Scienza e Tecnologia
The Circular Polymers Market to reach $175.6 billion by 2030, says Global Market Insights Inc.
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.
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.
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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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.
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.
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.
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
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