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Circular Polymer Market Trends

Report ID: GMI5277
Published Date: Jun 2024
Report Format: PDF

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Circular Polymer Market Trends

The concept of a circular economy, which emphasizes the reuse, recycling, and regeneration of materials, is gaining momentum worldwide. Industries are moving towards circular business models to minimize waste and maximize resource efficiency. Circular polymers play a crucial role in these efforts because they enable closed recycling of plastics, reducing dependence on new materials and reducing environmental impact.

For example, in May 2024, Dow and Free Point Eco-Systems Supply and Trading LLC agreed to approximately 65,000 tons per year of certified round plastic waste pyrolysis oil. It is used at Dow's US Gulf Coast facilities to produce new high-quality equivalent plastics.

Authors: Kiran Pulidindi, Manish Verma

Frequently Asked Questions (FAQ) :

The circular polymer market size exceeded USD 85 billion in 2023 and will register 10.6% CAGR from 2024 to 2032 due to the increasing focus on waste management and resource efficiency.

The PET segment in the circular polymers market will register 11.3% CAGR from 2024 to 2032 due to its recyclability and versatility, making it a preferred choice for various applications.

Asia Pacific circular polymers market generated USD 59 billion in revenue in 2023, and will grow at 11% CAGR during 2024-2032, driven by strong government initiatives for promoting sustainability and recycling.

Dow Chemical Company, BASF SE, LyondellBasell Industries, SABIC, Borealis AG, Covestro AG, Eastman Chemical Company, Ineos Group, Braskem, and ExxonMobil Chemical