Recycled Ocean Plastics Market Research Report and Outlook by 2028

The market for recycled ocean plastics was valued at approximately US$ 14,432.91 million in 2022 and is anticipated to grow to US$ 23,579.40 million by 2028, reflecting a compound annual growth rate (CAGR) of 8.5% during the forecast period from 2022 to 2028.

As concerns about plastic pollution escalate due to its detrimental effects on marine life, the issue of plastic waste in oceans and waterways has become increasingly urgent. Each year, vast quantities of plastic waste are released into marine environments, disrupting the delicate balance of marine ecosystems. In response, numerous manufacturers are now dedicated to recycling oceanic plastic waste, transforming it into valuable products such as footwear, bags, luggage, wallets, and clothing. The recycling process yields a variety of plastic resins, including polyethylene, polypropylene, polystyrene, polyvinyl chloride, and polyethylene terephthalate.

The expansion of the recycled ocean plastics market is primarily driven by heightened awareness of environmental sustainability and an increasing demand for recycled materials from sectors such as footwear, apparel, and packaging. Additionally, various governmental and nonprofit organizations are implementing initiatives aimed at enhancing the recycling of plastic waste that accumulates in oceans and landfills. These regulatory measures are further propelling market growth. Moreover, the emergence of new applications for recycled ocean plastics in food packaging presents lucrative opportunities for manufacturers in this sector throughout the forecast period.

However, the collection of marine plastic waste poses significant challenges. The process is complex and requires advanced technological setups to effectively gather floating plastics from the oceans and seas. Consequently, these challenges related to waste collection and processing can hinder the growth of the recycled ocean plastics market.

In terms of resin type, the global recycled ocean plastics market is categorized into polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The PET segment dominated the market share in 2021, as it is the most commonly utilized plastic due to its clarity, strength, lightweight nature, and complete recyclability. Bottles made from polyethylene terephthalate that are collected from the ocean are repurposed for recycling. The rising demand for packaged food and beverages has led to an increased use of PET in food packaging and bottling applications. Government initiatives promoting plastic recycling, along with substantial financial investments, are driving the demand for recycled PET.

In 2021, the Asia Pacific region accounted for the largest share of revenue in the global recycled ocean plastics market. This regional market is further divided by country, including Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. The region's growing population has led to rapid development in the footwear, packaging, and construction industries. The presence of established companies in footwear manufacturing, apparel production, and packaging significantly boosts the demand for recycled ocean plastics. The construction sector in Asia Pacific holds considerable potential, contributing significantly to the region's economic growth. Urbanization has spurred an increase in construction activities for residential purposes, with recycled ocean plastics being utilized in various applications such as road development, facade design, roofing, and as materials for doors and windows. The diverse applications of recycled ocean plastics in construction are further enhancing market growth in the region. Additionally, manufacturers in the area are increasingly focused on producing eco-friendly products to minimize carbon footprints. For example, companies like Covestro, Huafeng, and Cyclone have collaborated to create sustainable high-quality sports shoes, which exemplifies the innovative developments driving market expansion.

Key players in the recycled ocean plastics market include Aquafil S.p.A., BIONIC, Tide Ocean SA, Oceanworks, Textil Santanderina, Envision Plastics, OceanYarn, Waste2Wear, Unifi, Inc., and SABIC. These companies are heavily investing in research and development to create innovative products that meet the evolving needs of consumers. The focus of market participants is on delivering high-quality products to satisfy customer demand.

The overall size of the global recycled ocean plastics market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the data and gain deeper analytical insights. Participants in this research included industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the recycled ocean plastics market.