Recycled Ocean Plastics Market Trends

Growth Drivers

• Using Plastic Waste asa Resource to Propel the Growth of Global Market: It is imperative to note that on account of rapid industrialization and urbanization, the usage of plastic has increased manifolds, the ill effects of which are gradually emerging in the form of marine and land pollution. There are many companies that are providing a ray of hope in reducing the appalling effect of plastic wastes and thereby driving the growth of the global market. These companies aim at recycling plastic and manufacturing commercial products which can be used by people in their daily lives. Some of the noteworthy companies/ brands such as Norton Point and Unifi are involved in making sunglasses by recycling ocean plastic, thereby generating employment, and contributing to sustainable living. Similarly, Adidas and Parley, the renowned companies have collaborated to create fancy yet functional sneakers from the ocean plastic.
• Rising Awareness and Government Policies to Further Boost the Growth of the Global Market: One of the major factors contributing to marine litter is the accumulation of plastic wastes. Nearly 80 percent of ocean pollutants are derived from land-based sources, while the remaining 20 percent come from marine sources.
  
  In order to minimize ocean plastic waste, several developed and developing nations have implemented numerous recycling programs. As a result, governments in various countries are adopting new policies and legislation to regulate the production of such waste, promote the re-use and recycling of plastic waste and thereby facilitating the growth of the global recycled ocean plastics market

Challenges

• Growing Concern Over Ocean Plastics And Stringent Government Rules To Hinder The Growth Of Global Market: As per environment experts, it has been predicted that by 2050 the production of plastic will increase by 3 times in comparison to the current plastic production. Since the majority of the plastic produced is not recycled, it ends up clogging the land and seabed. In recent times, it has been seen that many animals especially marine life are becoming endangered. Many aquatic animals such as whales, turtles, seahorse, and others die as a result of ingestion, entanglement, and choking caused by plastics present in the ocean. Thus, the increasing amount of plastic wastes and the concern to regulate the waste coupled with the high processing cost of such waste are some of the factors expected to restrain the growth of the global recycled ocean plastic market over the forecast period