The global recycled plastic granules market is heavily reliant on plastics manufacturers and product producers that use recycled plastic feedstock for manufacturing applications. Recycled plastic granules are manufactured by breaking down plastic waste such as packaging materials, bottles, bags, films etc. into uniform-sized chunks or pellets. This helps other industries to easily use recycled plastic as a raw material for producing a wide range of plastic products in a cost-effective manner. Recycled plastic granules are gaining widespread acceptance as they provide an environmentally sustainable solution to the plastic waste problem and reduce reliance on virgin plastic feedstock.
The global recycled plastic granules market is estimated to be valued at US$ 3.16 Bn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key Trends:
One of the major trends driving growth in the recycled plastic granules market is the widespread implementation of stringent environmental regulations around the world to curb plastic pollution and boost recycling rates. Various countries have either banned or levied heavy taxes on virgin plastics while providing incentives for use of recycled plastic content in products. This is significantly boosting demand for recycled plastic granules from packaging, construction, automotive and other manufacturing industries. Furthermore, growing consumer preference for sustainable products combined with initiatives by leading brands to increase use of post-consumer recycled resins in their product portfolio is expected to contribute to market expansion over the forecast period.
Threat of new entrants: The threat of new entrants is low in the recycled plastic granules market due to high capital requirements and established distribution channels of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and undifferentiated products. Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have limited presence.
Threat of new substitutes: The threat of substitutes is moderate as virgin plastics and other recyclable materials pose a potential threat.
Competitive rivalry: The competitive rivalry is high due to the presence of numerous global and regional players competing on pricing and product differentiation.
The global Recycled Plastic Granules Market Growth is expected to witness high growth. The market size for 2024 is US$ 3.16 Bn, indicating increasing demand for recycled plastic products.
Asia Pacific dominates the global market and is expected to grow at the fastest rate during the forecast period owing to strong growth in plastic recycling in China, India, and other South Asian countries. Europe and North America are also major markets with stringent regulations regarding plastic waste recycling.
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. The players are focused on expanding their production facilities and product portfolio to strengthen their market share.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it