Recycled Ocean Plastics Market Scope
Recycled Ocean Plastics is made up from the plastic collected from oceans in form of bags, bottles, fishing net and other plastic waste. This recycled plastic material has same quality and virgin plastic. Increasing number of brands turning towards use of reclaimed and recycle material and growing awareness for ocean pollution give drive to the recycled ocean plastics market
|Unit||Value (USD Million)|
|Key Companies Profiled||Ocean Plastic Technologies (Germany), RSP Inc. (United States), Honest Ocean Material (Indonesia), Oceanworks. (United States), TerraCycle (United States), Ecoalf (Spain), The Ocean Cleanup (Netherlands), Textil Santanderina (Spain), Patagonia (United States) and OCEANPLASTIK SRO (Europe)|
Recycled ocean plastics market is a consolidated market due to the presence of few players. Companies are focusing on developing innovative technologies and solutions to recycle ocean plastic with improve quality, enhances and promotes performance. The companies are coming up with partnerships or agreements along with planning strategic activities such as partnerships, product launch, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge.
Ocean Plastic Technologies (Germany), RSP Inc. (United States), Honest Ocean Material (Indonesia), Oceanworks. (United States), TerraCycle (United States), Ecoalf (Spain), The Ocean Cleanup (Netherlands), Textil Santanderina (Spain), Patagonia (United States) and OCEANPLASTIK SRO (Europe) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Green Toys (United States), Waterhaul (United Kingdom), Seaqual Initiative (Spain), BIONIC (United States), Parley For the Oceans (United States) and Aquafil S.p.A. (Italy).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Recycled Ocean Plastics market by Type , by Application (Plastic, Textile, Construction, Electronic and Others) and Region with country level break-up.
On the basis of geography, the market of Recycled Ocean Plastics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
In July 2023, Hyundai Glovis, the logistics wing of Hyundai auto group partnered with The Ocean Cleanup, on-profit environmental engineering organization and launched a project designed to collect marine waste-related data and collect waste plastics. This partnership helped company to collect maximum amount of ocean plastic waste, then later on to recycle it and expand its presence in recycled ocean plastics market
Influencing Trend:Increase in Environmental Campaigning for Ocean Plastic
Market Growth Drivers:Growing Environmental Awareness and Consciousness, Increasing Demand of Sustainable Product and Increasing Number of Brands Turning Towards Use of Reclaimed and Recycle Material
Challenges:Lack of Skilled Workforce and Recycling is Complicated Procedure
Opportunities:Latest Development Such As Advanced Sorting System, Dissolution Recycling
Key Target AudienceRecycled Ocean Plastics Manufacturers, Government Bodies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others