Sustainability in Plastic Manufacturing Market Latest Survey Report 2024

Sustainability in Plastic Manufacturing Market to Record an Exponential CAGR by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Sustainability in Plastic Manufacturing Market - (By Type (Biodegradable Plastic, Recycled Plastic, and Bio-based Plastic), By Function (Alternate Fiber, Molded Pulp, and Others), By Product Type (Bottles and Jars, Boxes, Bags, Trays, Films, Pouches and Sachets, and Others), By End User Industry (Food & Beverages, Chemical, Pharmaceutical, Automobile, Electronics, Agriculture, Personal Care, and Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Sustainability in Plastic Manufacturing Market is expected to increase with a CAGR of 14.3% during the forecast period of 2024-2031.

The manufacture of plastic in a sustainable manner is a complicated and diverse problem that necessitates cooperation among various sectors, governments, and communities. By implementing these tactics, the plastics industry may progress towards a more environmentally friendly future, making a significant contribution to global endeavours in addressing plastic pollution and climate change. Sustainable plastic manufacture requires a comprehensive strategy that addresses all stages of the plastic product's life cycle, including procuring raw materials and managing disposal or recycling at the end.

The sector is expanding because governments promote sustainable practices through the implementation of stringent rules on single-use plastics. Businesses are increasingly acknowledging the significance of minimizing their ecological footprint in order to safeguard their standing and appeal to prospective clients. Furthermore, the increasing global recognition of plastic pollution fosters a shift towards sustainable plastic manufacturing, fueling market expansion.

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List of Prominent Players in the Sustainability in Plastic Manufacturing Market:

• Novamont S.p.A.
• Bemis Manufacturing Company
• WestRock Company
• Amcor plc
• BASF SE
• Crown
• Sonoco Products Company
• Berry Global Inc.
• Mondi
• Smurfit Kappa
• Constantia Flexibles
• Uflex Ltd.
• Huhtamaki OYJ
• Sealed Air Corporation
• Natureworks Llc.
• Phoenix Technologies International Llc.
• Innovia Films
• Essel Propack
• Gerresheimer AG
• Tetra Laval
• Reynolds Packaging
• Other Prominent Players

Market Dynamics:

Drivers-

Environmentally friendly production practices are being adopted by enterprises in the plastics industry due to growing consumer awareness of environmental issues and demand for sustainable products. This pattern shows a rising consciousness of environmental issues, which drives companies to give sustainability a top priority in order to satisfy consumer demand for more environmentally friendly and conscientious manufacturing methods. Furthermore, strict laws are being established by international governments and regulatory bodies to address plastic trash and advance sustainability. This has forced businesses in the plastics manufacturing sector to adopt eco-friendly procedures and create long-term substitutes. Thus driving the market's expansion.

Challenges:

The market for sustainable plastics is seeing revenue growth restrained by recycling challenges. Recycle efficiency declines when sustainable plastics are blended with conventional materials, increasing processing costs and decreasing recycler attractiveness. The greater production costs of sustainable plastics affect how accessible and affordable products are for consumers and companies. All of these elements are impeding the growth of the sustainable plastic manufacturing industry.

Regional Trends:

The North American sustainability in the plastic manufacturing market is predicted to register a major market revenue share. It is projected to grow at a high CAGR in the near future. The main factors that propel the market's expansion in this area are rising consumer demand for eco-friendly products and environmental sustainability consciousness. The adoption of sustainable alternatives has been prompted by governments and groups enacting strict regulations and organizing efforts to reduce plastic pollution. Besides, Asia Pacific had a remarkable share of the market. Due to increased consumption and production of sustainable plastic packaging materials brought about by urbanization and population growth, the market is expected to develop. In addition, consumers are choosing eco-friendly and sustainable packaging solutions as they grow more environmentally conscious.

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Recent Developments:

• In Nov 2023, A Memorandum of Understanding (MOU) has been established between Amcor and NOVA Chemicals Corporation, a prominent manufacturer of sustainable polyethylene. The procurement of mechanically recycled polyethylene resin (rPE) for use in flexible packaging films is stipulated in the agreement. In order to promote packaging circularity, Amcor has prioritized the expansion of rPE usage in flexible packaging applications.

• In June 2021, A new line of sustainable produce packaging has been introduced by WestRock. The sustainable wood fibre was utilized in the production of the organization's new packaging collection. By virtue of being curbside recyclable when emptied and compressed, the new packaging, according to WestRock, enabled the organization to reduce waste and create a product line that is one hundred percent reusable, recyclable, and compostable.

Segmentation of Sustainability in Plastic Manufacturing Market-
By Type-
• Biodegradable Plastic
• Recycled Plastic
• Bio-based Plastic
By Function-
• Alternate Fiber
• Molded Pulp
• Others
By Product Type-
• Bottles and Jars
• Boxes
• Bags
• Trays
• Films
• Pouches and Sachets
• Others
By End User Industry-
• Food & Beverages
• Chemical
• Pharmaceutical
• Automobile
• Electronics
• Agriculture
• Personal Care
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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