Circular Polymers Market Forecast and CAGR
Latest study done by Fact.MR on circular polymers forecasts substantial growth in the market owing to rise in need for recycled materials along with urgency to transition towards circular economy. Additionally, with innovation and technological developments taking place, circular polymers is poised to grow with a CAGR of around 7% over the forecast period.
What is Driving Demand for Circular Polymers?
Over past decade there has been rise in concerns over the use of plastics attributed to its non-biodegradable properties. Also, most of the polymers and plastic waste are dumped in landfills thus contaminating the water table and environment. For instance, around 40% of plastics are sent to landfills while 19% dumped and 25% are incinerated.
Owing to these developments there is rise in demand for circular products that are recyclable and have minimal negative impact of environment. Additionally, circular polymers are recyclable and regenerative in nature which promotes transition to circular economy thus creating high demand in market.
Furthermore, penetration of circular polymers among consumer products is poised to provide it with an uptick growth in demand. For instance, SIG Combibloc Group in 2019 announced that it would provide beverage cartons made from circular polymers which can be seen as a positive step towards polymer penetration in consumer products.
Inculcation of Circular Polymers for Packaging to Propel Demand
Packaging industry is growing at a faster pace with the mounting consumption of consumer products. Also, there is rising demand for sustainable products which can be attributed to changing consumer preferences. Hence, to meet the present expectations of consumers, market players are collaborating to innovate newer technologies.
For instance, Total Energies in collaboration with Plastic Energy plans to set up advanced plastic recycling plant in France to convert waste plastic into packaging material.
Moreover, with consumer products witnessing high growth over the past decade, it can act as the most lucrative end use industry for inclusion of circular polymers. Owing to these factors packaging industry is set to propel the demand for circular polymers over the forecast period.
Asia Pacific Circular Polymers Market Outlook
Asia Pacific is a major contributor towards global plastic pollution crisis with 60% of marine plastic pollution coming from five Asian countries combined. To tackle the issue, there is grim need to promote the production and consumption of recycled polymers.
Additionally, over the past decade there has been a rise in working population in Asia which in turn has driven the demand for packaged goods thus providing massive opportunity for players to introduce circular polymers for packaging sector in the region.
Moreover, changing consumer preferences is also one of the main reasons behind rising popularity for polymers in the region. For instance, there has been an increase in demand for sustainable and green-labelled products, thus Asia Pacific is poised to provide high incremental growth opportunity for polymers.
North America Circular Polymers Market Outlook
North America is poised to be the most lucrative market for polymers mainly attributed to rising awareness regarding sustainable products and changing consumer preferences.
Additionally, demand for accountability is compelling market players to invest in processes that promote circular economy thus bolstering the demand for circular products.
Moreover, US is a leading market for packaged products which provides sustainable polymer manufacturers with the opportunity to poise themselves well in the region.
Who are the Key Manufacturers and Suppliers of Circular Polymers?
Some of the key players in the industry are
- Total Energies
- Circular Polymers
- Quality Circular Polymers
- Advanced Circular Polymers
- Plastic Energy
- Jindal Films
Market players are opting for mix of organic and inorganic growth strategies such as innovation and collaboration to poise themselves in the market.
- For instance, Circular Polymers, a California based recycling company in 2019 announced that it will use Elyria recycling technology enabling company to process post-consumer waste materials such as nylon-6, nylon 66 and polypropylene.
- In 2019 SABIC with various industry partners launched production of recycled polymers through various post-consumer waste feedstock. Company has dedicated whole new portfolio named TRUCIRCLE portfolio and services to promote circular solutions.
By Flake Type
- PET Flake
- Natural HDPE Flake
- Coloured HDPE Flake
By Material Type
- Nylon 6,6
- Nylon 6
- Calcium Carbonate
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
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