Circular Polymers Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 8.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Circular Polymers Market Analysis
The Circular Polymers Market size is estimated at 18.60 Million tons in 2024, and is expected to reach 43.39 Million tons by 2029, growing at a CAGR of greater than 8% during the forecast period (2024-2029).
The COVID-19 pandemic had a mixed impact on the global circular polymer market. The pandemic affected various end-user industries in the circular polymers market. It underlined the significance of sustainable solutions across sectors, highlighting the need to develop a circular economy, which is beneficial to the expansion of the circular polymer business. The market recovered from the pandemic and is growing at a significant rate.
- The increasing use of recycled polymers in packaging applications and the growing awareness and regulations promoting circular economy practices are expected to encourage the expansion of the circular polymer market over the forecast period.
- However, factors like inclination toward the use of virgin plastics over recycled polymers are expected to be significant limitations on the growth of the circular polymers market during the forecast period.
- 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, and it is expected to provide a range of growth opportunities for the circular polymers market during the forecast period.
- Asia-Pacific is expected to be the fastest-growing market globally, with the most significant consumption coming from countries such as China and India, and this is expected to remain the same in the future.
Circular Polymers Market Trends
The Packaging Segment is Anticipated to Hold a Significant Share
- In the packaging segment, circular polymers involve utilizing and recycling plastic in a closed-loop system rather than making plastic used once and then wasted.
- The eagerness of consumers to buy products made from recyclable plastic boosts the circular polymers market. Significant demand is generated from the plastic and polymer industries as well as the packaging industry in industrialized countries.
- The packaging 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 triple by 2060, reaching 380 million tons. Packaging is expected to account for 31% of worldwide plastics usage by 2060.
- According to Plastics News (Sustainable Plastics), in August 2022, the price of post-consumer recycled polyethylene terephthalate (rPET) colored flakes in Western Europe reached EUR 1,340 (USD 1,462.21) per metric ton. rPET 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, rPET 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 segmental demand. Circular polymer usage in the packaging sector is expected to more than double during the forecast period.
- As per the Federal Statistical Office (a federal authority of Germany), the revenue of the packaging segment in Germany reached EUR 35.04 billion (USD 37.69 billion) in 2022, an increase compared to EUR 29.59 billion (USD 31.83 billion) in 2021.
- As per the Environment Agency, domestic plastic packaging recycling and exports in the United Kingdom reached a total of 1.15 million metric tons in 2022, an increase compared to 1.11 million metric tons in 2021.
- All the aforementioned factors are expected to drive the packaging segment, enhancing the demand for circular polymers during the forecast period.
Asia-Pacific is Expected to Dominate the Market
- Asia-Pacific is expected to grow at a modest rate over the forecast period. Increasing disposable income in emerging nations is driving the demand for convenience items, boosting the growth of the global circular polymers market.
- Additionally, consumer products have increased 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 giant corporations are looking at novel recyclable materials that may be utilized for packaging on a broader 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 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.
- According to the National Bureau of Statistics of China, in December 2023, China's total plastic product output was 6.96 million metric tons. China is the world's largest manufacturer of plastics, accounting for approximately one-third of worldwide output.
- Circular polymers in the construction industry are used to create sustainable building materials by recycling and repurposing plastic, contributing to environmentally friendly practices. They are also used to develop recycled plastic products such as lumber, pipes, and other construction components.
- According to the National Bureau of Statistics of China, the construction output value in China reached CNY 31.2 trillion in 2022 and registered growth compared to CNY 29.31 trillion in the previous year.
- In the electrical and electronics industry, circular polymers play a role in sustainable manufacturing practices by being incorporated into the production of electronic components and devices, contributing to the industry's efforts to reduce environmental impact and promote the use of recycled materials in the manufacturing of electronic products.
- India is expected to have a digital economy of USD 1 trillion by 2025. India's electronics system design and manufacturing (ESDM) sector is expected to generate over USD 100 billion in economic value by 2025. Several policies, such as Make in India, National Policy of Electronics, Net Zero Imports in Electronics, and Zero Defect Zero Effect, offer a commitment to growth in domestic manufacturing, lowering import dependence, and energizing exports and manufacturing.
- All the aforementioned factors are projected to increase the demand for circular polymers in the Asia-Pacific region in the future.
Circular Polymers Industry Overview
The global circular polymers market is fragmented. It has very few large players and many small players. Some of the major companies include TotalEnergies, Visy, QCP BV, Borealis AG, and SABIC.
Circular Polymers Market Leaders
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TotalEnergies
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Borealis AG
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SABIC
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Visy
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QCP B.V
*Disclaimer: Major Players sorted in no particular order
Circular Polymers Market News
- February 2022: ExxonMobil 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 would utilize Plastic Energy's proprietary recycling process to convert end-of-life plastic waste into a recovered feedstock called TACOIL. TotalEnergies would process this raw material to produce virgin-quality polymers suitable for food-grade packaging.
Circular Polymers Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Use of Recycled Polymers in Packaging Application
- 4.1.2 The Growing Awareness and Regulations Promoting Circular Economy Practices
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 Inclination Toward the Use of Virgin Plastics Over Recycled Polymers
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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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 Volume)
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5.1 Polymer
- 5.1.1 Polyethylene Terephthalate (PET)
- 5.1.2 Polyethylene
- 5.1.3 Polypropylene
- 5.1.4 Polyvinyl Chloride (PVC)
- 5.1.5 Nylon 6
- 5.1.6 Nylon 6,6
- 5.1.7 Other Polymers (Acrylonitrile)
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5.2 End-user Industry
- 5.2.1 Packaging
- 5.2.2 Construction
- 5.2.3 Automotive
- 5.2.4 Electrical and Electronics
- 5.2.5 Agriculture
- 5.2.6 Consumer Products (Household)
- 5.2.7 Petrochemicals
- 5.2.8 Other End-user Industries (Textiles, Healthcare, and Others)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Malaysia
- 5.3.1.6 Thailand
- 5.3.1.7 Indonesia
- 5.3.1.8 Vietnam
- 5.3.1.9 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 France
- 5.3.3.4 Italy
- 5.3.3.5 Spain
- 5.3.3.6 Nordic Countries
- 5.3.3.7 Turkey
- 5.3.3.8 Russia
- 5.3.3.9 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Colombia
- 5.3.4.4 Rest of South America
- 5.3.5 Middle East & Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Nigeria
- 5.3.5.4 Qatar
- 5.3.5.5 Egypt
- 5.3.5.6 United Arab Emirates
- 5.3.5.7 Rest of Middle East & 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
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6.4 Company Profiles
- 6.4.1 Borealis
- 6.4.2 Chevron Phillips Chemical
- 6.4.3 Enerken
- 6.4.4 ExxonMobil
- 6.4.5 Jindal Films
- 6.4.6 KW Plastics
- 6.4.7 Lehigh Technologies
- 6.4.8 LyondellBasell
- 6.4.9 Plastic Energy
- 6.4.10 QCP BV
- 6.4.11 SABIC
- 6.4.12 Suez
- 6.4.13 TotalEnergies
- 6.4.14 Veolia
- 6.4.15 Visy
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Shifting of Consumers towards Sustainable Materials than Traditional Plastics
Circular Polymers Industry Segmentation
Circular polymers are made from plastics gathered from diverse sources, such as municipal and industrial trash. The plastic circular economy is a paradigm of closed systems that encourages polymer reuse and recycling. This concept produces value from trash and discourages the disposal of recovered plastics in landfills. The global plastics sector is looking for ways to replace fossil fuels with renewable resources. As the circular economy converts more plastic waste into recycling, sales of circular polymers are likely to expand in the coming years.
The circular polymers market is segmented by polymer, form, end-user industry, and geography. By polymer, the market is segmented into polyethylene terephthalate (PET), polyethylene, polypropylene, polyvinyl chloride (PVC), nylon 6, nylon 6,6, and other polymers (acrylonitrile). By end-user industry, the market is segmented into packaging, construction, automotive, electrical and electronics, agriculture, consumer products (household), petrochemicals, and other end-user industries (textiles, healthcare, and others). The report also offers market sizes and forecasts for 27 countries across major regions. For each segment, market sizing and forecasts were made based on volume (tons).
| Polymer | Polyethylene Terephthalate (PET) | |
| Polyethylene | ||
| Polypropylene | ||
| Polyvinyl Chloride (PVC) | ||
| Nylon 6 | ||
| Nylon 6,6 | ||
| Other Polymers (Acrylonitrile) | ||
| End-user Industry | Packaging | |
| Construction | ||
| Automotive | ||
| Electrical and Electronics | ||
| Agriculture | ||
| Consumer Products (Household) | ||
| Petrochemicals | ||
| Other End-user Industries (Textiles, Healthcare, and Others) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Malaysia | ||
| Thailand | ||
| Indonesia | ||
| Vietnam | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Nordic Countries | ||
| Turkey | ||
| Russia | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Colombia | ||
| Rest of South America | ||
| Geography | Middle East & Africa | Saudi Arabia |
| South Africa | ||
| Nigeria | ||
| Qatar | ||
| Egypt | ||
| United Arab Emirates | ||
| Rest of Middle East & Africa |
Circular Polymers Market Research FAQs
How big is the Circular Polymers Market?
The Circular Polymers Market size is expected to reach 18.60 million tons in 2024 and grow at a CAGR of greater than 8% to reach 43.39 million tons by 2029.
What is the current Circular Polymers Market size?
In 2024, the Circular Polymers Market size is expected to reach 18.60 million tons.
Who are the key players in Circular Polymers Market?
TotalEnergies, Borealis AG, SABIC, Visy and QCP B.V 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, and what was the market size in 2023?
In 2023, the Circular Polymers Market size was estimated at 17.11 million tons. 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.
