May 21, 2024

Circular Polymers Market Size to Reach USD 197.80 Bn by 2033

The global circular polymers market size reached USD 72.40 billion in 2023 and is projected to attain around USD 197.80 billion by 2033, growing at a CAGR of 10.57% from 2024 to 2033.

Key Points

  • In 2023, Asia Pacific dominated the circular polymers market with a market share of 47%.
  • North America is expected to secure a significant portion of the market’s revenue in the upcoming years.
  • By polymer type, the polyethylene (PE) segment has dominated the market in 2023 with a market share of 33%.
  • By form, in 2023, the pellets segment has accounted largest market share of around 54%.
  • By form, the flakes segment has captured a market share of around 46% in 2023.
  • By application, the food packaging segment dominated the market of circular polymers in 2023 with a 44% revenue share.
  • By end use, the packaging segment captured a market share of 54% in 2023.

Circular Polymers Market Size 2024 to 2033

The circular polymers market revolves around the sustainable use of polymer materials, focusing on the lifecycle of products and their reuse, recycling, and recovery. Circular polymers are derived from recycled materials and offer a sustainable alternative to traditional, linear polymers. This market is driven by a growing awareness of environmental issues and a need to reduce plastic waste in various industries, including packaging, automotive, and consumer goods.

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Growth Factors:

Key growth factors in the circular polymers market include increased environmental awareness, regulatory pressure on waste management, and corporate commitments to sustainability. As companies strive to meet sustainability goals and government regulations tighten, demand for recycled and circular polymers is on the rise. Technological advancements in recycling processes and the increasing cost-competitiveness of recycled materials also contribute to market growth.

Region Insights:

Different regions exhibit varying levels of adoption and growth in the circular polymers market. Europe leads the way due to its stringent regulations on waste management and recycling. North America follows closely, driven by consumer demand for sustainable products and corporate sustainability initiatives. The Asia-Pacific region is expected to experience rapid growth due to its large population and rising awareness of environmental issues.

Circular Polymers Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 10.57%
Global Market Size in 2023 USD 72.40 Billion
Global Market Size in 2024 USD 80.05 Billion
Global Market Size by 2033 USD 197.80 Billion
Largest Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Polymer Type, By Form, By Application, and By End-use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Circular Polymers Market Dynamics

Drivers:

The circular polymers market is primarily driven by regulatory initiatives promoting recycling and waste reduction. Additionally, increased consumer demand for sustainable products and corporate commitments to reduce carbon footprints contribute to market growth. Innovation in recycling technologies and processes also drives the expansion of the circular polymers market.

Opportunities:

Opportunities in the circular polymers market include the development of new recycling technologies and the expansion of applications for recycled polymers in various industries. Strategic partnerships between waste management companies and polymer manufacturers can facilitate the growth of circular polymers. Additionally, there is potential for further research into new materials and recycling methods to enhance the quality and performance of circular polymers.

Challenges:

The circular polymers market faces challenges such as the high initial cost of setting up recycling infrastructure and the need for consistent quality in recycled materials. Market acceptance of recycled products can also pose a challenge, as some consumers may perceive them as lower quality. Overcoming these barriers will require continued innovation, investment, and education to promote the benefits of circular polymers.

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Recent Developments

  • In September 2023, Chevron Phillips Chemical Company LLC collaborated with Danimer Scientific, formerly known as Meridian Holdings Group Inc., and MHG, a biopolymer manufacturer. This collaboration aimed to utilize Rinnovo polymers produced in a loop slurry reactor process to create biodegradable cast extrusion films, blown extrusion films, injection molded parts, and rational molded parts.
  • In July 2023, TotalEnergies SE collaborated with Aramco, SABIC (Saudi Arabia Basic Industries Corporation), a chemical manufacturer. This collaboration aimed to convert oil derived from plastic waste into circular polymers.
  • In June 2023, Circular Polymers by Ascend introduced Cerene, a line of recycled polymers and materials made from the company’s proprietary carpet reclaiming technology. The launched product would be available as polyamide 6 and 66, PET, polypropylene, and calcium carbonate as a consistent, sustainable feedstock for many applications consisting of molding and compounding.
  • In June 2023, Borealis AG took over Rialti S.p.A., a polypropylene (PP) compounder of recyclates based in the Varese area of Italy. This acquisition aimed to expand Borealis’s PP compounding business and, in particular, increase its volume of PP compounds based on mechanical recyclates.
  • In May 2023, Borealis AG launched Bornewables, a line of Queo, a range of plastomers and elastomers based on renewable feedstock. The launched product would allow Borealis to meet increasing customer demand for sustainable solutions that don’t compromise on quality or performance.

Circular Polymers Market Companies

  • LyondellBasell Industries Holdings B.V.
  • SABIC
  • Ascend Performance Materials Operations, LLC
  • Advanced Circular Polymers
  • Borealis AG
  • Veolia
  • Exxon Mobil Corporation
  • The Shakti Plastic Industries
  • Chevron Phillips Chemical Company, LLC
  • Suez Group

Segments Covered in the Report

By Polymer Type

  • Polyethylene (PE)
  • Polypropylene (PP)
  • Polyethylene Terephthalate (PET)
  • Polyvinyl Chloride (PVC)
  • Polyamide (PA)
  • Others

By Form

  • Pellets
  • Flakes

By Application

  • Food Packaging
  • Adhesives & Sealants
  • Interior & Exterior Components
  • Wires & Cables
  • Others

By End-use

  • Packaging
  • Building & Construction
  • Automotive
  • Electrical & Electronics
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

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