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Certified Circular Plastics Market Landscape 2025: Forecast Data and Growth Strategy Insights
Certified Circular Plastics Market
What Is the Expected CAGR for the Certified Circular Plastics Market Through 2025?
The certified circular plastics market has grown rapidly in recent years. It will grow from $1.64 billion in 2024 to $1.83 billion in 2025 at a CAGR of 11.5%. Past growth was influenced by environmental awareness, tighter regulations, consumer preference for sustainable options, corporate focus on circular economies, and efforts to lower carbon emissions.
What's the Projected Size of the Global Certified Circular Plastics Market by 2029?
There is predicted to be an accelerated increase in the size of the certified circular plastics market in the upcoming years. By 2029, it is anticipated to hit a market size of $2.87 billion with a compound annual growth rate (CAGR) of 11.9%. A myriad of factors are projected to drive the growth within the forecast period, including the growing demand for green packaging, stringent government laws on plastic waste, heightened public consciousness of environmental issues, increased company dedication to circular economic models, and an inflow of investments into plastic recycling structures. In addition, the proliferation of circular plastic certification throughout various industries is also likely to contribute. The forecast period will also see some key trends such as advancements in chemical recycling processes, development in traceability systems, embracement of closed-loop recycling schemes, innovations in environmentally friendly packaging and the evolution of bio-based plastics.
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Top Growth Drivers in the Certified Circular Plastics Industry: What's Accelerating the Market?
The certified circular plastics market is anticipated to grow on the back of increasing demand for recycled plastics. Recycled plastics are wasted materials repurposed into new items, mitigating the requirement for new or virgin materials and lessening the environmental footprint. This rising demand for recycled plastics can be attributed to escalating environmental concerns, stringent government rules regarding plastic waste, and a surge in consumer inclination for eco-friendly products. Certified circular plastics boost the reputation and acceptance of recycled plastics by ensuring they adhere to top-notch sustainability and quality guidelines. For example, a report by the National Association for PET Container Resources (NAPCOR), a U.S. trade association, revealed in December 2022, that the recycling rate of polyethylene terephthalate (PET) was 28.6% in the U.S. - an increase from 27.1% in 2021 - and 36.8% across North America, including the U.S., Canada, and Mexico, showing a rise from 34.2% in 2021. Consequently, the burgeoning demand for recycled plastics propels the market for certified circular plastics.
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What Trends Will Shape the Certified Circular Plastics Market Through 2029 and Beyond?
Leading businesses in the certified circular plastic market are concentrating on creating new and innovative solutions, such as certified circular resins, in response to the growing demand for eco-friendly materials. Certified circular resins are plastics that are validated for their capacity to be recycled and their usage of recycled content, hence they aid in establishing a circular economy since they are made from and can be recycled once more. For example, in March 2024, Toray Plastics (America), Inc., a plastic manufacturing company based in the US, introduced Torayfan polypropylene film made from certified circular resins, leveraging ExxonMobil's Exxtend advanced recycling technology. This ground-breaking product encourages sustainability in the packaging sector by employing recycled plastic waste, thereby aiding in the advancement of a circular plastic economy. The certified circular resins uphold high-quality and performance standards, thus removing the necessity for requalification when incorporated in Torayfan films. Furthermore, the Exxtend method results in significantly lesser greenhouse gas emissions than conventional fossil-based materials.
What Are the Main Segments in the Certified Circular Plastics Market?
The certified circular plastics market 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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Which Top Companies are Driving 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.
Which Regions Will Dominate the Certified Circular Plastics Market Through 2029?
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.
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