What Is The Definition Of The Global Certified Circular Plastics Market?
Certified circular plastics refer to plastic materials verified to meet specific criteria for being recycled and reused in a closed-loop system. The certification indicates that plastic products are part of a circular economy, where they are designed, collected, and processed in a way that allows them to be continuously recycled into new products, reducing waste and minimizing the need for virgin materials.
Certified Circular Plastics Global Market Report 2024 provides data on the global certified circular plastics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The certified circular plastics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Certified Circular Plastics Market Size Expected To Expand, And At What Annual Growth Rate?
The certified circular plastics market has grown quickly in recent years. From $1.47 billion in 2023, it is expected to reach $1.64 billion in 2024, growing at a CAGR of 12.0%. This growth is driven by increased environmental awareness, stricter regulations, a rise in demand for sustainable products, and a growing corporate commitment to circular economies. By 2028, the market is forecasted to reach $2.61 billion at a CAGR of 12.3%. Factors behind this growth include rising demand for sustainable packaging, stricter government regulations on plastic waste, and an emphasis on reducing carbon footprints. Major trends in the forecast period include innovations in chemical recycling, advanced traceability systems, and the development of bio-based plastics.
What Are The Key Drivers Fueling Growth In The Certified Circular Plastics Market?
The demand for recycled plastics is propelling the certified circular plastics market. Growing environmental concerns, stricter regulations on plastic waste, and consumer preferences for sustainable products are driving this trend. Certified circular plastics ensure high sustainability and quality standards for recycled materials. According to the National Association for PET Container Resources, PET recycling rates in North America increased to 36.8% in 2022 from 34.2% in 2021. This growing demand is driving market expansion.
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What Are The Principal Market Segments In The Global Certified Circular Plastics Market?
The certified circular plastics market covered in this report is segmented –
1) By Type: Polyethylene Terephthalate, High-Density Polyethylene, Polyvinyl Chloride, Low-Density Polyethylene, Polypropylene, Polystyrene, Other Types
2) By Application: Packaging, Grocery Bags, Other Applications
3) By End-Use: Food And Beverages, Healthcare, Household, Building And Construction, Electrical And Electronics, Agriculture, Other End-Uses
Which Emerging Market Trends Are Altering The Certified Circular Plastics Sector?
Key companies in the certified circular plastic market are prioritizing the development of sustainable solutions, such as certified circular resins, to address the growing demand for eco-friendly materials. Certified circular resins are validated for their recyclability and use of recycled content, supporting a circular economy. In March 2024, Toray Plastics (America), Inc., a U.S.-based plastic fabrication company, introduced Torayfan polypropylene film made from certified circular resins, utilizing ExxonMobil's Exxtend advanced recycling technology. This innovative product promotes sustainability in packaging by incorporating recycled plastic waste while maintaining high quality and performance standards. The Exxtend process also achieves significantly lower greenhouse gas emissions compared to traditional materials.
What Is The Leading Region In The Certified Circular Plastics Market?
North America was the largest region in the certified circular plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the certified circular plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
