The Circular Polymers Market to reach $175.6 billion by 2030, says Global Market Insights Inc.
The growth of the circular polymers market is fueled by growing climate consciousness, escalating demand for sustainable solutions in packaging industry, soaring need for plastic waste management, and booming demand for packaged foods, says this report.
SELBYVILLE, Del., June 8, 2022 /PRNewswire/ -- As per the latest research report published by Global Market Insights Inc., the global Circular Polymers Market was estimated at USD 61.49 billion in 2021 and is estimated to reach a valuation of around $175.6 billion by 2030, progressing at a CAGR of 10.9% from 2022 to 2030. The market report delivers a thorough assessment encompassing competitive scenario, major investment pockets, market size & estimations, drivers & opportunities, wavering market trends, and top winning strategies.
A rapid shift in focus from fossil fuels to sustainability has prompted FMCG giants and F&B leaders to reduce reliance on materials that are not eco-friendly, propelling product demand in these industries. Worldwide, regulators are driving end-user industries toward a circular economy. Subsequently, increasing preference for sustainable alternatives to plastic packaging materials is boosting the adoption of recycled polymers by Consumer-Packaged-Goods (CPG) firms.
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The polypropylene polymer segment is projected to surpass a valuation of $7,065 million by 2030. Polypropylene is one of the most widely used plastics across a spectrum of applications right from bottle caps and disposable diapers to fabrics. Even though its recycling rate has been comparatively lower than PET and polyethylene in the past, the recycling rate of polypropylene is rising due to increasing efforts by companies engaged in the polymer's recycling.
Key reasons for circular polymers market growth:
- Growing utilization in agricultural industry.
- Increasing global production of recycled polymers.
- Rising adoption of polypropylene in varied industries.
- Increasing use of recycled polymers in packaging applications.
2030 forecasts show the 'agricultural' segment retaining its dominance:
With regards to application, the agriculture segment accounted for more than 10% of the overall industry revenue in 2021, making it the third-largest end-user sector in the market. Growing adoption of agricultural products made from recycled polymers is expected to pave the way for circular polymers market growth in the forthcoming years.
On the other hand, the packaging application segment is slated to amass substantial gains through 2030. Recycled polymers offer pure quality product packaging with no trace of impurities, making them perfectly safe for use in food packaging. Plastic is a prominently used packaging material across the food industry. Increasing plastic waste generated by the F&B sector has accelerated the need for recycling used food packaging, which is set to bolster segmental demand.
Asia Pacific to continue its top status in terms of revenue:
Based on geography, the Asia Pacific circular polymers market revenue is poised to exceed $126,040 million by 2030. The Asia Pacific is one of the strongest growing economies with a large consumer base and a solid footprint of end-user industries, which is anticipated to boost regional market growth over the study period.
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Impact of COVID-19 on circular polymers market:
The COVID-19 pandemic adversely impacted the value chain of the circular polymers market due to a dramatic reduction in demand in 2020. The pandemic led brought manufacturing activities to a halt and disrupted supply chains globally. Governments around the globe imposed stringent lockdown restrictions to curb the spread of the novel coronavirus, which directly hampered the consumption of goods and subsequently drove down the global demand for circular polymers. However, the COVID-19 pandemic also highlighted the importance of sustainable solutions across sectors, pushing the need for establishing a circular economy, which has been favorable for circular polymers industry growth.
Leading market players:
Some major companies functioning in the global circular polymers industry include Quality Circular Polymers, Total Energies, Advanced Circular Polymers, Circular Polymers, KW Plastics, Borealis, and Veolia, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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SOURCE Global Market Insights Inc.
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