Circular Polymers Market Size to Touch USD 197.80 Bn by 2033

The global circular polymers market size accounted for USD 72.40 billion in 2023 and is anticipated to touch around USD 197.80 billion by 2033, growing at a CAGR of 10.57% from 2024 to 2033.

Key Point

In 2023, Asia Pacific dominated the circular polymers market with a market share of 47%.
North America is expected to secure a significant portion of the market's revenue in the upcoming years.
By polymer type, the polyethylene (PE) segment has dominated the market in 2023 with a market share of 33%.
By form, in 2023, the pellets segment has accounted largest market share of around 54%.
By form, the flakes segment has captured a market share of around 46% in 2023.
By application, the food packaging segment dominated the market of circular polymers in 2023 with a 44% revenue share.
By end use, the packaging segment captured a market share of 54% in 2023.

Circular Polymers Market Size 2024 to 2033

The circular polymers market is an emerging sector within the larger plastics industry that focuses on the production, recycling, and reuse of polymers to create a closed-loop system. Circular polymers are designed to minimize waste and environmental impact by extending the lifecycle of plastic materials. This market has gained significant attention due to growing concerns about plastic pollution and the need for sustainable materials.

Growth Factors: Several factors contribute to the growth of the circular polymers market. These include increasing environmental awareness, stricter regulations on plastic waste management, and a shift in consumer preferences towards eco-friendly products. Technological advancements in recycling processes and the development of new polymer materials are also driving growth. Additionally, companies across various industries are adopting circular polymers to meet sustainability goals and improve their brand image.

Region Insights: The circular polymers market is expanding globally, with significant growth opportunities in regions such as North America, Europe, and Asia-Pacific. In North America and Europe, stringent environmental regulations and government initiatives promote the adoption of circular polymers. In the Asia-Pacific region, the market is driven by rapid industrialization, increasing consumer awareness, and supportive government policies.

Drivers: Key drivers of the circular polymers market include:

Growing demand for sustainable materials across various industries, such as packaging, automotive, and construction.
Technological innovations in recycling and material processing that improve the quality and efficiency of circular polymers.
Supportive government policies and regulations promoting the use of recycled and recyclable materials.
Increasing consumer awareness and preference for eco-friendly products.

Opportunities: The circular polymers market presents several opportunities for growth and development, including:

Collaboration between industry players to improve recycling infrastructure and technology.
Expansion into new markets and industries that are adopting sustainable practices.
Development of advanced materials and solutions to enhance the performance and versatility of circular polymers.
Investments in research and development to create innovative products and improve recycling processes.

Challenges: Despite its potential, the circular polymers market faces several challenges, such as:

The need for significant investment in recycling infrastructure and technology to meet demand.
Limited availability of high-quality recycled materials, which can impact production and cost.
Complex supply chains and logistics associated with collecting, sorting, and processing used materials.
Competition from traditional polymers, which may offer lower costs and established supply chains.

Recent Developments

In September 2023, Chevron Phillips Chemical Company LLC collaborated with Danimer Scientific, formerly known as Meridian Holdings Group Inc., and MHG, a biopolymer manufacturer. This collaboration aimed to utilize Rinnovo polymers produced in a loop slurry reactor process to create biodegradable cast extrusion films, blown extrusion films, injection molded parts, and rational molded parts.
In July 2023, TotalEnergies SE collaborated with Aramco, SABIC (Saudi Arabia Basic Industries Corporation), a chemical manufacturer. This collaboration aimed to convert oil derived from plastic waste into circular polymers.
In June 2023, Circular Polymers by Ascend introduced Cerene, a line of recycled polymers and materials made from the company’s proprietary carpet reclaiming technology. The launched product would be available as polyamide 6 and 66, PET, polypropylene, and calcium carbonate as a consistent, sustainable feedstock for many applications consisting of molding and compounding.
In June 2023, Borealis AG took over Rialti S.p.A., a polypropylene (PP) compounder of recyclates based in the Varese area of Italy. This acquisition aimed to expand Borealis's PP compounding business and, in particular, increase its volume of PP compounds based on mechanical recyclates.
In May 2023, Borealis AG launched Bornewables, a line of Queo, a range of plastomers and elastomers based on renewable feedstock. The launched product would allow Borealis to meet increasing customer demand for sustainable solutions that don’t compromise on quality or performance.