Report : Asia-Pacific Recycled Ocean Plastics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Resin Type [Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), and Others] and Application (Footwear, Bags & Luggage, Apparel, Construction Materials, and Others)
At 9.2% CAGR, the Asia pacific Recycled Ocean Plastics Market is speculated to be worth US$ 12,144.16 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific recycled ocean plastics market was valued at US$ 7,164.44 million in 2022 and is expected to reach US$ 12,144.16 million by 2028, registering a CAGR of 9.2% from 2022 to 2028. Emerging applications of recycled ocean plastics in food packaging and growing trend of sustainable clothing are the critical factors attributed to the Asia-Pacific recycled ocean plastics market expansion.
Packaging plays a critical role in ensuring food safety. Food packaging material acts as a barrier against oxygen, moisture, bacteria, and pathogens, protecting the contamination of food. The food packaging industry presents lucrative opportunities for recycled ocean plastic companies owing to increasing concerns related to environmental sustainability and plastic waste. Earlier, there were quality and safety concerns related to the use of recycled ocean plastics in food packaging as these materials contain toxic chemicals that can deteriorate food quality after coming in direct contact. However, harnessing technological advancements, manufacturers of recycled ocean plastics have begun offering food-grade ocean plastic materials in recent years. Oceanworks, one of the prominent manufacturers of recycled ocean plastics, offers food-grade recycled ocean plastic resins such as polyethylene terephthalate (PET), high-density polyethylene (HDPE), and polypropylene (PP). Thus, recycled ocean plastics are witnessing strong demand from the food packaging industry, which offers lucrative opportunities to the manufacturers, thereby driving the Asia-Pacific recycled ocean plastics market.
On the contrary, challenges associated with waste collection and processing hurdles the growth of Asia-Pacific recycled ocean plastics market.
Based on resin type, the Asia-Pacific recycled ocean plastics market is segmented into the polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The polyethylene terephthalate (PET) segment held 43.8% market share in 2022, amassing US$ 3,134.73 million. It is projected to garner US$ 5,331.86 million by 2028 to expand at 9.3% CAGR during 2022–2028.
Based on application, the Asia-Pacific recycled ocean plastics market is segmented into the footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held 45.0% market share in 2022, amassing US$ 3,224.34 million. It is projected to garner US$ 5,492.59 million by 2028 to expand at 9.3% CAGR during 2022–2028.
Based on country, the Asia-Pacific recycled ocean plastics market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Our regional analysis states that China captured 46.0% market share in 2022. It was assessed at US$ 3,292.88 million in 2022 and is likely to hit US$ 5,849.45 million by 2028, exhibiting a CAGR of 10.0% during the forecast period.
Key players dominating the Asia-Pacific recycled ocean plastics market are Aquafil S.p.A.; BIONIC; Oceanworks; SABIC; Textil Santanderina; Tide Ocean SA; Unifi, Inc.; and Waste2Wear, among others.
- In Sep 2021, SABIC and Microsoft Corporation have collaborated to create Microsoft’s first consumer electronic product – The Microsoft Ocean Plastic Mouse – with an exterior shell containing 20% recycled ocean plastic.
- In May 2022, SABIC introduced LNP ELCRIN WF0061BiQ resin, a novel material that uses ocean-bound polyethylene terephthalate (PET) bottles as a feed stream.
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