Canada Recycled Ocean Plastics Market Size & Outlook

The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to recycled ocean plastics market will help companies and investors design strategic landscapes.

Polyethylene terephthalate (pet) was the largest segment with a revenue share of 36.75% in 2023. Horizon Databook has segmented the Canada recycled ocean plastics market based on high-density polyethylene (hdpe), low-density polyethylene (ldpe), polypropylene (pp), polyethylene terephthalate (pet), polystyrene (ps), polyvinyl chloride (pvc) covering the revenue growth of each sub-segment from 2019 to 2030.

Plastic recycling rate in Canada is low as the country is one of the biggest producers of crude oil globally. Declining prices of crude oil are making the production of plastics more economical than recycling plastics. The country produces 3 million tons of plastic waste per year. It recycles less than 10% of the overall plastic waste and the rest ends up in landfills, waste-to-energy facilities, or ocean.

Plastic waste and marine litter burden the economy and threaten the health of the environment including wildlife, rivers, lakes, and oceans. Canada has also adopted a zero-plastic waste agenda. Canada's Ghost Gear Fund aids in the recovery and responsible disposal of harmful ghost gear from the ocean, benefiting environmental groups, fish harvesters, the aquaculture industry, coastal communities, and Indigenous communities while promoting recycling back into the economy.

Various environmental agencies such as Environmental Defense, Canadian Environmental Law Association, Living Oceans, Rain Coast, Ontario Nature, Coastal Restoration Society, Eco Superior, WCS Canada, and Surfrider Foundation have proposed a framework to the Canadian government. This framework focuses on reducing plastic waste and increasing the plastic recycling rate by 85% by 2025.