Circular Polymers Market Size to Cross USD 197.80 Bn by 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 is focused on the production, use, and recycling of polymers in a way that promotes sustainability and resource efficiency. This market aims to minimize waste and environmental impact by reusing and recycling polymers instead of discarding them. The circular economy model for polymers is gaining popularity due to its potential to address the growing concerns about plastic pollution and the depletion of natural resources.

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Growth Factors

The circular polymers market is being driven by several factors, including increasing consumer awareness about environmental issues and sustainability, stricter regulations on plastic waste, and a growing preference for eco-friendly products. Technological advancements in recycling and polymer processing are enabling the efficient production of circular polymers. Furthermore, major companies are embracing circular economy practices to align with sustainability goals and corporate social responsibility initiatives.

Region Insights
The market for circular polymers varies by region. Europe is a leading region in terms of market share due to its strong regulatory framework, emphasis on sustainability, and advanced recycling infrastructure. North America follows closely with growing consumer awareness and supportive policies. In the Asia-Pacific region, the market is expanding rapidly due to the presence of major polymer manufacturers and increasing investments in recycling technologies. Other regions such as Latin America and the Middle East and Africa are also seeing growth, albeit at a slower pace.

Circular Polymers Market Scope

Circular Polymers Market Dynamics

Drivers
Key drivers of the circular polymers market include regulatory support for recycling and waste reduction, consumer demand for sustainable products, and advancements in recycling technologies. Governments around the world are implementing policies to reduce plastic waste and promote circular economy practices. In addition, the adoption of circular polymers can help companies meet sustainability targets and enhance brand reputation.

Opportunities
There are significant opportunities in the circular polymers market, including the development of innovative recycling technologies, new applications for recycled polymers, and partnerships with other industries for waste reduction and resource optimization. Companies that can leverage these opportunities to create value-added products from recycled materials can gain a competitive advantage.

Challenges
Despite the potential, the circular polymers market faces challenges such as the complexity of polymer recycling, limitations in existing recycling infrastructure, and the need for standardized practices across regions. Additionally, the initial investment required for circular polymer production and recycling can be a barrier for some companies. Overcoming these challenges will be crucial for the sustainable growth of the circular polymers market.

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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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