Report : North America 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 8.0% CAGR, the North America Recycled Ocean Plastics Market is speculated to be worth US$ 4,029.99 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America recycled ocean plastics market was valued at US$ 2,546.14 million in 2022 and is expected to reach US$ 4,029.99 million by 2028, registering a CAGR of 8.0% from 2022 to 2028. Increasing launch of products made from recycled ocean plastics and favorable initiatives from governments and nonprofit organizations are the critical factors attributed to the North America recycled ocean plastics market expansion.
Plastic pollution is a pressing challenge due to the significant threat it poses to living organisms. According to the statistics provided by Ocean Literacy Portal by United Nations Educational, Scientific and Cultural Organization; plastic waste accounts for ~80% of the total marine pollution. Moreover, these plastics get converted into microplastics, as they do not decompose. The volume of microplastics in the oceans is expected to surge significantly in the future. Nevertheless, the awareness regarding plastic pollution in oceans has increased in many countries, and governments and regulatory bodies are taking initiatives to recycle these plastics. Many companies are launching innovative and attractive products, such as footwear, handbags and wallets, sunglasses, and apparel, using recycled ocean plastics to achieve their sustainability goals and reduce their overall environmental footprints. Patagonic Inc. offers jackets made from 100% recycled nylon yarns obtained from discarded fishing nets. Similarly, Adidas has collaborated with Parley for the Oceans to design sneakers made with yarns obtained from recycled ocean plastics. The companies aim to use 100% recycled polyester in their products by 2024. Further, Microsoft, one of the leading technology companies, offers computer mice made from recycled ocean plastics. The shell of these mice contains 20% recycled ocean plastics, which marks a small initiative of the company toward its sustainability journey. Thus, many such companies are using recycled ocean plastics in their products to reduce their overall environmental plastic footprints, in line with the rising popularity of sustainable products. This is driving the growth of the North America recycled ocean plastics market.
On the contrary, challenges associated with waste collection and processing hurdles the growth of North America recycled ocean plastics market.
Based on resin type, the North America 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 46.2% market share in 2022, amassing US$ 1,177.24 million. It is projected to garner US$ 1,870.65 million by 2028 to expand at 8.0% CAGR during 2022–2028.
Based on application, the North America recycled ocean plastics market is segmented into the footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held 48.1% market share in 2022, amassing US$ 1,224.38 million. It is projected to garner US$ 1,966.65 million by 2028 to expand at 8.2% CAGR during 2022–2028.
Based on country, the North America recycled ocean plastics market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 83.8% market share in 2022. It was assessed at US$ 2,133.69 million in 2022 and is likely to hit US$ 3,396.63 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the North America recycled ocean plastics market are Aquafil S.p.A.; BIONIC; Envision Plastics; 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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