Recycled Plastic Granules Market, by Type (PP Granules, PE Granules, HDPE Granules, LDPE Granules, Polycarbonate Granules, Polystyrene Granules, and Others (ABS Plastic Granules, etc.)), by Application (Automotive, Consumer Products, Textile, and Others) and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030
Recycled plastic granules are granules produced through the recycling of plastic waste generated during the production of various goods. These are the most typical thermoplastic material distribution forms that producers of raw plastic materials use. They are used as the replacement of fine aggregate and thus reduces the dead load of the structure. Recycled plastic granules come in a variety of colors including white, blue, black, sea green, and others.
Market Dynamics
The quickly growing plastic waste processing market has shown that processing waste plastic can be started with less investment and provide benefits quickly. The recent expansion of the reprocessed plastic granules industry has been aided by the wide availability of raw materials, the high demand for finished products (reprocessed plastic granules), the stable price of the product, the high return on investment, and government incentives for business establishment.
Governments around the world are helping plastic recycling manufacturers by offering incentives to influence recycling. Waste management activities can be managed with the help of financial incentives which are designed to persuade household and waste producers to reuse & recycle more. Such financial incentives are expected to increase the rate of recycling in Europe from 22.5% to 55% by 2025.
On November 16, 2020, the EPD (Environmental Protection Department) of Hong Kong established the GREEN$ (Greeny Coins) smart card. The aim behind this initiative was to encourage people to utilize community recycling facilities, earn GREEN$, and trade them for gift items. Thus, such initiatives are expected to foster the growth of plastic recycling, which in turn is expected to propel the demand for recycled plastic granules.
Further, fluctuating prices of crude oil owing to supply and demand variations are likely to foster the demand for recycled plastic granules. Elevation in oil prices might mean higher prices on products derived from petroleum. This is likely to hamper the virgin plastic granules prices and its demand, which in turn is expected to increase the demand for recycled plastic granules.
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