Europe Recycled Ocean Plastics Market

The Europe recycled ocean plastics market is expected to grow from US$ 3,186.76 million in 2022 to US$ 5,179.36 million by 2028. It is estimated to grow at a CAGR of 8.4% from 2022 to 2028.       

Increasing Launch of Products Made from Recycled Ocean Plastics is Driving the Europe Recycled Ocean Plastics Market

Plastic pollution is a pressing challenge due to the significant threat it poses to living organisms. According to the statistics provided by Ocean Literacy Portal by United Nations Educational, Scientific and Cultural Organization; plastic waste accounts for ~80% of the total marine pollution. Moreover, these plastics get converted into microplastics, as they do not decompose. The volume of microplastics in the oceans is expected to surge significantly in the future. Nevertheless, the awareness regarding plastic pollution in oceans has increased in many countries, and governments and regulatory bodies are taking initiatives to recycle these plastics. Many companies are launching innovative and attractive products, such as footwear, handbags and wallets, sunglasses, and apparel, using recycled ocean plastics to achieve their sustainability goals and reduce their overall environmental footprints. Patagonic Inc. offers jackets made from 100% recycled nylon yarns obtained from discarded fishing nets. Similarly, Adidas has collaborated with Parley for the Oceans to design sneakers made with yarns obtained from recycled ocean plastics. The companies aim to use 100% recycled polyester in their products by 2024. Further, Microsoft, one of the leading technology companies, offers computer mice made from recycled ocean plastics. The shell of these mice contains 20% recycled ocean plastics, which marks a small initiative of the company toward its sustainability journey. Thus, many such companies are using recycled ocean plastics in their products to reduce their overall environmental plastic footprints, in line with the rising popularity of sustainable products. This is driving the growth of the Europe recycled ocean plastics market.  

Europe Recycled Ocean Plastics Market Overview

The growing footwear & fashion industry in the region is driving Europe recycled ocean plastics market. The footwear industry is one of the most rapidly growing industries in the European economy. According to the Ministry of Foreign Affairs' Central Bureau of Investigation (CBI), Europe's sportswear imports are worth US$ 14.9 billion and grow 7.2% annually. The top import markets are Germany, France, Italy, Spain, the UK, and the Netherlands. The rise in the trend of sustainable footwear solutions to reduce carbon emissions is highly accepted by major footwear brands in Europe. On average, each pair of shoes has an environmental footprint of 10.6 kg CO2, of which 58% corresponds to manufacturing, 11% to assembly and finishing, 16% to packaging, 6% to distribution, and 9% to packaging and end-of-life. According to the European Commission, every year, the global environmental footprint of the footwear industry adds up to a total of 249.1 billion kg CO2, of which Europe accounts for ~10 billion kg CO2. In 2018, Germany-based sportswear brand "Adidas" produced more than five million pairs of shoes containing recycled ocean plastic waste.  

Europe Recycled Ocean Plastics Market Revenue and Forecast to 2028 (US$ Million)

 

Europe Recycled Ocean Plastics Strategic Insights

Strategic insights for the Europe Recycled Ocean Plastics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

Europe Recycled Ocean Plastics Report Scope

Europe Recycled Ocean Plastics Regional Insights

The geographic scope of the Europe Recycled Ocean Plastics refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

The Europe recycled ocean plastics market is segmented based on resin type, application, and country.

Based on resin type, the Europe recycled ocean plastics market is segmented into the polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polystyrene (PS), and others. The polyethylene terephthalate (PET) segment held the largest share of the market in 2022.

Based on application, the Europe recycled ocean plastics market is segmented into the footwear, bags & luggage, apparel, construction materials, and others. The apparel segment held the largest share of the market in 2022.

Based on country, the Europe recycled ocean plastics market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that rest of Europe dominated the market share in 2022.      

Aquafil S.p.A.; Oceanworks; OceanYarn; SABIC; Textil Santanderina; Tide Ocean SA; Unifi, Inc.; and Waste2Wear are the leading companies operating in the Europe recycled ocean plastics market.