Recycled Ocean Plastics Market size was over USD 1.87 billion in 2024 and is poised to exceed USD 4.79 billion by 2037, witnessing over 7.5% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of recycled ocean plastics is evaluated at USD 1.99 billion.
This is attributed to the growing usage of plastics in the recent times coupled with the stringent government rules to regulate such waste.
Growth Drivers
Challenges
The market is segmented by source, resin type, and by end-user out of which the end-user segment is further categorized into consumer products, building & construction products, packaging, automotive, healthcare, textiles, and others. The packaging segment is anticipated to hold the largest market share in the global recycled ocean plastics market over the forecast period owing to rapid industrialization and increasing use of plastics to protect the product from harsh conditions.
On the basis of resin type, the market is segmented into polyethylene terephthalate, high-density polyethylene, low-density polyethylene, polypropylene, polystyrene, polyvinyl chloride, polycarbonate, polyurethane, and others. Presently, polyethylene terephthalate accounts for the majority of the market share and it will continue to hold a large share in the global recycled ocean plastic market during the forecast period owing to its extensive use in the manufacturing of shoes, containers, luggage, and automobile parts, among others.
On the other hand, based on the source, plastic bottles are projected to lead the global recycled ocean plastic market during the forecast period. This is attributed to its intensive applications in industries such as storing carbonated drinks, medicines, oils, and others.
Our in-depth analysis of the global market includes the following segments
By Source |
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By Resin Type |
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By End-User |
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On the basis of regional analysis, the recycled ocean plastics market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, and Middle East & Africa, North America industry is poised to hold largest revenue share by 2037, on account of increasing demand for recycled plastics coupled with the presence of leading companies converting waste materials into innovative products. The North American market is followed by Europe, Asia Pacific, Latin America, and the Middle East and African market. This is attributed to various initiatives undertaken by the government and other organizations in these regions to recycle and reuse the ocean plastic waste. Half of the world’s plastics are manufactured in China which contributes to around 29% thereby leveraging the need to recycle plastic waste, boosting the growth of the global recycled ocean plastic market.
October 2020–Suez announced that it has won several contracts in China and Philippines regarding treatment of municipal and industrial wastewater. The contracts won were valued for more than EUR 90 million.
Author Credits: Rajrani Baghel
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