Recycled Ocean Plastics Market is Expected to Reach US$ 23,579.40 Million by 2028
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Increasing apparel, footwear, and construction sector is a major driver of recycled ocean plastics. The apparel sector is witnessing tremendous growth due to adoption of new fashion in emerging economies, which is driving the market growth. Recycling plastics in textiles is the most sustainable process. Increase in sustainable fashion is supporting the demand for recycled ocean plastics.
The recycled ocean plastics market size was valued at US$ 14,432.91 million in 2022, it is expected to grow at a CAGR of 8.5% from 2022 to 2028.
Some of the major key players operating in the global recycled ocean plastics market include Aquafil Group , Ocean Tide , Oceanworks? , Textil Santanderina / Santanderina Group , Envision Plastics , @OceanYarn, Waste2Wear , Unifi Manufacturing, Inc. (makers of REPREVE? ) and 沙特基础工业公司 .
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Furthermore, the rising concerns regarding climate change, manufacturers in the apparel industry are introducing sustainable options. Around 20 percent of the climate change impact from the apparel industry comes from footwear alone. On the global scale, contribution of footwear in total carbon emissions is 1.4%. Use of recycled ocean plastic in shoe making can help reduce plastic waste and make footwear sustainable. Ethical footwear brands are taking initiatives against plastic waste by creating shoes made from recycled ocean plastic. The demand for recycled ocean plastics in building and construction is anticipated to grow significantly during the forecast period. Increasing urbanization due to the growing population with the rising disposable income is expected to drive the demand for recycled ocean plastics in building and construction over the coming years. These factors drive the demand for recycled ocean plastic in the footwear industry. Furthermore, introducing innovative solutions such as active packaging, modified atmosphere, edible, and the ability of plastic to be recycled is boosting the market growth.
In 2022, the Asia Pacific holds the largest market share. The recycled plastic market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. Many APAC countries, such as China and India, are the world's fastest-growing populations. With a growing population, the apparel, footwear, and construction industries are growing rapidly in APAC. The recycled ocean plastics market is expanding in the APAC region because of its wide range of applications. The presence of established sectors, such as textile, and construction in nations such as China, India, Japan, and South Korea has increased the demand for recycled ocean plastics in the region.