What Is The Current and Historic Market Size Analysis Of The Certified Circular Plastics Market?
The certified circular plastics market has seen considerable growth due to a variety of factors.
• The market size for certified circular plastics has witnessed a robust growth in the recent times. There is an expected growth from $1.64 billion in 2024 to $1.85 billion in 2025, with a compound annual growth rate (CAGR) of 12.5%.
Factors contributing to this growth during the historical period include heightened environmental consciousness, stringent government norms, escalating consumer preference for sustainable goods, corporate dedication to circular economies, and a surging focus on minimizing carbon footprints.
What Are The Predictions for The Certified Circular Plastics Market in the Coming Years?
The certified circular plastics market is expected to maintain its strong growth trajectory in upcoming years.
• Expected to see significant expansion in the coming years, the certified circular plastics market is projected to reach a market size of $2.92 billion in 2029, with a compound annual growth rate (CAGR) of 12.1%.
Various factors contributing to this anticipated growth during the forecast period include the escalating demand for eco-friendly packaging, ever-tightening government regulations concerning plastic waste, raised public awareness about environmental impacts, the growth in corporate engagement in circular economy strategies, increased funding for plastic recycling facilities, and the broadening of circular plastic certification programs across different sectors. Trends to watch in this period include the progression in chemical recycling technology, enhancements in traceability systems, the embrace of closed-loop recycling methods, breakthroughs in environment-friendly packaging, and the production of bio-based plastics.
Which Drivers Are Accelerating Growth In The Certified Circular Plastics Market?
An upturn in the request for recycled plastics is projected to accelerate the expansion of the certified circular plastics market in the future. Recycled plastics, which are waste plastics remanufactured into fresh merchandise, curb the required volume of pristine components and lessen ecological repercussions. The burgeoning interest in recycled plastics stems from mounting ecological apprehensions, intensifying governmental norms regarding plastic waste, and an augmented consumer inclination towards eco-friendly merchandise. Certified circular plastics boost the trustworthiness and implementation of recycled plastics by affirming their adherence to superior sustainability and quality benchmarks. As an illustration, a study by the National Association for PET Container Resources (NAPCOR), an American trade association, revealed in December 2022 that the recycling percentages of polyethylene terephthalate (PET) rose to 28.6% within the U.S, a substantial increase from 27.1% in 2021, and to 36.8% in North America, which encompasses the U.S., Canada, and Mexico, a surge from 34.2% in 2021. Consequently, the growing requirement for recycled plastics fuels the certified circular plastics market.
What Are The Core Segments Of The Global Certified Circular Plastics Market?
The certified circular plasticsmarket 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
Subsegments:
1) By Polyethylene Terephthalate (PET): Recycled PET (rPET), Bio-Based PET
2) By High-Density Polyethylene (HDPE): Recycled HDPE (rHDPE), Bio-Based HDPE
3) By Polyvinyl Chloride (PVC): Recycled PVC (rPVC), Bio-Based PVC
4) By Low-Density Polyethylene (LDPE): Recycled LDPE (rLDPE), Bio-Based LDPE
5) By Polypropylene (PP): Recycled Polypropylene (rPP), Bio-Based Polypropylene
6) By Polystyrene (PS): Recycled Polystyrene (rPS), Bio-Based Polystyrene
7) By Other Types: Thermoplastic Elastomers, Biodegradable Plastics
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What Trends Are Reshaping The Future Of The Certified Circular Plastics Market?
Major corporations within the certified circular plastic industry are prioritizing the creation of innovative solutions, such as certified circular resins, to respond to the rising demand for environmentally-friendly materials. These are plastics that are verified for their ability to be recycled and their incorporation of recycled content, affirming their support for a circular economy through their origin and potential for re-use. As an example, Toray Plastics (America), Inc., a company specializing in plastic manufacture based in the U.S., introduced Torayfan polypropylene film, a product composed of certified circular resins in March 2024, using ExxonMobil's Exxtend cutting-edge recycling technology. This pioneering product encourages a sustainable approach in packaging by incorporating recycled plastic waste, thereby fostering the circular plastic economy. These certified circular resins retain high standards of quality and functionality, negating the need for requalification when deployed in Torayfan films. Furthermore, the application of the Exxtend technique results in considerably reduced greenhouse gas emissions relative to conventional fossil-derived materials.
Who Are the Key Players In The Certified Circular Plastics Market?
Major companies operating in the certified circular plastics market are:
• ExxonMobil Corporation
• TotalEnergies SE
• BASF SE
• The Dow Chemical Company
• Saudi Basic Industries Corporation
• LyondellBasell Subholdings B.V.
• Neste Corporation
• Covestro AG
• UPM-Kymmene Oyj
• Eastman Chemical Company
• ALPLA Group
• Chevron Phillips Chemical Company LLC
• Trinseo
• Plastipak Holdings Inc.
• Borealis AG
• INEOS Styrolution Group GmbH
• Veolia Environnement S.A.
• Plastic Energy Limited
• Hanmere Polythene Limited (Amerplast)
• GreenMantra Technologies
• Agilyx Corporation
• Carbios SAS
• Loop Industries Inc.
What Are The Regional Insights Into The Certified Circular Plastics Market?
North America was the largest region in the certified circular plastics market in 2024. 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.
