The North America Circular Polymers Market would witness market growth of 10.8% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 7,134.1 Kilo Tonnes, showcasing a growth of 10.4% (2019-2022).
Circular polymers are designed to be recyclable and are derived from recycled or renewable feedstocks. This practice adheres to the recycling principle, which entails the collection, processing, and subsequent conversion of plastics into new products, thereby diminishing the demand for new materials. Likewise, circular polymers facilitate the "closing the loop" concept in the production cycle. Instead of being discarded after use, plastics made from circular polymers can be collected, recycled, and reintroduced into the manufacturing process, creating a closed-loop system that minimizes waste.
Additionally, circular polymers conserve natural resources by promoting the recycling and reuse of plastics. This is particularly important in the context of the petroleum-based production of traditional plastics, as circular polymers reduce the reliance on finite fossil fuel resources. Circular polymers play a crucial role in reducing the environmental impact of plastic production. In comparison to the production of new plastics, the recycling of plastics utilizing circular polymers reduces greenhouse gas emissions and energy consumption, thereby contributing to a more environmentally sustainable manufacturing process.
Moreover, with the expansion of the Canadian construction industry, the demand for sustainable building materials is increasing. Circular polymers, owing to their recyclable composition and environmentally favorable characteristics, are compatible with the construction sector's emphasis on sustainability and can be employed in a multitude of applications. As per the data released in 2023 from Statistics Canada, investment in building construction increased 5.3% to $18.9 billion in September. The residential sector rose 7.3% to $12.9 billion, and the non-residential sector rose 1.2% to $6.0 billion. Thus, growing initiatives for advanced packaging and the rising construction sector in North America are expected to boost the demand for circular polymers in the region.
The US market dominated the North America Circular Polymers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $21,452.5 million by 2030. The Canada market is experiencing a CAGR of 13.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 12.4% during (2023 - 2030).
Based on Form, the market is segmented into Pellets, and Flakes. Based on Application, the market is segmented into Food Packaging, Adhesives & Sealants, Interior & Exterior Components, Wires & Cables, and Others. Based on End-use, the market is segmented into Packaging, Building & Construction, Automotive, Electrical & Electronics, and Others. Based on Type, the market is segmented into Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polyamide (PA), and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Circular Polymers Market is Predict to reach $143.2 Billion by 2030, at a CAGR of 11.1%
The market research report covers the analysis of key stake holders 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 Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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