PUBLISHER: The Business Research Company | PRODUCT CODE: 1597015
PUBLISHER: The Business Research Company | PRODUCT CODE: 1597015
Certified circular plastics are plastic materials that have been verified to meet specific standards for recycling and reuse within a closed-loop system. This certification ensures that plastic products contribute to a circular economy, where they are designed, collected, and processed in a way that allows them to be continuously recycled into new products, reducing waste and decreasing the reliance on virgin materials.
The primary types of certified circular plastics include polyethylene terephthalate (PET), high-density polyethylene (HDPE), polyvinyl chloride (PVC), low-density polyethylene (LDPE), polypropylene (PP), polystyrene (PS), and others. PET is a versatile thermoplastic polymer, commonly used in packaging, textiles, and industrial applications, known for its strength, clarity, and recyclability. These plastics are used in applications such as packaging and grocery bags, serving various industries including food and beverages, healthcare, households, construction, electronics, agriculture, and more.
The certified circular plastics market research report is one of a series of new reports from The Business Research Company that provides certified circular plastics market statistics, including certified circular plastics industry global market size, regional shares, competitors with a certified circular plastics market share, detailed certified circular plastics market segments, market trends and opportunities, and any further data you may need to thrive in the certified circular plastics industry. This certified circular plastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The certified circular plastics market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.64 billion in 2024 at a compound annual growth rate (CAGR) of 12.0%. The growth during the historic period can be attributed to factors such as heightened environmental awareness, more stringent government regulations, a surge in consumer demand for sustainable products, increased corporate commitments to circular economies, and a growing focus on reducing carbon footprints.
The certified circular plastics market size is expected to see rapid growth in the next few years. It will grow to $2.61 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth anticipated in the forecast period can be attributed to the rising demand for sustainable packaging, stricter government regulations on plastic waste, increased consumer awareness of environmental impacts, greater corporate commitments to circular economy practices, higher investments in plastic recycling infrastructure, and the expansion of circular plastic certification programs across various industries. Key trends expected during this period include advancements in chemical recycling technologies, improvements in traceability systems, the adoption of closed-loop recycling systems, innovations in eco-friendly packaging, and the development of bio-based plastics.
The growing demand for recycled plastics is projected to drive the expansion of the certified circular plastics market in the future. Recycled plastics are materials reprocessed from waste into new products, reducing the reliance on virgin materials and lessening environmental impact. This increasing demand stems from heightened environmental awareness, stricter government regulations on plastic waste, and a rising consumer preference for sustainable products. Certified circular plastics improve the credibility and adoption of recycled plastics by ensuring they adhere to high standards of sustainability and quality. For example, a report by the National Association for PET Container Resources (NAPCOR) in December 2022 noted that polyethylene terephthalate (PET) recycling rates in the U.S. rose to 28.6%, up from 27.1% in 2021. In North America, including the U.S., Canada, and Mexico, the recycling rate climbed to 36.8%, compared to 34.2% the previous year. Thus, the increasing demand for recycled plastics is propelling the growth of the certified circular plastics market.
Leading companies in the certified circular plastic market are concentrating on creating innovative solutions, such as certified circular resins, to satisfy the rising need for sustainable materials. Certified circular resins are plastic materials validated for their recyclability and incorporation of recycled content, ensuring they contribute to a circular economy by being produced from recycled materials and being recyclable themselves. For instance, in March 2024, Toray Plastics (America), Inc., a U.S.-based plastic fabrication company, introduced Torayfan polypropylene film made from certified circular resins that utilize ExxonMobil's Exxtend advanced recycling technology. This product fosters sustainability in the packaging sector by incorporating recycled plastic waste, thereby supporting a circular plastic economy. The certified circular resins also uphold high quality and performance standards, eliminating the need for requalification when utilized in Torayfan films. Furthermore, the Exxtend process results in significantly reduced greenhouse gas emissions compared to conventional fossil-based materials.
In April 2023, Amcor plc, an Australian packaging company, formed a partnership with ExxonMobil Corporation. This collaboration aims to enhance the availability of certified circular plastics in Australia and New Zealand, aligning with Amcor's goal of achieving 30% recycled content by 2030 and boosting recycling efforts through ExxonMobil's advanced recycling technology. ExxonMobil Corporation is a U.S.-based natural gas company that provides certified circular plastics.
Major companies operating in the certified circular plastics market are ExxonMobil Corporation, TotalEnergies SE, BASF SE, The Dow Chemical Company, Saudi Basic Industries Corporation, LyondellBasell Subholdings B.V., Neste Corporation, Covestro AG, UPM-Kymmene Oyj, Eastman Chemical Company, ALPLA Group, Chevron Phillips Chemical Company LLC, Trinseo, Plastipak Holdings Inc., Borealis AG, INEOS Styrolution Group GmbH, Veolia Environnement S.A., Plastic Energy Limited, Hanmere Polythene Limited (Amerplast), GreenMantra Technologies, Agilyx Corporation, Carbios SAS, Loop Industries Inc.
North America was the largest region in the certified circular plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the certified circular plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the certified circular plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The certified circular plastics market consists of sales of recycled plastic packaging, bottles, containers, textiles, and construction materials. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Certified Circular Plastics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on certified circular plastics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for certified circular plastics ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The certified circular plastics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.