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Certified Circular Plastics Market Analysis, Market Size, Leading Players, Share And Forecast To 2033
Certified Circular Plastics Market Analysis
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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.
Certified Circular Plastics Market 2024 Key Insights:
• 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%.
• Rising Demand For Recycled Plastics Fuels Growth In The Certified Circular Plastics Market
• Innovative Certified Circular Resins Drive Sustainable Packaging Solutions
• North America was the largest region in the certified circular plastics market in 2023
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The Business Research Company (https://www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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