Market Size of Circular Polymers Industry
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 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) |
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Circular Polymers Market Size Summary
The circular polymers market is poised for significant growth, driven by increasing consumer demand for sustainable materials and regulatory support for circular economy practices. The market's expansion is fueled by the rising use of recycled polymers, particularly in packaging applications, where they are utilized in closed-loop systems to reduce waste. The COVID-19 pandemic highlighted the importance of sustainable solutions, accelerating the shift towards circular polymers. Despite challenges such as the preference for virgin plastics, the market is recovering and expanding, with Asia-Pacific expected to be the fastest-growing region due to its substantial consumption in countries like China and India. The packaging segment, in particular, is anticipated to see substantial growth, as recycled polymers offer safe and contaminant-free packaging solutions, especially for food products.
The global circular polymers market is characterized by its fragmented nature, with a mix of large and small players. Companies like TotalEnergies, Borealis AG, SABIC, and Visy are key participants, actively engaging in initiatives to enhance plastic waste recycling and develop sustainable packaging solutions. The market's growth is supported by advancements in recycling technologies and the establishment of new facilities, such as the proposed plastics recycling plant in Jiangsu Province, China, which aims to create a circular economy for plastics. Additionally, the construction and electronics industries are increasingly incorporating circular polymers to promote environmentally friendly practices. As the demand for circular polymers continues to rise, driven by both consumer preferences and industry innovations, the market is expected to experience robust growth in the coming years.
Circular Polymers Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Increasing Use of Recycled Polymers in Packaging Application
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1.1.2 The Growing Awareness and Regulations Promoting Circular Economy Practices
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Inclination Toward the Use of Virgin Plastics Over Recycled Polymers
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Polymer
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2.1.1 Polyethylene Terephthalate (PET)
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2.1.2 Polyethylene
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2.1.3 Polypropylene
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2.1.4 Polyvinyl Chloride (PVC)
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2.1.5 Nylon 6
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2.1.6 Nylon 6,6
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2.1.7 Other Polymers (Acrylonitrile)
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2.2 End-user Industry
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2.2.1 Packaging
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2.2.2 Construction
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2.2.3 Automotive
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2.2.4 Electrical and Electronics
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2.2.5 Agriculture
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2.2.6 Consumer Products (Household)
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2.2.7 Petrochemicals
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2.2.8 Other End-user Industries (Textiles, Healthcare, and Others)
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Malaysia
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2.3.1.6 Thailand
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2.3.1.7 Indonesia
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2.3.1.8 Vietnam
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2.3.1.9 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 France
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2.3.3.4 Italy
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2.3.3.5 Spain
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2.3.3.6 Nordic Countries
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2.3.3.7 Turkey
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2.3.3.8 Russia
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2.3.3.9 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Colombia
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2.3.4.4 Rest of South America
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2.3.5 Middle East & Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Nigeria
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2.3.5.4 Qatar
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2.3.5.5 Egypt
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2.3.5.6 United Arab Emirates
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2.3.5.7 Rest of Middle East & Africa
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Circular Polymers Market Size 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.