RECYCLED PLASTIC GRANULES MARKET ANALYSIS

Regional Analysis

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Regional Analysis:

Dominating Region: Asia Pacific

The Asia Pacific region is expected to command the largest share of the market, with a projected 45.3% of the market share in 2024. This dominance is driven by strong government policies that promote sustainability and waste reduction. Additionally, the region benefits from a significant presence of major recycling companies and a well-established infrastructure for waste collection and sorting, creating an ideal environment for large-scale plastic recycling.

Fastest-Growing Region: Europe

Europe exhibits the fastest growth, driven by a rapidly expanding plastic manufacturing industry alongside rising environmental consciousness. Countries like the U.K. and Germany are aggressively focusing on developing domestic recycling capabilities to meet the growing need for recycled feedstock.

Recycled Plastic Granules Market Outlook for Key Countries

Sustainable Packaging Demand and Government Initiatives in the U.S.

The U.S. leads the global recycled plastic granules market, driven by the increasing demand for sustainable packaging solutions. In December 2023, Coca-Cola announced the launch of a fully-recycled PET bottle, reinforcing the trend toward circular economies. The U.S. government has also prioritized plastic waste management through initiatives like the “Save Our Seas 2.0” plan, aiming to reduce plastic waste and increase recycling efforts.

Germany Dominates the Europe Recycled Plastic Granules Market with Strict Recycling Laws and Technological Innovation

Germany remains a dominant player in the Europe recycled plastic granules market due to stringent recycling laws and technological advancements in waste processing. For instance, according to European Parliament report in June 2024, the total plastic waste produced in the EU in 2021 was 16,13 million tons. Around 6,56 million tons of plastic waste were recycled. In September 2023, BASF announced an investment in advanced recycling technology to boost the use of recycled plastics in production.

China Drives the Asia Pacific Recycled Plastic Granules Market Growth with Strong Government Support and New Policies

China is a key driver in the Asia Pacific recycled plastic granules market, with strong governmental support for recycling initiatives. In March 2023, the Chinese government introduced a new policy mandating that plastic packaging be made from at least 50% recycled materials by 2025. This is expected to significantly boost the demand for recycled plastic granules.

Government Investments in Recycling Infrastructure in India Drives Market Growth

The India recycled plastic granules market is growing rapidly, driven by a rising focus on sustainability and plastic waste management. In 2024, the Indian government allocated US$ 59 million to improve plastic waste recycling infrastructure as part of the Swachh Bharat Mission. This initiative is expected to significantly enhance recycling capacity and demand for recycled granules.

Japan Boosts the Recycled Plastic Granules Market Growth with Innovation and Government Support for Circular Economy Initiatives

Japan is a leading market for recycled plastic granules due to its innovative recycling technologies. The Japanese government has implemented a policy requiring all plastic packaging to be recyclable by 2025. In February 2024, Mitsubishi Chemical announced a collaboration with Tokio Marine & Nichido and ABT, a recycling firm, to produce high-quality recycled plastic pellets for use in automotive manufacturing.