Asia-Pacific Recycled Ocean Plastics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Resin Type [Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), and Others] and Application (Footwear, Bags &

Asia-Pacific Recycled Ocean Plastics Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Resin Type [Polyethylene Terephthalate (PET), Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), and Others] and Application (Footwear, Bags & Luggage, Apparel, Construction Materials, and Others)

The APAC recycled ocean plastics market is expected to grow from US$ 7,164.44 million in 2022 to US$ 12,144.16 million by 2028. It is estimated to grow at a CAGR of 9.2% from 2022 to 2028.

Rising Trend of Sustainable Clothing is Driving the APAC Recycled Ocean Plastics Market

Sustainability is increasingly gaining ground across the fashion industry with many clothing brands taking conscious decisions to produce apparel using processes that have a minimum environmental impact. According to The Ellen MacArthur Foundation, 55% of clothes are made of virgin polyester and other polymers. Virgin polymers are derived from fossil fuels, which contribute to significant greenhouse gas emissions. Therefore, apparel manufacturers are increasingly switching from virgin polymers to recycled materials to reduce their overall environmental footprint in line with their corporate social responsibility (CSR) goals, thereby encouraging a significant social change. Clothing brands are using recycled ocean plastics to design sustainable clothing, which is helping the brands to boost their revenues and enhance their brand image. For instance, Fair Harbor offers men’s and women’s clothes made using plastic bottles collected and recycled from waterways. Thus, the rising trend of sustainable clothing is expected to drive the APAC recycled ocean plastics market .

APAC Recycled Ocean Plastics Market Overview

The demand for recycled ocean plastic in APAC is expected to grow significantly during the studied forecast period. China and India are among the world's fastest-growing populations. With a growing population, the footwear, packaging, and construction industries are developing rapidly in APAC. The recycled ocean plastics market in APAC has witnessed notable growth in the footwear & apparel industry, owing to the rapidly expanding fashion industry, increasing population, and rising consumer awareness about sustainable packaging solutions across the region. The growing initiatives taken by the regional manufacturers in reducing carbon footprint by producing eco-friendly products is also a key driving factor. For instance, Covestro, Huafeng, and Cyclone have jointly developed a solution to produce high-quality sports shoes sustainably. Most of the countries in APAC are in the developing phase, and the construction business in these countries has a lot of potential. Construction is an essential industry that contributes significantly to a country's economic progress. The rise in urbanization has led to increased construction activities for residential purposes. Recycled ocean plastics are used in the construction industry for developing roads, in architecture such as in facade designing, as a material for doors and windows, roof designing, etc. The significant contribution of recycled ocean plastics in footwear, apparel, and construction industries is fueling the APAC recycled ocean plastics market.

APAC Recycled Ocean Plastics Market Revenue and Forecast to 2028 (US$ Million)

APAC Recycled Ocean Plastics Market Segmentation

The APAC recycled ocean plastics market is segmented based on resin type, application, and country.

Based on resin type, the APAC recycled ocean plastics market is segmented into the polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The polyethylene terephthalate (PET) segment held the largest share of the market in 2022.

Based on application, the APAC recycled ocean plastics market is segmented into the footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held the largest share of the market in 2022.

Based on country, the APAC recycled ocean plastics market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. Our regional analysis states that China dominated the market share in 2022.

Aquafil S.p.A.; BIONIC; Oceanworks; SABIC; Textil Santanderina; Tide Ocean SA; Unifi, Inc.; and Waste2Wear are the leading companies operating in the APAC recycled ocean plastics market.

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