Global Virgin and Recycled Polymer Production Market: By Type (Virgin (By Material Sub Usage Type: Flexible Material, Bio Based Material, and Shift Based Material) and Recycled (By Source: Plastic Bottles, Plastic Films, Polymer Foam, and others)), By Product (PET, PE, PP, PA, Polyvinyl Chloride, Polystyrene, and others), By Application (Healthcare and Medical, Agriculture, Residential, Industrial, Commercial, Packaging, Construction, Textile, and Automotive), and Region – Cumulative Growth Opportunities Analysis, Size, Share, Trends, and Industry Forecast Till 2030.
Global Virgin and Recycled Polymer Production Market
The Global Virgin and Recycled Polymer Production Market was valued at USD 412.50 million in 2022 and is expected to reach USD 555.13 million by 2030 at a CAGR of 3.44% from 2023-2030.
Virgin polymers refer to plastic materials that have not been previously used or recycled. These polymers are produced directly from petrochemical sources, such as crude oil or natural gas, through a polymerization process. On the other hand, recycled polymers, also known as recycled plastics, are plastic materials that have undergone a process of reprocessing after their initial use. These polymers are derived from post-consumer or post-industrial plastic waste. Virgin polymers are known for their purity and consistency, making them suitable for applications where high-quality and precise material properties are essential, whereas recycled polymers are commonly used in various applications, including packaging, construction materials, and automotive components, contributing to a more sustainable and circular economy.
Market Drivers
The global virgin and recycled polymer production market is driven by various factors, such as the increasing demand from automotive, packaging, healthcare, etc. which Is in turn due to the growth in the global population. The rapid urbanization in the world is resulting in the rise in infrastructure and construction activities which necessitates the use of plastics. Plastics are also an efficient replacement to traditional materials like glass, metal, and wood due to their features such as lighter weight, lower cost, and ease of moulding into various shapes.
The production of recycled polymers is experiencing growth due to a growing global emphasis on sustainability and ecological accountability. Governments and regulatory entities around the world are introducing more stringent rules and directives aimed at decreasing plastic waste and encouraging recycling. Both consumers and enterprises are increasingly acknowledging the pressing requirement to diminish plastic waste and reduce the environmental impact of polymer manufacturing. Advances in recycling technologies are also enabling rapid growth in the market.
Market Restraints
Several constraints hinder the growth of the global virgin and recycled polymers production market. Environmental concerns and regulatory pressures are increasingly stringent, particularly with regards to virgin polymers. Governments and consumers are advocating for reduced plastic use and greater sustainability, which can limit the growth of virgin polymer production due to its association with resource-intensive petrochemical processes.
Additionally, volatility in crude oil prices, which is an essential raw material for the production of plastics, can pose a significant slow-down in the growth of the polymer production, especially virgin polymers.
Market Segmentation
The scope of the global virgin and recycled polymer production market covers segmentation based on Type, Product, Application, and Region.
Based on the type, the market is segmented into virgin and recycled. Based on the sub-type of usage, virgin polymer production is classified into Flexible Material, Bio Based Material, and Shift Based Material. Similarly, recycled plastics are further divided into sources such as Plastic Bottles, Plastic Films, Polymer Foam, and others.
Based on the product, the market is segmented into PET, PE, PP, PA, Polyvinyl Chloride, Polystyrene, and others. Further, based on application, the market is segmented into Healthcare and Medical, Agriculture, Residential, Industrial, Commercial, Packaging, Construction, Textile, and Automotive.
Key Market Development
In September 2023, The Flo Group, a company specializing in tableware and food packaging production, has partnered with Versalis (Eni) to introduce R-Hybrid: a vending cup crafted from post-consumer recycled polystyrene. This initiative was executed in collaboration with SCS (Styrenics Circular Solution), a European association encompassing the entire styrenics polymer supply chain, from raw material manufacturers to post-consumer recycling firms. It was also conducted in close coordination with the Fraunhofer Institute, Europe's leading applied research institution. Through the creation of R-Hybrid, the Flo Group and Versalis aim at minimizing the utilization of new feedstock materials while maintaining the quality of the end product.
Regional Analysis
The Global Virgin and Recycled Polymer Production Market is segmented into 5 main regions, namely, North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The Asia Pacific region is expected to dominate the market due to the region's rapid economic development and urbanization leading to the increased demand for consumer goods, construction materials, and packaging, which heavily rely on polymers. The growth of the manufacturing industry, along with the rising middle-class population, has led to increased requests for polymer-based automotive parts, electronics, and household goods. A conducive investment climate, ready access to raw materials, and streamlined supply networks have additionally facilitated the expansion of polymer manufacturing.
Key Players
SCHOENBERG & CO., INC., Mondelez International, Mura Inc., Pepsi Co Limited, REPLAS, Advanced Environmental Recycling Technologies, Inc., Clear Path Recycling, Wellman Advanced Materials, Reprocessed Plastic, Inc., PLASgran Ltd, Custom Polymers, CarbonLITE Industries, Luxus Ltd, Butler-MacDonald, KW Plastic, Inc., wTe Corporation, Envision Plastic Industries LLC, Kuusakoski, Shanghai PRET, REMONDIS SE & Co. KG, Biffa, Stericycle, Republic Services, Inc., WM Intellectual Property Holdings, L.L.C., Veolia, Shell International B.V., Waste Connections, CLEAN HARBORS, INC., Covetsro AG.
Market Taxonomy
By Type
By Product
By Application
By Region
Global Virgin and Recycled Polymer Production Market
