Ocean Bound Plastics Market

• Increasing waste produced by the widespread need for plastics has led to environmental problems to boost market growth

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.

According to UNEP, Waste Management Outlook, A staggering 2 billion households in the world have no connection to a managed waste collection system. Thus, the increasing plastic in the oceanside acts as a driving factor for market.

Moreover, the growing demand for recycled plastic increases the recycled plastics market growth. Sea waste harms marine life and human life as humans indirectly are affected through the seafood we consume, salt, and water. When we burn plastic, harmful chemicals are released, which penetrate the human body. Thus, plastics cause various infectious diseases which are easily spread. Thus, all these factors contribute to the increasing urbanization to boost Ocean Bound Plastics market.

Oceans receive around 25 million tons of plastic garbage from coastal areas that lack adequate plastic management facilities and infrastructure. Thin margins, irregular bale quality and volatility in bale pricing are some of the key issues faced by recycling industry. Also, long-term exposure to these wastes generates serious health issues to workers.

Ocean-based plastic pollution originates primarily from the fishing industry, nautical activities, and aquaculture.

Plastics are the most-collected waste by the NGO Ocean Conservancy in their annual clean-up visits to beaches and coastal areas. Since 1986, it has mobilized thousands of volunteers worldwide and according to the report The Beach and Beyond 2019, which sums up their activities in the Top 10 rubbish items recognizing that for the first time in 30 years the top 10 most-commonly found items found in clean-ups are all plastic objects such as cigarette butts, packaging, and disposable straws, among others, and these take 500 years to decompose.

Thus, the increasing uses of Plastics driving the growth of the Ocean Bound Plastics market revenue.

The Global Ocean Bound Plastics Market Industry is witnessing a surge in environmental awareness among consumers and businesses alike. This heightened consciousness regarding plastic pollution has led to increased demand for sustainable alternatives. Governments across the globe are implementing stricter regulations to curb plastic waste, which further propels the market. For instance, initiatives aimed at reducing single-use plastics are becoming more prevalent, encouraging companies to innovate in packaging solutions. As a result, the market is projected to reach 1.42 USD Billion in 2024, reflecting a growing commitment to environmental sustainability.

Government regulations play a pivotal role in shaping the Global Ocean Bound Plastics Market Industry. Numerous countries are enacting policies aimed at reducing plastic waste and promoting recycling. For example, the European Union has set ambitious targets for reducing plastic usage, which encourages manufacturers to adopt eco-friendly practices. These regulations not only foster innovation but also create a favorable environment for the growth of the market. As these policies gain traction, the market is expected to expand, with projections indicating a rise to 2.08 USD Billion by 2035, driven by compliance and adaptation to new standards.

Technological advancements in recycling processes are significantly influencing the Global Ocean Bound Plastics Market Industry. Innovations such as chemical recycling and advanced sorting technologies are enhancing the efficiency of plastic waste management. These developments allow for a greater volume of ocean-bound plastics to be processed and repurposed, thereby reducing environmental impact. Furthermore, as recycling technologies improve, the cost of processing ocean-bound plastics decreases, making it more economically viable for companies to invest in sustainable practices. This trend is likely to contribute to a compound annual growth rate of 3.55% from 2025 to 2035, reflecting the industry's adaptation to technological changes.

The Global Ocean Bound Plastics Market Industry is experiencing a notable shift in consumer preferences towards sustainable products. As awareness of environmental issues grows, consumers are increasingly seeking out brands that prioritize eco-friendly practices. This demand is prompting manufacturers to explore alternative materials and sustainable packaging solutions. Companies that successfully align their offerings with consumer expectations are likely to gain a competitive edge in the market. The increasing consumer inclination towards sustainability is expected to bolster market growth, contributing to the overall expansion of the industry.

Corporate social responsibility (CSR) initiatives are becoming increasingly integral to the Global Ocean Bound Plastics Market Industry. Companies are recognizing the importance of sustainability in their operations and are actively engaging in efforts to reduce plastic waste. Many corporations are committing to using recycled materials in their products and are investing in community clean-up programs. These initiatives not only enhance brand reputation but also align with consumer expectations for environmentally responsible practices. As CSR becomes a focal point for businesses, the market is likely to see sustained growth, driven by the collective efforts of the corporate sector.

By Region, the study segments the market into North America, Europe, Asia-Pacific Latin America, and Middle East & Africa. Asia-Pacific Ocean Bound Plastics dominating market accounted for USD 0.51 billion in 2021 and is expected to exhibit an 3.46 % CAGR during the study period. This is attributed to the expanding end-use industries such as packaging, automotive, and others in the region. With a growing population, apparel, footwear, bags and luggage, construction material, and others are growing rapidly in APAC. The apparel industry is expanding in the APAC region because of growing population.

According to World Wildlife Fund (WWF), 60% of the estimated 8 million tons of plastic that enter the world’s oceans each year is contributed by China, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Malaysia ranked highest among the six countries analyzed in terms of annual per-capita plastic packaging consumption, at about 16.8 kg per person. According to a Science Advances study, more than a thousand rivers are accountable for 80% of plastic waste found in the ocean, with the Klang River named among the top contributors.

Further, the major countries studied are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: OCEAN BOUND PLASTICS MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe Ocean Bound Plastics market accounts for the second-largest market share due to the growing use of plastic. Further, the Germany Ocean Bound Plastics market held the largest market share, and the UK Ocean Bound Plastics market was the fastest growing market in the European region

The Asia-Pacific Ocean Bound Plastics Market is expected to grow at a CAGR of 3.46% from 2022 to 2030. This is because of the region's increasing usage of Ocean Bound Plastics in construction and automotive products, as well as the expanding demand for Plastics industries in developing nations like China and India. Moreover, China Ocean Bound Plastics market held the largest market share, and the India Ocean Bound Plastics market was the fastest growing market in the Asia-Pacific region

For instance, India Ocean Bound Plastics market is the favored destination for Ocean Bound Plastics manufacturers due to the infrastructure projects. On the other hand, Japan is famous for the automotive industry. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Ocean Bound Plastics market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Ocean Bound Plastics industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the Ocean Bound Plastics industry to benefit clients and expand the Ocean Bound Plastics market sector is to manufacture locally to reduce operating costs. In recent years, Ocean Bound Plastics has provided some of the most significant benefits.

BASF SE (Germany) carries out the production, marketing, and sales of chemicals, plastics, crop protection products, and performance products. Its product line comprises solvents, adhesives, surfactants, fuel additives, electronic chemicals, pigments, paints, food additives, fungicides, and herbicides. The company serves a wide range of industries including construction, furniture and wood, agriculture, electronics and electrical, paints and coatings, automotive, home care, nutrition, chemicals, and others. BASF carries out R&D in alliance with customers, scientists, and partners. The company operates through a network of manufacturing facilities across the world.

It has presence in Europe, Asia Pacific, South America, Africa, the Middle East, and North America. In March 2022, BASF made a strategic investment in Oceanworks, a sustainable plastic solutions provider that brings traceability and transparency through digitalization to recycled plastics. Oceanworks is based in the U.S. and offers a powerful platform for brands looking to reliably secure high-quality sources of ocean, ocean-bound, and averted PCR plastic (post-consumer recycled products are made from recycled plastic and discarded materials.).

For BVC this investment underlines BASF’s commitment to developing sustainable solutions to raise the transformation towards a circular economy to a new level.

Also, Humanscale (US) is the leading designer and manufacturer of ergonomic products that improve the health and comfort of work life. The Company is a part of NextWave’s strategy to encourage manufacturing applications for ocean-bound plastics. In June 2021, launched its ergonomic Path office chair, which incorporates more than 20 pounds of recycled content. About half of the chair’s recycled content is plastic reclaimed from the ocean, primarily fishing nets. The other half comes from post-consumer plastic bottles and post-industrial materials.