Circular Polymers Market Size To Reach $152.75 Billion By 2030

Circular Polymers Market Growth & Trends

The global circular polymers market size is anticipated to reach USD 152.75 billion by 2030 and is projected to grow at a CAGR of 11.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. This market is witnessing growth at a propulsive rate owing to increasing strategic initiatives such as new product launches, production expansions, and mergers & acquisitions.

Attributes of circular polymers are similar to traditional polymer resins, including high impact resistance, toughness, lower hardness, and low density. These resins are widely used across applications such as food packaging, adhesives & sealants, interior & exterior components of vehicles, and wires & cables, among others.

Furthermore, strategic initiatives such as mergers & acquisitions, joint ventures, production, expansion, and others are carried out by key players across market to maintain competitiveness. For instance, in July 2023, Saudi Arabian Oil Group (Aramco) and TotalEnergies SE, petroleum refinery companies, along with SABIC, a polymer manufacturer have produced circular polymers utilizing plastic pyrolysis oil alternatively known as plastic waste derived oil (PDO).

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Circular Polymers Market Report Highlights

• Based on region, Asia Pacific dominated the market with a revenue share of over 46.0% in 2023. Asia Pacific is a highly clustered region in terms of population across emerging economies such as India and China.

• Packaging, automotive, and building & construction are preponderance for the market. Government initiatives such as taxes on packaging, especially plastics-based, are expected to propel demand for circular polymers globally.

• Based on polymer type, the polyethylene (PE) segment dominated the global market in 2023 owing to a market share above 32.0% and growing demand from key end-use industries such as packaging, automotive, building & construction, and others.

• Based on form, pellets form segment dominated the global market in 2023, owing to a market share above 53.0%. Circular plastics are widely manufactured and supplied in pellet form to plastic product manufacturers, where these pellets are treated at extremely high temperatures, melted, and then molded into desirable end products.

• In terms of application, the food packaging segment dominated the global market in 2023, owing to a market share above 43.0%. Durability and seal ability of circular plastics have increased demand for circular plastic-based packaging across food & beverage industry.

• Based on end-use, packaging segment dominated the global market in 2023, owing to a market share above 43.0%, followed by the automotive industry with a market revenue share  above 19.0%.

Circular Polymers Market Segmentation

Grand View Research has segmented the global circular polymers market based on polymer type, form, application, end-use, and region:

Circular Polymers Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Polyethylene (PE)

• Polypropylene (PP)

• Polyethylene Terephthalate (PET)

• Polyvinyl Chloride (PVC)

• Polyamide (PA)

• Others

Circular Polymers Form Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Pellets

• Flakes

Circular Polymers Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Food packaging

• Adhesives & sealants

• Interior & exterior components

• Wires & cables

• Others

Circular Polymers End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Packaging

• Building & construction

• Automotive

• Electrical & electronics

• Others

Circular Polymers Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Netherlands

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

  • Indonesia

  • Thailand

  • Vietnam

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • United Arab Emirates (UAE)

  • South Africa

List of Key Players in the Circular Polymers Market

• LyondellBasell Industries Holdings B.V.

• SABIC

• Ascend Performance Materials Operations, LLC

• Advanced Circular Polymers

• Borealis AG

• Veolia

• Exxon Mobil Corporation

• The Shakti Plastic Industries

• Chevron Phillips Chemical Company, LLC

• Suez Group