Circular Polymers Market Size to Surpass USD 197.80 Bn by 2033

Prathamesh

11 months ago

The global circular polymers market size surpassed USD 72.40 billion in 2023 and is predicted to cross 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.

The circular polymers market refers to the sector that focuses on the production and utilization of polymers made from recycled materials. This market is a key component of the circular economy, which aims to minimize waste and promote the reuse and recycling of materials. The growing awareness of environmental sustainability and resource conservation is driving the demand for circular polymers across various industries.

Get a Sample: https://www.precedenceresearch.com/sample/4092

Growth Factors

The growth of the circular polymers market is driven by several factors. Firstly, increasing environmental concerns and stringent regulations regarding plastic waste management are pushing industries to adopt more sustainable practices. Secondly, advancements in recycling technologies have made it easier to produce high-quality recycled polymers, enhancing their appeal to manufacturers. Thirdly, consumer preferences are shifting towards eco-friendly products, leading to a rise in demand for products made from recycled materials.

Regional Insights

In terms of regional insights, Europe and North America are leading the circular polymers market due to their strong commitment to sustainability and the presence of supportive regulatory frameworks. These regions have invested heavily in recycling infrastructure and research and development in sustainable materials. Asia-Pacific is also emerging as a significant market due to rapid industrialization and increasing 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

Several drivers are propelling the circular polymers market forward. Firstly, the push for circularity and waste reduction is being promoted by governments worldwide through policies and incentives. Additionally, major brands and manufacturers are increasingly setting sustainability targets, which include the use of recycled polymers in their products. Furthermore, the rising cost of raw materials encourages the adoption of recycled alternatives.

Opportunities

The circular polymers market presents several opportunities for growth. Innovations in recycling technology could lead to the development of new types of recycled polymers with broader applications. Moreover, collaborations between industries and governments can help improve recycling rates and the overall efficiency of the circular economy. The expansion of circular polymers into emerging markets also offers potential for increased market share.

Challenges

Despite the promising outlook, the circular polymers market faces certain challenges. The quality and consistency of recycled polymers can vary, impacting their use in certain applications. Additionally, the initial investment required for recycling infrastructure can be a barrier for some regions. Furthermore, the availability of raw materials for recycling may be inconsistent, affecting the production process. Overcoming these challenges will be crucial for the market’s sustained growth.

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.