Chemicals

Circular Polymer Market Key Drivers, Overview 2024-2033

The circular polymer 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.

Circular Polymer 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 circular polymer market size has grown rapidly in recent years. It will grow from $80.38 billion in 2023 to $90.94 billion in 2024 at a compound annual growth rate (CAGR) of 13.1%. The growth in the historic period can be attributed to rising awareness among various industries to use recycled materials to reduce their carbon footprints, increasing adoption of recyclable materials in the packaging industry, favorable initiatives to promote recycled plastics, increasing focus on waste management, and rising urbanization.

The circular polymer market size is expected to see rapid growth in the next few years. It will grow to $150.15 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to increasing usage of takeaway plastic food packaging, growing consumption of sustainable product, increasing production of vehicles, heavy investments from the current government for infrastructural development, and growing amount of plastic waste. Major trends in the forecast period include innovations in polyethylene terephthalate (PET) recycling technologies, innovative dissolution process, innovative processes to transform waste into reusable polymers, innovative plastic recycling plants, carpet reclaiming technology.

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Scope Of Circular Polymer 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.

Circular Polymer Market Overview

Market Drivers –

The increasing vehicle production is expected to propel the growth of the circular polymer market going forward. Vehicle production refers to manufacturing various types of vehicles, including cars, trucks, buses, motorcycles, and other forms of motorized transportation. The increasing production of vehicles is due to economic growth in developing regions, urbanization, population growth, and advancements in automotive technology. Circular polymers are used in vehicle production as part of the automotive industry’s efforts to enhance sustainability, reduce environmental impact, and maintain flexibility in the production process. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Therefore, the increasing vehicle production is driving the growth of the circular polymer market.

Market Trends –

Major companies operating in the circular polymer market are focusing on developing innovative products, such as single pellet solutions to enhance sustainability by improving material efficiency, reducing waste, and facilitating easier recycling processes. Single-pellet solutions refer to a type of masterbatch technology that simplifies the production process by eliminating the need for multiple additive components, improving efficiency, and ensuring consistent quality in the final product. For instance, in August 2023, LyondellBasell, a UK-based manufacturer of polymers, including circular polymers, launched the CirculenRecover portfolio categorized into CirculenRecover polymers, CirculenRevive polymers, and CirculenRenew polymers offering single pellet solutions. The CirculenRecover portfolio contains eight new-grade polymers aimed at enhancing sustainability in plastic packaging. CirculenRecover specifically includes polymers made from plastic waste through a mechanical recycling process. These polymers can contain up to 100% Post-Consumer Resin (PCR) and are designed to meet the performance requirements of various applications, particularly in industrial and food packaging.

The circular polymer market covered in this report is segmented –

1) By Type: Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polyamide (PA), Other Types

2) By Form: Pellets, Flakes

3) By End-User: Packaging, Building And Construction, Automotive, Electrical And Electronics, Other End-Users

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Regional Insights –

Asia-Pacific was the largest region in the circular polymer market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the circular polymer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key Companies –

Major companies operating in the circular polymer market are Exxon Mobil Corporation, TotalEnergies SE, Reliance Industries Limited, BASF SE, Dow Chemical Company, Saudi Basic Industries Corporation (SABIC), LyondellBasell Industries, Veolia Environnement S.A., Covestro AG, Braskem S.A., Ineos Group, Borealis AG, Eastman Chemical Company, Suez Group, Ascend Performance Materials Operations LLC, Visy Industries, KW Plastics, QCP B.V, The Shakti Plastic Industries, CleanEco Group Limited

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