United States, Rockville MD, June 03, 2022 (GLOBE NEWSWIRE) -- The global circular polymers market is projected to expand at a CAGR of around 9.1% and reach a valuation of US$ 163.9 billion by 2032, attributed to factors such as growing demand for recyclable polymers in the packaging and construction sectors.
As per Fact.MR, a market research and competitive intelligence provider, historically, the circular polymers market has been driven by its consumption in the plastic & polymer industry, along with the packaging industry across developed countries, with consumers willing to buy products made from recyclable plastic.
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Consumers around the globe are placing a higher value on sustainable materials than conventional plastic, resulting in a shift in the notion of recyclable products. Over the years, this has driven the demand for recyclable polymer products across geographies.
Backward supply chain integration from manufacturers to feedstock material suppliers would assist them in improving quality, enhancing their profit margins, and gaining a competitive edge. This will allow corporations to use proprietary technology to produce higher-grade recyclable polymers, thereby improving the quality of polymers at a lower cost.
Will Circular Polymer Suppliers Benefit from the Petrochemical Sector?
Plastic production necessitates a vast quantity of resources, mostly fossil fuels, with plastics accounting for 8% of global yearly fossil fuel production. Many companies are attempting to make a variety of products out of plastic trash, and biofuel is one of the most promising products from plastic waste.
Biofuel is an engine alternative fuel. The method of catalytic pyrolysis is used to transform waste plastic into biofuel, with dry wood and ash powder as the major catalysts. Catalyst addition improves conversion and fuel quality.
Turning waste plastic into 65% usable liquid hydrocarbon fuels while generating no emissions is the idea in place. It would also deal with dangerous plastic trash and lower the imports of crude oil. Plastic fuel and its many blends emit far less carbon monoxide and unburned hydrocarbons than diesel fuel; however, emissions are higher for nitrogen oxide. Large-scale manufacture of plastic fuel from various plastics can be economically profitable.
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Key Segments Covered in the Europe Circular Polymers Industry Survey
- Circular Polymers Market by Material :
- PET
- PP
- PE
- Nylon 6
- Nylon 6,6
- Other
- Circular Polymers Market by Form :
- Circular Polymer Flakes
- Circular Polymer Pellets
- Others
- Circular Polymers Market by End Use :
- Packaging
- Construction
- Automotive
- Electrical and Electronics
- Agriculture
- Consumer Products (Household)
- Petrochemicals
- Other
Competitive Landscape
TotalEnergies, Advanced Circular Polymers, Quality Circular Polymers, SABIC, Borealis, Plastic Energy, Jindal Films, Enerken, Lehigh Technologies, ExxonMobil, Chevron Phillips Chemical, LyondellBasell, and Suez are key suppliers of circular polymers.
- Quality Circular Polymers LLC is planning to increase its plastic material recycling production capacity by approximately 55,000 tons/yr. The company has a tie-up with Samsonite for the production of the first circular PP suitcase from Moplen QCP.
- SABIC has recently acquired a 50% stake in Clariant, a company that specializes in scientific designs. Considering the current global scenario for plastic pollution, the company presented 'RE Globalize' for sustainable development at the 2022 Annual Conference of the Boao Forum for Asia (BFA).
- Plastic Energy and TotalEnergies have announced a new partnership to boost advanced plastic recycling development. Plastic energy’s TACOIL, a patented product, will be utilized by TotalEnergies and will transform this raw material into virgin-quality polymers suitable for food packaging.
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Key players in the North America Circular Polymers Market
- Circular Polymer
- Quality Circular Polymers
- Advanced Circular Polymers
- Total Energies
- SABIC
- Plastic Energy
- Close the Loop
- Borealis
- Enerkem
- Lehigh Technologies
Key Takeaways from Europe Circular Polymers Market Study
- By material, PET material is projected to provide an absolute $ opportunity worth US$ 26 billion over the forecast period (2022-2032).
- Based on form, demand for pellets is projected to increase at a CAGR of around 9.7%.
- Based on end use, circular polymer consumption in the packaging industry is anticipated to increase around 2.7X by 2032.
- North America is projected to capture around 24.8% of the global circular polymers market share by 2032.
- Europe is expected to provide an absolute dollar opportunity worth US$ 43.42 billion by 2032-end.
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