RECYCLED PLASTIC GRANULES MARKET ANALYSIS

Recycled Plastic Granules MarketSize and Trends

The global recycled plastic granules market is expected to reach US$ 3.96 Billion by the end of 2030, in terms of revenue, exhibiting a CAGR of 3.3% during the forecast period (2022 to 2030).

Among regions, Asia Pacific held a dominant position in the global recycled plastic granules market in 2021, accounting for 44.87% market share, in terms of revenue, followed by Europe and North America.

Figure 1. Global Recycled Plastic Granules Market Revenue Share (%), By Region, 2021

Market Trend

Several regulations imposed by governments and regulatory bodies in North America and Europe are encouraging the adoption of recycled products. For instance, the European Union has set a target of recycling 50% of plastic packaging by 2025 and 55% by 2030. Additionally, the Design-for-Recycling Work Plan intends to guarantee that a substantial amount of plastic waste is indeed recyclable and can be incorporated as recyclates into goods for the EU market. Design-for-Recycling is a key aspect in ensuring the circular transition for plastic and plastic packaging.

Further, countries including the U.S., Canada, India, Brazil, Germany, etc. are promoting the recycling of plastic. For instance, the Extended Producer Responsibility (EPR) regulations draught notification was provided by the Ministry of Environment, Forest and Climate Change (MoEFCC) on October 6, 2021, in accordance with the Plastic Waste Management Rules, 2016. Producer, Importer, and Brand Owners or PIBOs are required by this draught to report the government via a centralized website of the amount of plastic they create or recycle yearly. Such initiatives from governments and regulatory bodies are driving the trend of recyclable plastic product, which in turn is propelling the demand for recycled plastic granules.

Figure 2. Global Recycled Plastic Granules Market Revenue Share (%), By Type, 2021