Recycled ocean plastics market: A cost-effective measure for minimizing fossil fuel consumption

Recently ocean-bound plastic has become a growingly attractive option for both companies and consumers. Making more viable choices is at the foreground for many and evaluating what type of products and packaging are welcomed into the home and how they are discarded is a crucial part. The most commonly recycled plastics are PET, usually seen in soda and water bottles, HDPE, generally used for packaging products such as milk, detergent, and hair care products; and PP, which is frequently used in ropes, tubs, and bottles.

According to Polaris Market Research & Consulting, Inc. , the global recycled ocean plastics market was valued at USD 1.42 billion in 2021 and is expected to reach USD 2.70 Billion By 2030, growing at a CAGR of 7.5% during the forecast period.

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What are the processes involved in recycling ocean plastics?

·???????Sorting: In many parts of the world, sorting is entirely manual. As used plastic arrives at the sorting center, people search the material by hand, pinpointing the recycling symbol on the plastic and putting it in a suitable bin for processing. Optical sorting is one of the most sought-after solutions at modern material recycling facilities. In recycled ocean plastics market, artificial intelligence and machine learning are also infringing on the plastic recycling space.

·???????Extrusion: Once the plastic has been sorted, it gets ready for a new use. Plastics are shredded and then heated. This transforms them into a liquid state, where they can be poured or injected into molds. At the same time, the plastic that finishes as recycled is only a fraction of the aggregate amount produced. Each piece that finds a new life means minimum waste, less consumption of fossil fuel, and less environmental pollution.

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Expansion of the market in North America

North America is the most significant region for the recycled ocean plastics market. This is due to government initiatives across the countries. Further, the outstanding infrastructure with escalated technologies leads to the high usage of recycled plastics. North America concentrates on making products from recycled plastics, followed by European countries.

Key Players

Some of the major players operating in the global market include Ocean Plastic Technologies, The Ocean Cleanup, Oceanworks, OCEANPLASTIK SRO, Textil Santanderina, Seaqual Initiative, Waterhaul, BIONIC, Bureo, Aquafil S.p.A., Tide Ocean SA, PLASTIX, POPSICASE, Parley, Econyl, Indorama Ventures Public Ltd., Veolia, Suez, Jayplas, Alpek, Biffa, Republic Services, Stericycle, Far Eastern New Century Corporation, KW Plastics, B. Schoenberg & Co., B&B Plastics, Remondis SE & Co. KG, Clear Path Recycling, Custom Polymers, Plastipak Holdings, Waste Connections, Inc., MBA Polymers.

Final thoughts

Incorporating transparency and traceability within circular business models in recycled ocean plastics market can build trust with consumers while assisting in substantiating the source of recycled plastics in the product. Adding to providing information, traceability programs can entitle consumers to make more sustainable plastic-based purchases. These enterprises can also transfer viewpoints around plastics and assist the growing demand for responsibly recycled materials.