Report : Europe 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 8.4% CAGR, the Europe Recycled Ocean Plastics Market is speculated to be worth US$ 5,179.36 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe recycled ocean plastics market was valued at US$ 3,186.76 million in 2022 and is expected to reach US$ 5,179.36 million by 2028, registering a CAGR of 8.4% from 2022 to 2028. Favorable initiatives from governments and nonprofit organizations and increasing launch of products made from recycled ocean plastics are the critical factors attributed to the Europe recycled ocean plastics market expansion.
Many governments and nonprofit organizations are taking initiatives to scale up the recycling of plastic waste that ends up in oceans and landfills. These initiatives are meant to promote environmental sustainability and minimize the overall carbon footprints. For instance, The Ocean Cleanup, a nonprofit foundation based in the Netherlands, is engaged in the development and scaling of technologies to collect and recycle ocean-bound plastics. The organization uses computational modeling to recognize plastic hotspots in the oceans and place its clean-up systems near these areas to collect the plastic trash. The collected plastic waste is transferred to a recycling unit, and the recycled plastic resins are used to manufacture durable products. The Ocean Cleanup aims to remove 90% of the floating ocean plastics by 2040 and produce valuable and useful products from it. Further, governments are implementing favorable regulations that promote the use of products made from recycled ocean plastics. So, government policies is expected to drive the Europe recycled ocean plastics market expansion.
On the contrary, challenges associated with waste collection and processing hurdles the growth of Europe recycled ocean plastics market.
Based on resin type, the Europe 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 44.4% market share in 2022, amassing US$ 1,415.57 million. It is projected to garner US$ 2,311.44 million by 2028 to expand at 8.5% CAGR during 2022–2028.
Based on application, the Europe recycled ocean plastics market is segmented into the footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held 46.7% market share in 2022, amassing US$ 1,489.11 million. It is projected to garner US$ 2,441.75 million by 2028 to expand at 8.6% CAGR during 2022–2028.
Based on country, the Europe recycled ocean plastics market has been categorized into the UK, Germany, France, Italy, Russia, and rest of Europe. Our regional analysis states that the Rest of Europe captured 27.5% market share in 2022. It was assessed at US$ 546.92 million in 2022 and is likely to hit US$ 824.92 million by 2028, exhibiting a CAGR of 7.1% during the forecast period.
Key players dominating the Europe recycled ocean plastics market are Aquafil S.p.A.; Oceanworks; OceanYarn; 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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