Report : South 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 6.0% CAGR, the South America Recycled Ocean Plastics Market is speculated to be worth US$ 893.30 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South America recycled ocean plastics market was valued at US$ 629.75 million in 2022 and is expected to reach US$ 893.30 million by 2028, registering a CAGR of 6.0% from 2022 to 2028. Growing trend of sustainable clothing and emerging applications of recycled ocean plastics in food packaging are the critical factors attributed to the South America recycled ocean plastics market expansion.
Sustainability is increasingly gaining ground across the fashion industry with many clothing brands taking conscious decisions to produce apparel using processes that have a minimum environmental impact. According to The Ellen MacArthur Foundation, 55% of clothes are made of virgin polyester and other polymers. Virgin polymers are derived from fossil fuels, which contribute to significant greenhouse gas emissions. Therefore, apparel manufacturers are increasingly switching from virgin polymers to recycled materials to reduce their overall environmental footprint in line with their corporate social responsibility (CSR) goals, thereby encouraging a significant social change. Clothing brands are using recycled ocean plastics to design sustainable clothing, which is helping the brands to boost their revenues and enhance their brand image. For instance, Fair Harbor offers men’s and women’s clothes made using plastic bottles collected and recycled from waterways. Thus, the rising trend of sustainable clothing is expected to drive the South America recycled ocean plastics market.
On the contrary, challenges associated with waste collection and processing hurdles the growth of South America recycled ocean plastics market.
Based on resin type, the South 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 45.0% market share in 2022, amassing US$ 283.11 million. It is projected to garner US$ 402.09 million by 2028 to expand at 6.0% CAGR during 2022–2028.
Based on application, the South America recycled ocean plastics market is segmented into the footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held 43.2% market share in 2022, amassing US$ 272.13 million. It is projected to garner US$ 389.05 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on country, the South America recycled ocean plastics market has been categorized into Brazil, Argentina, and the Rest of South America. Our regional analysis states that Brazil captured 47.0% market share in 2022. It was assessed at US$ 296.15 million in 2022 and is likely to hit US$ 438.58 million by 2028, exhibiting a CAGR of 6.8% during the forecast period.
Key players dominating the South America recycled ocean plastics market are Aquafil S.p.A.; BIONIC; Oceanworks; SABIC; Textil Santanderina; 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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