The Global Circular Polymers Market size is expected to reach $143.2 billion by 2030, rising at a market growth of 11.1% CAGR during the forecast period. In the year 2022, the market attained a volume of 44,975.8 Kilo Tonnes experiencing a growth of 10.5% (2019-2022).
The polyvinyl chloride (PVC) segment procured a promising growth rate in the market in 2022. PVC is commonly used in construction for applications such as pipes, window profiles, and roofing materials. Consequently, the polyvinyl chloride (PVC) segment would generate approximately 17.86% share of the market by 2030. The demand for sustainable construction materials has led to the incorporating of recycled PVC in producing these materials. These factors will pose lucrative growth prospects for the polyvinyl chloride (PVC) segment. Some of the factors affecting the market are growing environmental concerns worldwide, regulatory initiatives related to plastic wastes, and limited collection and sorting infrastructure.
Circular polymers are often produced from post-consumer or post-industrial recycled materials, diverting plastic waste from landfills and oceans. This helps in mitigating the negative environmental impact associated with conventional plastic disposal. By using recycled materials as feedstocks, circular polymers reduce the reliance on virgin resources. These factors will boost the demand in the circular polymers market. Furthermore, Numerous governmental bodies have established obligatory recycling goals in an effort to mitigate the volume of plastic waste that ultimately enters landfills and oceans. These targets often require the use of recycled materials to produce plastics, promoting the adoption of circular polymers. Extended producer responsibility (EPR) programs shift the responsibility for managing post-consumer plastic waste from consumers to producers. These factors will help expand the market.
However, in regions with insufficient waste management infrastructure, the collection rates of plastic waste may be low. This means that a significant amount of plastic waste, which could potentially be used as feedstock for circular polymers, might end up in landfills, incineration, or littering. Effective recycling requires properly sorting plastic waste to separate different polymers. Inadequate infrastructure may result in poor sorting practices, leading to contamination of recycled materials. These aspects can lead to reduced demand in the market.
Based on type, the market is segmented into polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), polyamide (PA), and others. The polyethylene (PE) segment held the largest revenue share in the market in 2022. In response to rising environmental consciousness and apprehensions regarding plastic pollution, the demand for products containing recycled materials has increased. Polyethylene, being a versatile polymer, is a major contributor to the circular polymers market as recycled PE (rPE) gains popularity in various applications. These factors will boost the demand in the segment.
On the basis of form, the market is bifurcated into pellets and flakes. In 2022, the flakes segment witnessed a substantial revenue share in the market. Growth in the recycling infrastructure, including efficient collection and sorting systems, can positively impact the availability of high-quality plastic flakes. Well-established recycling systems contribute to a consistent feedstock supply for producing circular polymers. These factors will lead to increased expansion in the segment.
Based on application, the market is divided into food packaging, adhesives & sealants, interior & exterior components, wires & cables, and others. The food packaging segment recorded the maximum revenue share in the market in 2022. Consumer preferences are shifting towards sustainable and eco-friendly products, including food packaging. Circular polymers, derived from recycled materials, align with these preferences, and brands are increasingly adopting them to meet consumer demands for environmentally conscious packaging. These aspects will help in boosting the demand in the segment.
On the basis of end-use, the market is bifurcated into packaging, building & construction, automotive, electrical & electronics, and others. In 2022, the building and construction segment witnessed a substantial revenue share in the market. As environmental concerns and the need for sustainable building practices have become more widely recognized, the construction industry has begun to investigate environmentally benign alternatives. Circular polymers, which are obtained from renewable or recycled sources, support sustainability objectives and aid in the mitigation of the environmental impact of the industry. As a result, the demand in the segment is expected to increase in the coming years.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 61.8 Billion |
| Market size forecast in 2030 | USD 143.2 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 11.1% from 2023 to 2030 |
| Number of Pages | 532 |
| Number of Table | 990 |
| Quantitative Data | Volume in Kilo Tonnes, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Form, Type, Application, End-use, Region |
| Country scope |
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| Companies Included | LyondellBasell Industries Holdings B.V., SABIC (Saudi Arabian Oil Company), Ascend Performance Materials LLC (SK Capital and Partners), Veolia Environnement S.A., Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, Borealis AG (OMV), The Shakti Plastic Industries, Advanced Circular Polymers, and TotalEnergies SE. |
| Growth Drivers |
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| Restraints |
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By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America segment acquired a considerable revenue share in the market. The increasing awareness regarding the adverse environmental impacts of plastic pollution has incited businesses and consumers in North America to investigate alternative plastic materials that do not adhere to conventional practices. Circular polymers, derived from recycled materials, align with efforts to address plastic waste issues. These aspects will help to increase the demand in the North America segment.
Free Valuable Insights: Global Circular Polymers Market size to reach USD 143.2 Billion by 2030
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include LyondellBasell Industries Holdings B.V., SABIC (Saudi Arabian Oil Company), Ascend Performance Materials LLC (SK Capital and Partners), Veolia Environnement S.A., Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, Borealis AG (OMV), The Shakti Plastic Industries, Advanced Circular Polymers, and TotalEnergies SE.
By Form (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-use(Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Billion, 2019-2030)
The Market size is projected to reach USD $143.2 billion by 2030.
Regulatory initiatives related to plastic waste are driving the Market in coming years, however, Limited collection and sorting infrastructure restraints the growth of the Market.
LyondellBasell Industries Holdings B.V., SABIC (Saudi Arabian Oil Company), Ascend Performance Materials LLC (SK Capital and Partners), Veolia Environnement S.A., Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, Borealis AG (OMV), The Shakti Plastic Industries, Advanced Circular Polymers, and TotalEnergies SE.
In the year 2022, the market attained a volume of 44,975.8 Kilo Tonnes experiencing a growth of 10.5% (2019-2022).
The Packaging segment is leading the Market by End-use in 2022, thereby achieving a market value of $58.2 billion by 2030.
The Asia Pacific region dominated the Market by Region in 2022, thereby achieving a market value of $69.1 billion by 2030.
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