareness about sustainable solutions across the region. China and India are among the countries with the fastest-growing population. Owing to the growing population, the footwear, packaging, and construction industries are developing rapidly in the region. The growing initiatives by the regional manufacturers to reduce carbon footprint by producing eco-friendly products also fuel the recycled ocean plastics market growth in the region.
The rising requirement for sustainable and environment-friendly materials from the footwear, apparel, packaging, and construction industries was driving the demand for recycled ocean plastic before the onset of the COVID-19 pandemic crisis. However, in 2020, the governments of various countries imposed lockdowns to control the spread of SARS-CoV-2 infection, which halted the operations of plastic recycling units, causing a shortage of recycled ocean plastics. According to a report published by GA Circular, 80% of the recycling units in India, Vietnam, and the Philippines were closed during the initial months of 2020, which caused a significant shortage of recycled plastics. This had an adverse impact on the recycled ocean plastics market growth.
In 2021, many economies revived their operations. The governments of various countries relaxed the previously imposed restrictions and permitted manufacturers to operate at full capacity. This factor had a positive impact on plastic recycling activities. Many governments and NGOs are building robust waste management infrastructure to support the circular economy and minimize the threat of plastic waste on marine ecosystems. This factor would drive the demand for recycled ocean plastics during the forecast period.
Plastic pollution is a pressing global challenge due to the significant threat it poses to living organisms. According to the statistics provided by Ocean Literacy Portal by United Nations Educational, Scientific and Cultural Organization; plastic waste accounts for ~80% of the total marine pollution, and ~8–10 million metric tons (MMT) of plastic ends up in the ocean every year. Moreover, the volume of microplastics in the oceans is expected to surge significantly in the future. Nevertheless, the awareness regarding plastic pollution in oceans has increased in many countries, and governments and regulatory bodies are taking initiatives to recycle these plastics. Many companies are launching innovative and attractive products, such as footwear, handbags and wallets, sunglasses, and apparel, using recycled ocean plastics to achieve their sustainability goals and reduce their overall environmental footprints. All these mentioned factors drive the recycled ocean plastics market growth.
Based on resin type, the global recycled ocean plastics market is segmented into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The polyethylene terephthalate segment held the largest share in the market in 2021. The ease of extracting polyethylene terephthalate (PET) from oceans and waterways due to its heavier weight and ability to retain its shape is bolster the market growth in the segemnt. Moreover, rising demand for recycled ocean PET for bags & luggage and footwear applications is also driving the market growth in the region.
Based on application, the global recycled ocean plastics market is segmented into footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held the largest market share in 2021. Increasing apparel demand from the fashion industry and the growing global population are expected to drive the need for recycled ocean plastic in the textile industry in the coming years.
Aquafil S.p.A.; BIONIC; Tide Ocean SA; Oceanworks; Textil Santanderina; Envision Plastics; OceanYarn; Waste2Wear; Unifi, Inc.; and SABIC are among the players operating in the recycled ocean plastics market. These companies are making significant investments in R&D to develop innovative products to address emerging consumer requirements. Market players focus on providing high-quality products to meet the customer demand.
The regional trends and factors influencing the Recycled Ocean Plastics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Recycled Ocean Plastics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 14.43 Billion |
| Market Size by 2028 | US$ 23.58 Billion |
| Global CAGR (2022 - 2028) | 8.5% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Resin Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Recycled Ocean Plastics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Recycled Ocean Plastics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Global recycled ocean plastics market is segmented by resin type into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. By Application, the market is segmented into footwear, bags & luggage, apparel, construction materials, and others.
Asia Pacific is estimated to register the fastest CAGR in the global recycled ocean plastics market over the forecast period. Many APAC countries, such as China and India, are the world's fastest-growing populations. With a growing population, apparel, footwear, bags and luggage, construction material, and others are growing rapidly in APAC. The apparel industry is expanding in the APAC region because of growing population. The presence of established sectors, such as footwear and construction, in nations such as China, India, Japan, and South Korea has increased the demand for recycled ocean plastics in the region.
The apparel segment held the largest share of the market in 2022. The apparel sector has been experiencing robust growth due to lifestyle changes, growing urban population, and shift in consumer preferences. These factors drive the demand for recycled ocean plastic in the apparel industry. Furthermore, growing trend of recycled fashion, and the ability of plastic to be recycled is boosting the market growth in the apparel industry.
The footwear segment held the largest market share. Footwear is the most recycled post-consumer plastics. Use of recycled ocean plastic in shoe making can help reduce plastic waste and make footwear sustainable. Ethical footwear brands are taking initiatives against plastic waste by creating shoes made from recycled ocean plastic.
The polyethylene terephthalate segment held the largest market share. It is a polymer created by combining two monomers: modified ethylene glycol and purified terephthalic acid. Polyethylene terephthalate is the most widely used plastic; it is clear, strong, lightweight, and 100% recyclable. Polyethylene recycled plastics can be identified by recycling code#1; as they have a short lifespan, it is easy to recycle them.
The major players operating in the global recycled ocean plastics market are Aquafil S.p.A.; BIONIC; Tide Ocean SA; Oceanworks; Textil Santanderina; Envision Plastics; OceanYarn; Waste2Wear; Unifi, Inc.; and SABIC.
In 2022, Asia Pacific held the largest share of the global recycled ocean plastics market. The rise in the number of textile industries would cater the demand of recycled ocean plastics in the region. The region is also flourishing owing to presence of manufacturing facilities and cheap labor.