New York, U.S., Sept. 21, 2022 (GLOBE NEWSWIRE) — Overview of the ocean-related plastics market
According to a comprehensive research report by Market Research Future (MRFR), “Ocean related plastics market Information by resin type, end user and region – Forecasts until 2030”, the market is estimated to grow at a CAGR of 3.50% during the forecast period 2021-2030.
Plastic waste of all sizes dumped into the ocean 50 kilometers or less from shore in areas with no or very ineffective waste management is called “ocean-bound plastic”. These plastics can end up in marine habitats, where they will enter the food chain and put the well-being of aquatic and terrestrial species at risk. Ocean plastic seriously affects marine ecosystems and threatens the lives of several species that consume or become entangled in plastic waste, in addition to infiltrating human food chains. There has been a lot of talk about marine litter over the past decade, especially regarding marine microplastics. Even the most isolated regions of the world are affected by the vast and easily visible problem of marine plastics.
While not the greatest danger to marine ecosystems, it is one that most believe can be easily solved and is receiving a lot of attention and funding. As a result, many companies are now marketing recycled products under the slogan “using Ocean Bound Plastics”. Most of these discarded plastics are single-use items, a problem that can be solved by switching to products based on the circular economy. To ensure that the packaging and products they use are acceptable for their intended use and comply with all applicable safety and regulatory standards, most brands and retailers depend on the testing processes of their suppliers. OBP is becoming more and more popular. Companies that use OBP in products and packaging benefit the groups of unorganized collectors and sorters who are most affected by plastic waste, but they also find high-quality materials at prices competitive with those of flakes. European rPETs.
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|Year of reference||2020|
|Forecast units||Value (USD million)|
|Report cover||Revenue forecasts, competitive landscape, growth factors and trends|
|Segments Covered||By resin type, end user and region|
|Geographical areas covered||North America, Europe, Asia-Pacific and Rest of the World (RoW)|
|Key Market Drivers||Increase in the use of recycled plastic in the construction industry|
|Negative environmental impact of eliminating plastics|
Market Competitive Landscape:
Vital Companies in the Ocean Plastics Market are:
- B&B Plastics Inc.
- Unifi, Inc.
- KW Plastics
- Method products
- Plastipak Holdings, Inc.
Covered USP market:
The enormous waste produced by the widespread need for plastics has led to environmental problems. The oceans have received around 25 million tonnes of plastic waste from these coastal areas. Plastic roads are a novel idea with huge potential for RPET manufacturers. Compared to traditional roads, plastic roads are said to be three times more durable and take less time to build. Prefabricated, modular and hollow road constructions made of recycled plastic are the idea. Plastic waste can be processed at high temperatures to produce hydrocarbons such as kerosene, high purity gas, diesel, activated carbon and coal.
Because recycled plastic is lightweight and modular, building and maintaining plastic pavement is easier, faster and more efficient. Additionally, water can be stored in hollow areas under plastic roads, which should stop flooding during heavy rainfall.
Recycling poses many challenges but is a crucial part of protecting the environment. Low margins, poor and inconsistent bale quality, and fluctuating bale prices are just a few of the challenges faced by recycling companies. Long-term exposure to antimony can lead to heart disease, stomach ulcers, and lung disease. In addition to polluting the soil, antimony also causes environmental imbalance.
Browse the in-depth market research report (100 pages) on ocean-related plastics: https://www.marketresearchfuture.com/reports/ocean-bound-plastics-market-10906
COVID 19 Analysis
The development of COVID-19 has a significant negative impact on the global economy. Businesses have failed, economies have shrunk and waves of lockdowns have been imposed around the world in the wake of the pandemic. The consequences of the virus have extended beyond the petrochemical industry; consumer demand patterns have changed, oil prices have fluctuated, and global supply systems have broken down. In the petrochemical sector, several pre-COVID challenges like sustainability are resurfacing. The sector is once again paying particular attention to sustainability objectives. At the start of the epidemic, they were initially ignored as demand for single-use plastics increased due to hygiene concerns, and some converters opted to use cheaper virgin polymers derived from fossil fuels instead. than more expensive and rare recycled materials.
Obtaining raw materials has been extremely difficult as the COVID-19 outbreak has caused lockdowns and limitations for waste pickers on coastal lines. In addition, global demand has declined due to the closure of some plastic recyclers. Many companies around the world have stopped production in various locations due to the situation. However, due to government regulations, several companies have resumed operations. In addition, it is expected that some relief would come from the implementation of various fiscal and monetary measures by administrations and governments around the world to reduce the damage caused by COVID-19.
By type of resin
The polyethylene terephthalate (PET) segment will grow at the highest rate during the forecast period.
Per end user
The packaging segment will grow at the highest rate during the forecast period.
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With more than half of the global ocean-related plastic market, Asia-Pacific is an important geographic market. China, India, Japan and Indonesia are the main countries that have contributed to the expansion of the regional market. The major drivers for market growth are increasing population, rapid industrialization, economic changes, and government waste recycling programs. Most notably, market expansion is expected to be driven by improvements in recycling technology, which is fueling the rise in FDI. Due to EU programs for plastic waste recycling. Due to the established plastics industry in the United States, the North American market is expected to grow. Due to a lack of recycling awareness, the Middle East and Africa held the smallest percentage of the global market.
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