Circular Polymer Market Insights, Analysis, Size, Share, and Demand Assessment 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Circular Polymer Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Circular Polymer Market 2024 Key Insights:

• 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%.
• Increasing Vehicle Production Fuels Growth Of The Circular Polymer Market
• Innovative Single-Pellet Solutions Drive Sustainability In The Circular Polymer Market
• Asia-Pacific was the largest region in the circular polymer market in 2023

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This release was published on openPR.