New York, USA, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Ocean Bound Plastics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Ocean Bound Plastics Market Information by Resin Type, End User, And Region - Forecast till 2030”, the market is estimated to grow at a 3.50% CAGR during the forecast period of 2021-2030.
Market Synopsis
Plastic garbage of all sizes dumped in the ocean 50 kilometers or fewer from the coast in areas with either no waste management or very inefficient waste management is referred to as "ocean-bound plastics." These plastics may end up in marine habitats, where they will enter the food chain and jeopardize the well-being of both aquatic and terrestrial species. Ocean plastic severely affects marine ecosystems and threatens the lives of several species that either consume or become entangled in plastic garbage, in addition to infiltrating human food chains. There has been much discussion about marine waste in the past ten years, especially concerning marine microplastics. Even the most isolated parts of the world are affected by the broad and easily visible problem of marine plastics.
Although it isn't the biggest hazard to marine ecosystems, it is one that most believe can be easily solved and gets a lot of attention and funding. As a result, numerous businesses are currently marketing recycled goods 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 circular economy-based products. To ensure that the packaging and goods they employ are acceptable for their intended use and comply with all relevant 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 groups of unorganized collectors and sorters who are most negatively impacted by plastic waste, but they also find high-quality materials at prices that are competitive with those of European rPET flake.
Get Free Sample PDF Brochure @ https://www.marketresearchfuture.com/sample_request/10906
Report Scope:
| Report Attribute | Details |
| CAGR | 3.50% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021–2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Resin Type, End User, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing use of recycled plastic in construction industry |
| Negative environmental impact of plastics disposal |
Market Competitive Landscape:
The vital companies in the ocean-bound plastics market are:
- SUEZ
- Veolia
- B&B Plastics Inc.
- Oceanworks
- Jayplas
- Unifi, Inc.
- KW Plastics
- Method Products
- PBC
- Plastipak Holdings, Inc.
Market U.S.P. Covered:
Market Drivers:
The enormous waste produced by the widespread need for plastics has led to environmental problems. The oceans received an estimated 25 million tons of plastic garbage from these coastal areas. Plastic roads are a novel idea that offers tremendous potential for RPET manufacturers. Compared to traditional roads, plastic roads are said to be three times more durable and need less time to construct. Prefabricated, modular, hollow road constructions made of recycled plastic make up the idea. Plastic trash 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 roadways is easier, quicker, and more effective. Additionally, water can be stored in the hollow areas under plastic roads, which should stop flooding during heavy precipitation.
Market Restraints:
Recycling poses many difficulties but is a crucial part of environmental protection. Low margins, poor and irregular bale quality, and shifting bale pricing are just a few of recycling businesses' difficulties. Long-term exposure to antimony can result in heart disease, stomach ulcers, and lung conditions. In addition to polluting the soil, antimony also causes environmental imbalance.
Browse In-depth Market Research Report (100 Pages) on Ocean Bound 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 world economy. Businesses failed, economies shrank, and waves of lockdowns were enforced all over the world as a result of the pandemic. The virus's consequences extended beyond the petrochemical industry; consumer demand patterns were altered, oil prices fluctuated, and worldwide supply systems were broken. In the petrochemical sector, several pre-COVID challenges like sustainability are reviving. The sector is once more paying close attention to sustainability goals. At the beginning of the outbreak, they were first disregarded as the demand for single-use plastics surged due to hygiene concerns, and some converters opted to use less expensive, virgin polymers derived from fossil fuels rather than more expensive and rare recycled materials.
Obtaining raw materials was extremely difficult because the COVID-19 epidemic caused the lockout and limitations on refuse pickers across coastal lines. Additionally, there has been a decrease in global demand due to the closure of some plastic recyclers. Numerous businesses worldwide have stopped production at various locations due to the situation. However, due to government regulations, several enterprises have resumed operations. Additionally, it is anticipated that some relief would come through the implementation of various fiscal and monetary measures by administrations and governments worldwide to reduce the harm brought on by COVID-19.
Market Segmentation
By Resin Type
The polyethylene Terephthalate (PET) segment will develop at the top rate in the forecast period.
By End User
The packaging segment will develop at the top rate in the forecast period.
Buy Now: https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=10906
Regional Insights
With more than half of the world's ocean-bound plastic market, Asia-Pacific is a significant geographical market. China, India, Japan, and Indonesia are the major nations that have contributed to the regional market expansion. The main drivers of the market growth include population increase, rapid industrialization, economic changes, and government programs for trash recycling. Most notably, the market expansion is anticipated to be driven by improvements in recycling technology, which rising FDI fuels. Due to EU programs for recycling plastic trash. Due to the US's established plastics sector, the North American market is anticipated to expand. Due to a lack of recycling awareness, the Middle East and Africa held the smallest percentage of the global market.
Share your Queries @ https://www.marketresearchfuture.com/enquiry/10906
Discover more research reports on Chemical Industry, by Market Research Future:
Construction Film Market Research Report: Information by Material [Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polypropylene (PP), Polyethylene Terephthalate (PET), Poly Vinyl Chloride (PVC), and Others], by Applications (Vapor Retarders, Gas/Moisture Barrier, Reinforced Enclosure, Building Systems and Others), End-Use (Residential, Commercial, and Industrial) and Region - Forecast till 2030
Magnesium Oxide Market Research Report Information By Type (Dead Burned Magnesia, Calcined Burned Magnesia, Fused Magnesia) Purity (2N, 3N, 4N, 5N) Application (Refractory, Agriculture, Chemical Intermediate, Construction, Others) Region (North America, Europe, Asia-Pacific, South America, Middle East, Africa) Forecast 2028
Reclaimed Rubber Market Information: By Type (The Whole Tire Reclaim (WTR), Butyl Reclaim, Ethylene Propylene Diene Monomer, Drab & Colored, And Others), Application (Tire And Non-Tire) and Region - Forecast till 2030
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
