The circular polymer market has grown rapidly, projected to rise from $80.38 billion in 2023 to $90.94 billion in 2024 at a CAGR of 13.1%. Growth has been driven by industry focus on recycled materials to reduce carbon footprints, adoption of recyclable materials in packaging, favorable policies, waste management efforts, and urbanization.
The circular polymer market is expected to grow to $150.15 billion by 2028, with a CAGR of 13.4%. This growth is attributed to the increasing use of takeaway plastic packaging, growing vehicle production, governmental investments in infrastructure, and rising plastic waste. Trends include innovations in PET recycling, advanced dissolution processes, waste-to-polymer conversion technologies, and carpet reclaiming techniques.
Major Driver In The Circular Polymer Market
The growth of vehicle production is expected to drive the circular polymer market. The global vehicle manufacturing, spurred by economic growth, urbanization, and technological advances, is increasing demand for sustainable materials. Circular polymers are used in vehicle production to enhance sustainability, reduce environmental impacts, and maintain production flexibility. In May 2023, the European Automobile Manufacturers Association reported that global motor vehicle production reached 85.4 million units in 2022. The circular polymer market is expected to reach USD 2.46 billion in 2023, USD 2.80 billion in 2024, and USD 4.2 billion by 2028.
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Circular Polymer Market Competitive Landscape
Exxon Mobil Corporation, TotalEnergies SE, Reliance Industries Limited, BASF SE, Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries, Veolia Environnement S.A., Covestro AG, Braskem S.A., Ineos Group, Borealis AG, Eastman Chemical Company, Suez Group, Ascend Performance Materials Operations LLC, Visy Industries, KW Plastics, QCP B.V, The Shakti Plastic Industries, CleanEco Group Limited
Key Circular Polymer Market Trend
Key players in the circular polymer market are developing innovative products like single-pellet solutions to improve sustainability, enhance material efficiency, and simplify recycling. These solutions utilize masterbatch technology, eliminating the need for multiple additives to improve production efficiency and ensure consistent quality. In August 2023, LyondellBasell, a UK-based polymer manufacturer, launched its CirculenRecover portfolio, which includes polymers made from plastic waste using mechanical recycling. The range is designed for various applications, especially in food and industrial packaging, with up to 100% Post-Consumer Resin (PCR).
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Global Circular Polymer Market Segmentation
The circular polymer market covered in this report is segmented –
1) By Type: Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polyamide (PA), Other Types
2) By Form: Pellets, Flakes
3) By End-User: Packaging, Building And Construction, Automotive, Electrical And Electronics, Other End-Users
By Geography:The regions covered in the circular polymer market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the circular polymer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Circular Polymer Global Market Report 2024 furnishes information about the global circular polymer market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
