North America Recycled Ocean Plastics Market Insights Forecasts to 2033

• The North America Recycled Ocean Plastics Market Size was valued at USD 378.0 Million in 2023.
• The Market Size is Growing at a CAGR of 7.3% from 2023 to 2033
• The North America Recycled Ocean Plastics Market Size is Expected to Reach USD 765.3 Million by 2033

The North America Recycled Ocean Plastics Market Size is Anticipated to Reach USD 765.3 Million by 2033, Growing at a CAGR of 7.3% from 2023 to 2033

Market Overview

The recycling of ocean plastic refers to the industry that collects, processes, and converts plastic waste recovered from oceans, rivers, and other aquatic environments into new, usable products. This recycling process reduces the environmental impact of plastic pollution by converting waste into valuable resources used in a variety of industries, including packaging, textiles, automotive, and consumer goods.  Businesses and governments are investing in innovative recycling technologies and processes to reduce the environmental impact of plastic waste and promote a circular economy. A variety of factors are currently driving the North American recycled ocean plastics market. The demand for recycled plastics has increased as a result of various initiatives launched by governments and organizations across the region. For example, the Association of Plastic Recyclers (APR) and the Recycling Partnership have taken numerous steps to educate vendors about using post-consumer resin (PCR).

Report Coverage

This research report categorizes for the North America recycled ocean plastics market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America recycled ocean plastics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America recycled ocean plastics market.

Driving Factors

Rising environmental awareness is a major driver of the global recycled ocean plastic market, with significant implications for consumer behavior, government policies, and corporate strategies. As the harmful effects of ocean pollution on marine ecosystems become more widely recognized, the public's demand for long-term solutions grows. Consumers are becoming more knowledgeable and concerned about the environmental impact of their purchasing decisions, resulting in a preference for eco-friendly products. Rising environmental awareness, combined with supportive government policies and corporate responsibility, is driving the growth of the global recycled ocean plastic market. As this trend continues, it is likely to drive more innovation and growth in sustainable practices, resulting in a cleaner, healthier planet.

Restraining Factors

The recycled ocean plastic market's expansion is hampered by high collection and processing costs. Also, ocean plastics are frequently combined with other types of waste, such as non-recyclable materials, organic debris, and contaminants, complicating the collection process and raising costs.

Market Segmentation

The North America recycled ocean plastics market share is classified into source and application

• The plastic bottle segment is expected to hold the largest market share through the forecast period.

The North America recycled ocean plastics market is segmented by source into plastic bottle, plastics bags, fishing line, straws & stirrers, plastic beverage holder, and others. Among these, plastic bottle segment is expected to hold the largest market share through the forecast period. Plastic bottles are the most common source of recycled ocean plastics because they are used in a variety of industries to package strong medicines, agrochemicals, homecare products, pharmaceuticals, personal care products, fruit drinks, edible and non-edible oils, water, and carbonated beverages, among other things.

• The apparel segment is expected to dominate the North America recycled ocean plastics market during the forecast period.       

Based on the application, the North America recycled ocean plastics market is divided into apparel, footwear, interiors, and bags & luggage. Among these, the apparel segment is expected to dominate the North America recycled ocean plastics market during the forecast period. Recycled PET resins are widely used in textile production. Recycled PET bottles are converted into eco-friendly fabrics, which are then blended with natural fibers and woven or knitted into 100% eco-friendly garment fabrics.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America recycled ocean plastics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Ocean Plastic Technologies
• The Ocean Cleanup
• Oceanworks
• OCEANPLASTIK SRO
• Textil Santanderina
• Seaqual Initiative
• Waterhaul
• BIONIC
• Bureo
• Aquafil
• Tide Ocean
• PLASTIX
• POPSICASE
• Parley
• Econyl
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In December 2023, LyondellBasell Industries Holdings B.V. has announced a groundbreaking collaboration to convert end-of-life maritime waste into innovative recycled plastic products. The collaboration involves a well-known German automaker and a recycling company that specializes in mechanically recycling plastic waste.

Market Segment

This study forecasts revenue at North America, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the North America recycled ocean plastics market based on the below-mentioned segments:

North America Recycled Ocean Plastics Market, By Source

• Plastic Bottle
• Plastics Bags
• Fishing Line
• Straws & Stirrers
• Plastic Beverage Holder
• Others

North America Recycled Ocean Plastics Market, By Application

• Apparel
• Footwear
• Interiors
• Bags & Luggage