The certified circular plastics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Certified Circular Plastics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The certified circular plastics market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to an increase in environmental awareness, stricter government regulations, a rise in consumer demand for sustainable products, a rise in corporate commitments to circular economies, and growth in emphasis on reducing carbon footprints.
The certified circular plastics market size is expected to see rapid growth in the next few years. It will grow to $2.61 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to increasing demand for sustainable packaging, rising stringent government regulations on plastic waste, growing consumer awareness of environmental impact, rising corporate commitments to circular economy practices, rising investments in plastic recycling infrastructure, and the expansion of circular plastic certification programs across industries. Major trends in the forecast period include advancements in chemical recycling technologies, advancements in traceability systems, adoption of closed-loop recycling systems, innovations in eco-friendly packaging, and development of bio-based plastics.
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Scope Of Certified Circular Plastics Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Certified Circular Plastics Market Overview
Market Drivers –
The rise in demand for recycled plastics is expected to propel the growth of the certified circular plastics market going forward. Recycled plastics are plastics reprocessed from waste into new products, reducing the need for virgin materials and minimizing environmental impact. The demand for recycled plastics is due to increasing environmental concerns, stricter government regulations on plastic waste, and growing consumer preference for sustainable products. Certified circular plastics enhance the credibility and adoption of recycled plastics by ensuring they meet high sustainability and quality standards. For instance, in December 2022, according to a report published by the National Association for PET Container Resources (NAPCOR), a US-based trade association, polyethylene terephthalate (PET) recycling rates increased to 28.6% in the U.S., up from 27.1% in 2021, and 36.8% in North America, including the U.S., Canada, and Mexico, up from 34.2% in 2021. Therefore, the rise in demand for recycled plastics drives the certified circular plastics market.
Market Trends –
Major companies operating in the certified circular plastic market are focusing on developing innovative solutions, such as certified circular resins, to meet the increasing demand for sustainable materials. Certified-circular resins are plastic materials validated for their recyclability and use of recycled content, ensuring they support a circular economy by being both made from and able to be recycled again. For instance, in March 2024, Toray Plastics (America), Inc., a US-based plastic fabrication company, launched Torayfan polypropylene film made from certified circular resins, utilizing ExxonMobil’s Exxtend advanced recycling technology. This innovative product promotes sustainability in the packaging industry by using recycled plastic waste, thus contributing to a circular plastic economy. The certified circular resins maintain high quality and performance standards, eliminating the need for requalification when used in Torayfan films. Additionally, the Exxtend process results in significantly lower greenhouse gas emissions compared to traditional fossil-based materials.
The certified circular plastics market covered in this report is segmented –
- By Type: Polyethylene Terephthalate, High-Density Polyethylene, Polyvinyl Chloride, Low-Density Polyethylene, Polypropylene, Polystyrene, Other Types
- By Application: Packaging, Grocery Bags, Other Applications
- By End-Use: Food And Beverages, Healthcare, Household, Building And Construction, Electrical And Electronics, Agriculture, Other End-Uses
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Regional Insights –
North America was the largest region in the certified circular plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the certified circular plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the certified circular plastics market are ExxonMobil Corporation, TotalEnergies SE, BASF SE, The Dow Chemical Company, Saudi Basic Industries Corporation, LyondellBasell Subholdings B.V., Neste Corporation, Covestro AG, UPM-Kymmene Oyj, Eastman Chemical Company, ALPLA Group, Chevron Phillips Chemical Company LLC, Trinseo, Plastipak Holdings Inc., Borealis AG, INEOS Styrolution Group GmbH, Veolia Environnement S.A., Plastic Energy Limited, Hanmere Polythene Limited (Amerplast), GreenMantra Technologies, Agilyx Corporation, Carbios SAS, Loop Industries Inc.
Table of Contents
- Executive Summary
- Certified Circular Plastics Market Report Structure
- Certified Circular Plastics Market Trends And Strategies
- Certified Circular Plastics Market – Macro Economic Scenario
- Certified Circular Plastics Market Size And Growth
….. - Certified Circular Plastics Market Competitor Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
- Appendix
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