by Recycled plastic granules are reusable plastic bits produced from recycling plastic waste such as plastic bags, containers, packaging, consumer goods and other plastic products. Recycled plastic granules help reduce landfill waste and save natural resources by using post-consumer and post-industrial plastic waste. They can be used in the manufacture of new plastic products without compromising on quality.
The global Recycled Plastic Granules Market is estimated to be valued at US$ 3.16 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing awareness about environmental protection and strict government regulations regarding plastic waste disposal have led to a significant increase in recycling of plastic waste in recent years. Manufacturers are using recycled plastic granules as a replacement for virgin plastics in order to reduce their carbon footprint and meet sustainability goals. Recycled plastic granules help lower production costs and energy consumption compared to virgin plastics. The growing trend towards ‘reduce, reuse and recycle’ is expected to drive higher demand for recycled plastic granules over the forecast period.
SWOT Analysis
Strength: Recycled plastic granules are environment friendly and provide cost savings compared to virgin plastics. Using recycled plastic granules helps reduce carbon footprint.
Weakness: Quality control and consistency in composition of recycled plastic granules can be issues. Dependence on waste plastic collection and sorting infrastructure.
Opportunity: Government regulations and policies promoting use of recycled plastics will boost demand. Growing environmental awareness among consumers and industries offers new opportunities.
Threats: Fluctuations in waste plastic supply can impact raw material costs. Low recycling rates in many countries pose challenges.
Key Takeaways
The Global Recycled Plastic Granules Market Size is expected to witness high growth. The global Recycled Plastic Granules Market is estimated to be valued at US$ 3.16 Bn in 2023 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030.
Asia Pacific region dominates the global recycled plastic granules market currently due to high demand from packaging and construction industries in China, India and other countries. Europe is another major regional market driven by stringent regulations regarding use of recycled materials.
Key players operating in the recycled plastic granules market are Roche, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Dr. Reddy’s Laboratories Ltd., Aurobindo Pharma Ltd., Mylan N.V., Apotex Inc., Sandoz AG, Accord Healthcare Ltd. Growth strategies adopted by leading players include capacity expansions, collaborations for technology development and new product launches.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
