The Europe Circular Polymers Market would witness market growth of 10.5% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 5,250.7 Kilo Tonnes, showcasing a growth of 9.9% (2019-2022).
Circular polymers address the issue of plastic pollution by providing a solution to the end-of-life management of plastic products. Instead of entering landfills or polluting oceans, plastics made from circular polymers can be collected, recycled, and reused, mitigating the environmental harm associated with plastic waste. Circular polymers support the extension of product lifecycles. Plastics made from circular polymers can be recycled multiple times without significantly losing quality, creating durable and long-lasting products.
Circular polymers find applications in various industries, including packaging, textiles, construction, and automotive. Their versatility allows for creating products with varying specifications, contributing to diversifying circular economy practices across sectors. Circular polymers are extensively used in the packaging industry. They contribute to creating recyclable and sustainable packaging materials, including bottles, containers, films, and other packaging products. The use of circular polymers helps reduce the environmental impact of packaging waste.
Furthermore, European countries have been actively promoting sustainable and circular practices, and the automotive industry is subject to stringent environmental regulations. Adopting circular polymers aligns with these initiatives, and governments may incentivize or mandate the use of recycled materials in vehicle manufacturing. As per the data from the International Energy Agency, after the surge in 2020, electric vehicle sales in Europe increased by over 65 percent annually to 2.3 million in 2021. Norway (86 percent), Iceland (72 percent), Sweden (43%), and the Netherlands (30 percent) were expected to hold the largest market shares for new electric vehicle sales in Europe in 2021, followed by France (19 percent), Italy (9 percent), and Spain (8%). With the rising automotive sector in Europe, there will be rapid expansion of the regional market.
The Germany market dominated the Europe Circular Polymers Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7,905.8 million by 2030. The UK market is exhibiting a CAGR of 9.5% during (2023 - 2030). Additionally, The France market would experience a CAGR of 11.3% during (2023 - 2030).
Based on Form, the market is segmented into Pellets, and Flakes. Based on Application, the market is segmented into Food Packaging, Adhesives & Sealants, Interior & Exterior Components, Wires & Cables, and Others. Based on End-use, the market is segmented into Packaging, Building & Construction, Automotive, Electrical & Electronics, and Others. Based on Type, the market is segmented into Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polyamide (PA), and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Circular Polymers Market will Hit $143.2 Billion by 2030, at a CAGR of 11.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include LyondellBasell Industries Holdings B.V., SABIC (Saudi Arabian Oil Company), Ascend Performance Materials LLC (SK Capital and Partners), Veolia Environnement S.A., Exxon Mobil Corporation, Chevron Phillips Chemical Company LLC, Borealis AG (OMV), The Shakti Plastic Industries, Advanced Circular Polymers, and TotalEnergies SE.
By Form (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End-use(Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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