Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst

Ocean Bound Plastics Market Research Report Information by Resin Type (Polyethylene Terephthalate (PET), Polyethylene, Polypropylene, Others), by End-User (Packaging, Building & Construction, Electronics, Automotive, Others) And by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Forecast Till 2030

ID: MRFR/CnM/9422-HCR | 100 Pages | Author: Priya Nagrale| April 2024

Global Ocean Bound Plastics Market Overview

Ocean Bound Plastics Market Size was valued at USD 1.29 billion in 2021 . The Ocean Bound Plastics market industry is projected to grow from USD 1.31 Billion in 2022 to USD 1.73 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 3.5 % during the forecast period (2024 - 2030). The enormous waste produced by the widespread need for plastics has led to environmental problems are driving the market growth.Ocean Bound Plastics Market OverviewSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Ocean Bound Plastics Market Trends

  • 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.

Figure 1: Production of plastic products in China from January 2020 to August 2022 (in million metric tons)Production of plastic products in China from January 2020 to August 2022Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

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.

Most of this abandoned waste ends up in the ocean, where waves and wind break it down into tiny fragments known as microplastics. These less than 5 mm particles get sucked into ocean whirlpools forming huge floating islands of plastic such as the Great Pacific Garbage Patch, the largest in the world measuring 1.6 million km2 and weighing 80,000 tons. The main sources of plastic debris found in the ocean are land-based, coming from urban and stormwater runoff, sewer overflows, littering, inadequate waste disposal and management, industrial activities, tire abrasion, construction, and illegal dumping. 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.

Ocean Bound Plastics Market Segment Insights

Ocean Bound Plastics Resin Type Insights

The Ocean Bound Plastics market segmentation, based on resin type, Polyethylene Terephthalate (PET), Polyethylene, Polypropylene, Others. The Polyethylene Terephthalate (PET) segment held the majority share in 2021 contribution to around ~40-45% in respect to the Ocean Bound Plastics market revenue. This is primarily owing to the rising demand of Plastics in packaging and building & construction. For instance, as per The Beach and Beyond report published in 2019, there are rising volumes of Ocean Bound Plastics.

June 2022: UPM Raflatac, a supplier of sustainable labeling materials with plants in Mills River and Fletcher, is the first to invest in ocean-bound plastic waste as a raw material in its new Ocean Action labels.

June 2022: WWP Beauty, a premium service supplier to the beauty industry, announced a partnership with Oceanworks to assist clients in incorporating recycled ocean plastics into their products.

Ocean Bound Plastics End-User Insights

The Ocean Bound Plastics market segmentation, based on End-User, Packaging, Building & Construction, Electronics, Automotive, Others. The Packaging segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. The increased use of recycled plastic for packaging to drive the Ocean Bound Plastics market. The appetite for OBP is growing. By incorporating OBP into products and packaging, companies are not only helping to support the communities of informal collectors and sorters that are most impacted by plastic waste, but they are also sourcing quality material at comparable prices to European rPET flake.

Retailers such as Sainsbury’s, as well as firms like Childs Farm, a U.K.-based cosmetics company specializing in natural skincare products for children, are now incorporating Bantam’s POP in their packaging. The plastic is collected by various systems and organizations, such as but not exclusive to private and organized collectors, non-governmental organizations (NGOs), governments and local community organizations. The bottles are then aggregated, sorted, and sold to recycling facilities. From the limited information available, the material is then processed into usable plastic pallets, flakes, or yarn. Overall, there is limited or no information available on the supply chain, process, the quality control of the material or how compliance with EU/UK regulations is ensured. The recyclers and processors may be located outside of Europe and the UK and while they provide general statements on compliances and quality control, no data are provided. Hence, demand in packaging applications positively impacts the market growth.

January 2023: SABIC has collaborated with Scientex in the packaging value chain to enable the manufacturer to develop material for what they claim is world’s first flexible food packaging made based on advanced recycled ocean bound plastic (OBP), using SABIC certified circular polypropylene (PP). The material is being used in a branded noodle packaging sold in Malaysia. This has further increased market share in the Ocean Bound Plastics industry.

Figure 2: Ocean Bound Plastics Market, by End-User, 2021 & 2030 (USD Billion)Ocean Bound Plastics Market, by EndUserSource: Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally, Ocean Bound Plastics is also used in automotives and electronics applications. These uses are likely to keep the demand for Ocean Bound Plastics high and help it grow, which will boost the Ocean Bound Plastics market in the coming years.

Ocean Bound Plastics Regional Insights

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 (%)OCEAN BOUND PLASTICS MARKET SHARE BY REGIONSource: Secondary Research, Primary Research, MRFR 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.

Ocean Bound Plastics Key Market Players & Competitive Insights

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.

Key Companies in the Ocean Bound Plastics market includes

  • SUEZ (France)

  • Veolia (France)

  • B&B Plastics Inc. (US)

  • Oceanworks (US)

  • Jayplas (UK)

  • Unifi, Inc. (US)

  • KW Plastics (US)

  • Plastipak Holdings, Inc. (US), among others

Ocean Bound Plastics Industry Developments

June 2022: BetterYou, a company specializing in health supplements, uses plastic packaging for their products entirely made of ocean recycled or plant-based plastic. Hip with Purpose sells a range of kitchen ware and water bottles that are created from OBP and are in direct contact with food or potable water in a case of water bottles. Further products using OBP include packaging for cannabidiol products, toys and accessories for animals, baskets, and bags as well as cosmetic packaging.

July 2021: Sainsbury’s continues to send plastic packing by packaging fresh fish and strawberries using Prevented Ocean Plastic - high-quality certified recycled plastic that has been collected from coastal areas at risk of ocean plastic pollution. The packaging, which marks the latest step by the retailer to remove, reduce, recycle and reuse plastic from its operations, enables customers to make sustainable choices in-store and online while also preventing nearly 12 million plastic bottles (297 tonnes) from entering the ocean each year. Working closely with packaging supplier Sharpak, over a third (34%) of Sainsbury’s fresh fish and three quarters (80%) of strawberry punnets sold using packaging made from plastic rescued from coastal areas.

Ocean Bound Plastics Market Segmentation

Ocean Bound Plastics Resin Type Outlook

  • Polyethylene Terephthalate (PET)

  • Polyethylene

  • Polypropylene

  • Others

Ocean Bound Plastics Application Outlook

  • Packaging

  • Building & Construction

  • Electronics

  • Automotive

  • Others

Ocean Bound Plastics Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Russia

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Australia & New Zealand

    • Rest of Asia-Pacific

  • Latin America

    • Mexico

    • Brazil

    • Argentina

    • Rest of Latin America

  • Middle East & Africa

    • Turkey

    • GCC Countries

    • South Africa

    • Rest of the Middle East & Africa

Report Attribute/Metric Details
Market Size 2021 USD 1.29 billion
Market Size 2022 USD 1.31 billion
Market Size 2030 USD 1.73 billion
Compound Annual Growth Rate (CAGR) 3.5% (2024-2030)
Base Year 2021
Forecast Period 2024-2030
Historical Data 2019 & 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Resin Type, End-user, and Region
Geographies Covered North America, Europe, Asia Pacific, Latin America, and MEA
Countries Covered The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled SUEZ (France), Veolia (France), B&B Plastics Inc. (US), Oceanworks (US), Jayplas (UK), Unifi, Inc. (US), KW Plastics (US), and Plastipak Holdings, Inc. (US)
Key Market Opportunities Increasing use of recycled plastic in packaging industry
Key Market Dynamics Negative environmental impact of plastics disposal

Frequently Asked Questions (FAQ) :

The Ocean Bound Plastics market is USD 1.29 billion in 2021

The Ocean Bound Plastics market is expected to grow at a CAGR of 3.5%

Asia-Pacific held the largest market share in the Ocean Bound Plastics market

The Asia-Pacific market would enjoy the upper hand in the Ocean Bound Plastics market.

SUEZ (France), Veolia (France), B&B Plastics Inc. (US), Oceanworks (US), Jayplas (UK), are the key players

Polyethylene Terephthalate (PET) led the Ocean Bound Plastics market

Packaging had the largest market share in the Ocean Bound Plastics market

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Request Free Sample
Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.
Ask for Customization