Circular Polymers Market Size, Share and Industry Analysis Report by Polymer (Polyethylene Terephthalate (PET), Polyethylene, Polypropylene, Polyvinyl Chloride (PVC)) and Application (Packaging, Building & Construction, Automotive, Electrical & Electronics, Agriculture), Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030
The global circular polymers market is slated to expand at a substantial rate through 2030 owing to the rising need for recycled items in order to move towards a circular economy.
Recently, some of the major market players have been working continuously towards innovation and technological advancements, which has proven favorable for industry expansion. For instance, in April 2022, SABIC or Saudi Basic Industries Corporation, the chemical manufacturer based in Saudi Arabia, announced its plans to commence production of circular polymers for the European market by the end of 2022. Sabic affirmed the start-up of its chemical recycling plant in collaboration with Plastic Energy at its site in Geleen, the Netherlands.
Furthermore, companies are also focusing on forming strategic alliances to enhance their product offerings, thereby improving circular polymers market dynamics. To cite an instance, in December 2021, TotalEnergies, the French oil & gas company, and Plastic Omnium, the automotive supplier with expertise in plastics, formed a strategic partnership to create and develop novel plastic materials fabricated using recycled polypropylene for the automobile sector.
With the partnership, Plastic Omnium and TotalEnergies intended to combine their engineering expertise to develop new types of recycled materials that provide improved performance while also giving practical solutions to the problems that end-of-life plastics pose. These new materials were to be made up of anything from 20% to 100% recycled materials collected from industry and household waste streams and promised a potential CO2 footprint of up to six times lower than that of virgin materials. The project also aimed to address the circular economy challenge and achieve the goal of manufacturing 30% renewable and recycled polymers by 2030.
The circular polymers market has been segmented in terms of polymer, application, and region. Based on polymer, the industry has been divided into PET, polyethylene, polypropylene, PVC, and others. The PVC segment is expected to accumulate a revenue share of around 2.40% in the market by the end of the forecast period. The others segment is projected to reach a valuation of above USD 19.50 billion by 2030.
With respect to application, the market has been bifurcated into building & construction, electrical & electronics, automotive, packaging, agriculture, and others. The electrical & electronics segment is set to register a CAGR of more than 10% over the review timeline. The others segment is speculated to expand at a CAGR of over 9.5% between 2022 and 2030.
From the regional standpoint, the Latin America circular polymers market is anticipated to depict a considerable CAGR of approximately 9% through the forecast timeline. Meanwhile, the Middle East & Africa circular polymers industry is set to surpass a valuation of USD 8.5 billion by 2030.
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