Circular Polymers Market Size
|2019 - 2029
|Base Year For Estimation
|> 11.00 %
|Fastest Growing Market
*Disclaimer: Major Players sorted in no particular order
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Circular Polymers Market Analysis
The circular polymers market is expected to register a CAGR of more than 11% during the forecast period.
The COVID-19 pandemic had a mixed impact on the global circular polymer market. Due to the outbreak of COVID-19, various end-user industries were affected in the circular polymers market. Nevertheless, the pandemic underlined the significance of sustainable solutions across sectors, highlighting the need for developing a circular economy, which was beneficial to the expansion of the circular polymer business. Currently, the market has recovered from the pandemic and is growing at a significant rate.
- Over the medium term, the increased use of recycled polymers in packaging applications is expected to encourage the expansion of the circular polymer market throughout the projected period.
- However, factors like inclination toward the use of virgin plastics over recycled polymers are expected to be major limitations on the growth rate of the circular polymers market during the projected period.
- Nevertheless, consumers throughout the world place a higher value on sustainable materials than traditional plastic, resulting in a shift in the perception of recyclable items. This has boosted the need for recyclable polymer goods across geographies throughout the years, providing a range of growth opportunities for the circular polymers market during the forecast period.
- The Asia-Pacific region is expected to be the fastest-growing market globally, with the largest consumption coming from countries such as China and India, and this is expected to remain the same in the future.
Circular Polymers Market Trends
Packaging Segment is Anticipated to Hold a Significant Share
- In the packaging industry, a "circular economy" involves utilizing and recycling plastic in a closed-loop system rather than making plastic that is used once and then wasted.
- Customers eager to buy products made from recyclable plastic have pushed the circular polymers market due to demand in the plastic and polymer industries as well as the packaging industry in industrialized countries.
- On the other hand, the packaging application segment is expected to grow significantly. Recycled polymers provide pure-grade product packaging with no contaminants, making them completely safe for use in food packaging. Plastic is a common packaging material in the food sector.
- According to the Organization for Economic Co-operation and Development (OECD), in 2023, over 153 million metric tons of plastics were used in the manufacturing of packaging worldwide. Plastic packaging consumption is expected to almost treble by 2060, hitting 380 million tons. Packaging is expected to account for 31% of worldwide plastics usage in that year.
- According to Plastics News (Sustainable Plastics), in August 2022, the price of post-consumer recycled polyethylene terephthalate (R-PET) colored flakes in Western Europe reached EUR 1,340 (USD 1,462.21) per metric ton. R-PET prices increased by about EUR 100 (USD 109.12) in July 2022 compared to the previous month due to higher mixed and colored bottle scrap costs and lower availability. In August 2022, R-PET grades were the only post-consumer recycled polymers to see price rises.
- The growing amount of plastic waste created by the food and beverage industries has increased the requirement for recycling old food packaging, which is expected to drive segmented demand. Circular polymer usage in the packaging sector is expected to more than double by the forecasted period.
- The company Amcor designs and manufactures plastic-based packaging solutions for a variety of industry categories, including food and beverage, healthcare, and home care.
- Amcor's net sales from films and other flexible goods were USD 10 billion for the fiscal year ended June 30, 2022, accounting for nearly 70% of the company's revenue. Meanwhile, Amcor's rigid packaging division is one of the world's major providers of rigid plastic packaging, with sales of containers, preforms, and closures generating USD 3.4 billion in revenue.
- According to the Organization for Economic Co-operation and Development (OECD), by 2060, global plastic packaging use is expected to reach 381 million metric tons. Polypropylene (PP) is predicted to account for around 24 percent of the polymers used in packaging that year, while polyethylene terephthalate (PET) would account for 16 percent. Plastic packaging is expected to account for more than 30% of global plastic usage by 2060.
- All the aforementioned factors are expected to drive the packaging segment, which also enhanced the demand for circular polymers during the forecast period.
Asia-Pacific Region to Dominate the Market
- The global circular polymer market is divided into seven geographical areas. Asia-Pacific has the biggest market share and will be the top circular polymer user during the projection period.
- Asia-Pacific is predicted to increase at a modest rate throughout the projection period. Increasing disposable income in emerging nations is driving demand for convenience items, helping the growth of the worldwide circular polymers market.
- Additionally, consumer products have grown rapidly in the recent decade, making them the most appealing end-use market for circular polymers. Plastics are manufactured by companies such as Jindal Films, mainly for packaging.
- The production of thin-film recyclable PP packaging is increasing. Even huge corporations are looking at novel recyclable materials that may be utilized for packaging on a wider scale while still being a cost-effective and long-lasting option.
- Several companies in the region are coming up with new facilities to recycle polymers. For instance: in a proposed plastics recycling facility in Jiangsu Province, China Tianying (CTNY) will use Honeywell's UpCycle Process Technology. The plant will transform mixed waste plastics into recycled polymer feedstock (RPF), allowing for the creation of a plastics circular economy. It will be China's first commercialized waste plastics recycling facility to leverage Honeywell's UpCycle Process Technology.
- Furthermore, according to the National Bureau of Statistics of China, in H1 2022, China's total plastic product output was 38.21 million metric tons. China is the world's largest manufacturer of plastics, accounting for approximately one-third of worldwide output.
- Sinopec and Petrochina are China's two largest oil, gas, and petrochemical businesses. They reported massive annual revenues of roughly CNY 2.1 and CNY 1.9 trillion, respectively, in 2021. Their commercial success is influenced in part by the automobile industry's increased need for oil and oil products.
- As a result, all the causes above are projected to increase demand for the circular polymers market in the Asia-Pacific region in the future.
Circular Polymers Industry Overview
The global circular polymers market is fragmented with the presence of very few large-sized players and a large number of small players operating. Some of the major companies are TotalEnergies, Advanced Circular Polymers, Quality Circular Polymers, Borealis AG, and SABIC amongst others (in no particular order).
Circular Polymers Market Leaders
Advanced Circular Polymers
Quality Circular Polymers
*Disclaimer: Major Players sorted in no particular order
Circular Polymers Market News
- February 2022: ExxonMobil has achieved the first commercial sale of certified circular polymers, utilizing its Exxtend technology for enhanced plastic waste recycling. Berry Global, a prominent developer of innovative packaging and engineered goods, will employ circular polymers to mass-manufacture containers for high-performance food-grade packaging.
- January 2022: Plastic Energy and TotalEnergies launched a new collaboration to enhance advanced plastic recycling. Plastic Energy wanted to develop a second advanced recycling facility in Sevilla, Spain, in addition to its existing operating plant, which will utilize Plastic Energy's proprietary recycling process to convert end-of-life plastic waste into a recovered feedstock called TACOIL. TotalEnergies will process this raw material to produce virgin-quality polymers suitable for food-grade packaging.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Use of Recycled Polymers in Packaging Application
4.1.2 Other Drivers
4.2.1 Inclination Toward the Use of Virgin Plastics Over Recycled Polymers
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value and Volume)
5.1.1 Polyethylene Terephthalate (PET)
5.1.4 Polyvinyl Chloride (PVC)
5.1.5 Nylon 6
5.1.6 Nylon 6,6
5.1.7 Other Polymers
5.2 End-user Industry
5.2.4 Electrical and Electronics
5.2.6 Consumer Products (Household)
5.2.8 Other End-user Industries
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 South America
18.104.22.168 Rest of South America
5.3.5 Middle-East and Africa
22.214.171.124 Saudi Arabia
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%) **/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Advanced Circular Polymers
6.4.3 Chevron Phillips Chemical
6.4.6 Jindal Films
6.4.7 KW Plastics
6.4.8 Lehigh Technologies
6.4.10 Plastic Energy
6.4.11 Quality Circular Polymers
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Shifting of Consumers towards Sustainable Materials than Traditional Plastics
Frequently Asked Questions
What is the current Circular Polymers Market size?
The Circular Polymers Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in Circular Polymers Market?
TotalEnergies, Advanced Circular Polymers, Quality Circular Polymers, Borealis AG and SABIC are the major companies operating in the Circular Polymers Market.
Which is the fastest growing region in Circular Polymers Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Circular Polymers Market?
In 2024, the Europe accounts for the largest market share in Circular Polymers Market.
What years does this Circular Polymers Market cover?
The report covers the Circular Polymers Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Circular Polymers Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Circular Polymers Industry Report
Statistics for the 2024 Circular Polymers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Circular Polymers analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.