Recycled Plastic Granules Market Growth Accelerated by Demand from Packaging Industries


Recycled Plastic Granules Market

Recycled Plastic Granules are produced from recycling post-consumer or post-industrial plastic waste. These granules offer properties similar to virgin plastic such as durability and flexibility. They are used to manufacture various products across industries including packaging, construction and automotive. The demand from packaging industry is high due to stringent regulations on use of single-use plastics.

The global Recycled Plastic Granules Market is estimated to be valued at US$ 3.65 Mn in 2024 and is expected to exhibit a CAGR of 3.1% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The key trend fueling the growth of Recycled Plastic Granules market is growing awareness about importance of plastic waste management. Plastic waste pollution is a major environmental issue globally. Recycling plastic waste via production of Recycled Plastic Granules helps reduce dependence on fossil fuel-based virgin plastics. It also supports sustainable waste management practices. Governments in many countries have implemented policies to promote use of recycled plastics. For instance, European Union has set plastic recycling targets to reuse 50% of plastic waste by 2025. Such initiatives are boosting demand for Recycled Plastic Granules.

Segment Analysis
The global Recycled Plastic Granules market is segmented based on raw material, type, application, end-use industry, and region. Among raw materials, polyethylene terephthalate (PET) is dominating the market owing to wide usage of PET in food & beverage packaging. PET accounts for over 30% of the total recycled plastic consumption globally.

Key Takeaways
Global Recycled Plastic Granules Market Size is expected to witness high growth over the forecast period owing to rising environmental awareness and stringent regulations regarding plastic waste management.

Regional analysis: Europe is currently leading the global Recycled Plastic Granules market with over 35% share, driven by supportive regulatory framework around circular economy in the region. Countries like Germany and UK have introduced deposit return schemes for increasing collection of used plastic bottles which ensure steady supply of raw material for Recycled Plastic Granules manufacturers. Asia Pacific region is expected to witness fastest growth through 2030 led by China, India & Southeast Asian countries due to rising industrial activities.

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. Roche leads the global market owing to wide distribution network and diverse product portfolio across therapeutic segments including oncology. Brand drugs of Roche like Herceptin and Avastin have significant market share in cancer treatment. Teva Pharmaceutical Industries Ltd focuses on generics and has leading position in analgesics, anti-parasitics, anti-allergy drugs.

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