Press release
Certified Circular Plastics Market Poised for 12.1% Growth, Set to Hit $2.9 Billion by 2029
Certified Circular Plastics
The rising demand for recycled plastics is propelling the certified circular plastics market. As environmental concerns grow, there is increasing consumer and regulatory pressure to use sustainable, recycled plastics. Certified circular plastics ensure that these recycled materials meet stringent sustainability and quality standards, supporting the shift toward more eco-friendly products.
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What is the future CAGR of the certified circular plastics market, and how will it impact industry expansion?
The certified circular plastics market has seen rapid expansion. It is forecasted to grow from $1.64 billion in 2024 to $1.85 billion in 2025 at a CAGR of 12.5%. The historical growth was driven by greater environmental awareness, stricter government regulations, increased consumer preference for sustainable products, growing corporate commitments to circular economies, and a heightened focus on reducing carbon footprints.
The certified circular plastics market is expected to grow rapidly, reaching $2.92 billion by 2029 with a CAGR of 12.1%. The expansion will be fueled by increasing demand for sustainable packaging, stricter government regulations on plastic waste, growing consumer awareness of environmental issues, corporate commitments to circular economy principles, increased investments in plastic recycling infrastructure, and the expansion of circular plastic certification programs. Major trends include advancements in chemical recycling technologies, improved traceability systems, the adoption of closed-loop recycling, innovations in eco-friendly packaging, and the development of bio-based plastics.
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What are the most significant trends transforming the certified circular plastics market today?
In the certified circular plastic market, companies are focusing on certified circular resins to meet the increasing demand for sustainable materials. These resins are made from recycled content and are recyclable themselves, supporting a circular economy. For instance, in March 2024, Toray Plastics (America), Inc., a US-based company, launched Torayfan polypropylene film made from certified circular resins using ExxonMobil's Exxtend advanced recycling technology. This product promotes sustainability by reducing greenhouse gas emissions and supporting the recycling process in the packaging industry.
Which key market segments comprise the certified circular plastics market and drive its revenue growth?
The certified circular plasticsmarket covered in this report is segmented -
1) By Type: Polyethylene Terephthalate, High-Density Polyethylene, Polyvinyl Chloride, Low-Density Polyethylene, Polypropylene, Polystyrene, Other Types
2) By Application: Packaging, Grocery Bags, Other Applications
3) By End-Use: Food And Beverages, Healthcare, Household, Building And Construction, Electrical And Electronics, Agriculture, Other End-Uses
Subsegments:
1) By Polyethylene Terephthalate (PET): Recycled PET (rPET), Bio-Based PET
2) By High-Density Polyethylene (HDPE): Recycled HDPE (rHDPE), Bio-Based HDPE
3) By Polyvinyl Chloride (PVC): Recycled PVC (rPVC), Bio-Based PVC
4) By Low-Density Polyethylene (LDPE): Recycled LDPE (rLDPE), Bio-Based LDPE
5) By Polypropylene (PP): Recycled Polypropylene (rPP), Bio-Based Polypropylene
6) By Polystyrene (PS): Recycled Polystyrene (rPS), Bio-Based Polystyrene
7) By Other Types: Thermoplastic Elastomers, Biodegradable Plastics
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What regions are at the forefront of certified circular plastics market expansion?
North America was the largest region in the certified circular plastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the certified circular plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the certified circular plastics market?
Major companies operating in the certified circular plastics market are 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.
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What Is Covered In The Certified Circular Plastics Global Market Report?
•Market Size Forecast: Examine the certified circular plastics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the certified circular plastics market for a structured understanding.
•Key Players Overview: Analyze major players in the certified circular plastics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the certified circular plastics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the certified circular plastics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the certified circular plastics market.
•Industry Challenges: Identify potential risks and obstacles affecting the certified circular plastics market.
•Competitive Landscape: Review strategic developments in the certified circular plastics market, including expansions, agreements, and new product launches.
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