Market Synopsis
According to the MRFR analysis, the global Ocean Bound Plastics registered a CAGR of 3.50%.
Ocean Bound Plastics (OBPs) are plastic wastes of all sizes that have been abandoned in the ocean (microplastics, mezzoplastics, and macroplastics) and are 50 kilometers or less from the coast in areas with no or very ineffective waste management. These plastics are very likely to end up in marine ecosystems, where they will enter the food chain and endanger aquatic and terrestrial species' health.
The negative environmental impact of plastics disposal is driving the Ocean Bound Plastics market. Environmental issues have arisen as a result of the massive amount of waste produced by the widespread demand for plastics. The oceans received an estimated 25 million tons of plastic waste from these coastal regions. All coastal countries contribute to these figures, but the top five account for 54.5 percent of marine plastics, with China accounting for more than a quarter of the global total. As a result, there is an increasing demand for ocean-bound plastics. Furthermore, establishing organized recycling channels is likely to provide a diverse range of market growth opportunities. However, poor and inconsistent bale quality, fluctuating bale prices, and low margins are just a few of the challenges faced by recycling companies.
Covid Analysis
COVID-19 has negatively impacted overall chemical production due to disruptions in the global supply chain. In addition to its terrible effects on people, the outbreak caused businesses to fail, economies to contract, and waves of lockdowns to be implemented worldwide. The effects of the virus were not limited to the petrochemical sector; consumer demand patterns changed, oil prices dropped and then rose, and global supply chains were disrupted. Some pre-COVID issues such as sustainability are resurfacing in the petrochemical industry. Sustainability targets are once again receiving serious attention from the industry. They were initially neglected at the beginning of the outbreak as the demand for single-use plastics for hygiene reasons increased and as some converters chose cheaper, virgin polymers made from fossil fuels over more expensive and scarcer recycled materials. Furthermore, procurement of raw materials was a major impediment, as the lockdown led to restrictions on the waste pickers across coastal lines due to the outbreak of COVID-19.
Further, the closure of several plastics recyclers has resulted in a drop in global consumption. Given the circumstances, many companies have halted production at their facilities worldwide. Some large companies that are still in operation are only operating at 40-60% efficiency. However, these businesses have resumed operations by government regulations. Furthermore, various fiscal and monetary policies imposed by governments and managements around the world to limit the damage caused by COVID -19 are expected to provide some relief.
Competitive Landscape
The global Ocean Bound Plastics market is consolidated, with prominent players accounting for most of the market share. Some of the prominent players in the global Ocean Bound Plastics market include SUEZ, Unifi, Inc., KW Plastics, Method Products, PBC, Veolia, BB Plastics Inc., Oceanworks, Jayplas, and Plastipak Holdings, Inc. Manufacturers seek to gain a competitive advantage over other players by expanding production facilities, acquiring, forming joint ventures, and forming partnerships with key stakeholders. Furthermore, producers are increasingly focusing on strategic alliances with stakeholders, new product development, and capacity expansion to gain the largest share of the global market.
Segmentation
By Resin Type
- This segment is further segmented into polyethylene terephthalate (PET), polyethylene, polypropylene, and others.
- Polyethylene terephthalate (PET) is a type of polymer belonging to the polyester family. It is produced using modified ethylene glycol and purified terephthalic acid. PET is the most widely preferred plastic in the world due to its high strength, thermostability, transparency, low price, lightweight, reseal-ability, shatter resistance, and recyclability. Recyclable PET bottles and containers are labeled with the number '1' inside the universal recycling symbol for easy sorting.
- Polypropylene is a recyclable thermoplastic polymer widely used in many different products. For PP waste, various recycling methods have been used, including land filling, mechanical (including dissolution/reprecipitation), chemical, and incineration. The reuse and recovery rate of recycled PP materials is critical for the plastic industry, which is dependent on oil and has environmental and economic consequences.
- Polyethylene (PE) is a lightweight, durable thermoplastic with a variable crystalline structure. Polyethylene is used in films, tubes, plastic parts, and laminates in several markets such as packaging, automotive, and electrical. PE products have a very low risk of leaching into foods or liquids and are widely used in milk jugs, yogurt tubs, cleaning product containers, body wash bottles and similar products. Recycled PE is made into pens, plastic lumber, plastic fencing, picnic tables, and bottles.
- The others segment consists of polystyrene, polyvinyl chloride, polycarbonate, etc.
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By End User
- This segment is further segmented into packaging, building construction, electronics, automotive, and others.
- During the forecast period, the packaging is estimated to be one of the fastest-growing end-use industries in the recycled plastics market. The packaging market is expanding as a result of increased use of recycled plastics in food and beverage packaging due to technological advancements that have made recycled resins suitable for food applications.
- Plastic recycling helps to conserve energy and landfill space. Every day, recycled plastics are used in new building and construction applications. They can be blended with virgin plastic (plastic that has never been processed) to save money without sacrificing quality. Furthermore, "Green" building designs have recently made their mark on the construction industry, owing to a desire for more energy-efficient homes and commercial buildings.The electronics segment covers using recycled plastics for manufacturing several electronic components such as speakers, computer hardware, electric wirings, and refrigerators.
- Recycled plastics are increasingly being used in automotive applications. Automotive applications include developing sustainable industrial processes that result in increasingly environmentally friendly materials. To support this, key players are adopting numerous ways to use recycled plastic in manufacturing automobiles.
- The other segment comprises medical, furniture, toys, and sports equipment.
By Region
- North America: North America accounted for the largest market share in the global market due to the established plastic industry in the US. The use of advanced technology in the country, which has an impressive recycling rate of 28.4%, is also a key factor driving the market growth.
- Europe: Europe recorded a stagnant growth in the global market owing to the EU's stringent regulations, advanced recycling technologies, and initiatives for plastic waste recycling.
- Asia-Pacific: Asia-Pacific is expected to grow fastest in the market. This is due to population growth, rapid industrialization, economic reforms, and government initiatives for waste recycling. Most importantly, advancements in recycling technology, driven by increasing foreign direct investment (FDI), are expected to drive market growth.
- Latin America: Latin American market is driven by economic reforms in Brazil in support of industrialization. Brazil, Mexico, and Argentina are key contributors to the regional market's growth.
- Middle East Africa: Middle East Africa accounted for the smallest share due to a lack of awareness regarding recycling.
