Recycled Plastic Granules are small organic polymer particles derived from plastic wastes such as bottles, containers, films, and other forms of packaging through an extrusion process. Recycled Plastic Granules find wide application as a sustainable alternative to virgin plastic granules in the production of plastic products such as packaging films, containers, construction materials, fiberfill, outdoor furniture, and automotive parts. The recycled plastic granule helps reduce dependency on landfills and virgin plastic extraction from crude oil. It also minimizes plastic pollution and greenhouse gas emissions.
The global Recycled Plastic Granules market is estimated to be valued at US$ 3.65 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for meeting growing plastic consumption needs sustainably lies with Recycled Plastic Granules. Plastic production and consumption have been rising exponentially over the past few decades owing to its versatile properties and widespread application across various end-use industries. However, most of this plastic ends up in landfills or oceans polluting the environment. Recycled Plastic Granules help curb this plastic pollution by providing an alternative sustainable raw material to industries. It also eases dependency on crude oil thereby supporting the transition to a circular economy. With stringent regulations against single-use plastic and landfilling, demand for Recycled Plastic Granules from packaging and construction industries is expected to increase significantly in the coming years.
Porter's Analysis
Threat of new entrants: Low capital requirements and availability of raw materials lower barriers to entry, however established players' brand recognition and economies of scale serve as entry barriers.
Bargaining power of buyers: Large buyers such as plastic product manufacturers have significant bargaining power due to the fragmented nature of suppliers.
Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitutes and dependence of recyclers on consistent supply of waste plastic.
Threat of new substitutes: Alternate recycled plastics and virgin plastics pose a moderate threat of substitution.
Competitive rivalry: Intense due to many small players battling for market share.
SWOT Analysis
Strengths: Environment friendly nature and significant cost savings compared to virgin plastics. Demand driven by regulations against single use plastics.
Weaknesses: Quality and consistency issues due to heterogeneous waste feed. Limited applications due to quality concerns.
Opportunities: Growth in circular economy and rising adoption in construction and automotive sectors.
Threats: Disruption in waste plastic supply due to lockdowns and restrictions. Price volatility of raw materials.
Key Takeaways
The global Recycled Plastic Granules market is expected to witness high growth over the forecast period of 2024 to 2030. Global Recycled Plastic Granules Market Size for 2024 is estimated to be US$ 3.65 Mn.
The Asia Pacific region dominates the global Recycled Plastic Granules market currently and is expected to maintain its lead over the forecast period as well. Countries like China, India, Indonesia, and Japan are major contributors to market growth due to rising focus on sustainability and waste management.
Key players operating in the Recycled Plastic Granules market are Roche, Teva Pharmaceutical Industries Ltd., Sun Pharmaceutical Industries Ltd., Hikma Pharmaceuticals PLC, Dr. Reddy's Laboratories Ltd., Aurobindo Pharma Ltd., Mylan N.V., Apotex Inc., Sandoz AG, Accord Healthcare Ltd. Roche leads the market currently with its wide portfolio of generic drugs. Other key players are focusing on expanding their manufacturing facilities and product portfolios through acquisitions and partnerships to gain market share.
Get More Insights on this Topic - https://www.trendingwebwire.com/recycled-plastic-granules-market-value-analysis-and-insights/