Sustainable Plastic Market 2024 | Size Worth USD 1,128.53 Billion in 2032: Key Players are- Novamont S.p.A., Amcor plc, Crown, Bemis Manufacturing Company

The global sustainable plastic market size was USD 319.50 Billion in 2022 and is expected to register a revenue CAGR of 13.4% during the forecast period, according to the latest analysis by Emergen Research. Strict governmental laws and regulations aimed at curbing plastic contamination are major factors driving the sustainable plastic market revenue growth.

China, in particular, has witnessed a growing concern over plastic pollution, prompting actions to address the issue. As evidence of this commitment, on March 23, 2023, the World Bank's Board of Executive Directors approved a substantial USD 250 million IBRD loan dedicated to mitigating plastic pollution stemming from municipal solid waste and agricultural plastic film in the rural areas of China's Shaanxi Province.

You Can Download Free Sample PDF Copy Of This Report At: https://www.emergenresearch.com/request-sample/2224

At the UN Environment Assembly (UNEA-5) in Nairobi, UN Member States expressed their backing for a significant resolution that seeks to put an end to plastic pollution and establish an international legally binding agreement by 2024. In the U.S., there are no federal tax advantages specifically provided for utilization of sustainable plastics. However, certain states and cities have implemented tax incentives to promote adoption of sustainable plastics.

For instance, in California, businesses can receive a tax credit equivalent to 10% of the cost of recycled plastic used in their products. Similarly, New York City offers a tax exemption to businesses employing compostable foodservice packaging, with the exemption equal to the sales tax that would typically apply to the sale of such compostable packaging.

However, challenges related to contamination and recycling, combined with cost differences, can impact availability and affordability of products and packaging for both consumers and businesses.

Some Key Highlights From the Report
• The recycled plastic segment is expected to register a significantly high revenue CAGR over the forecast period. Revenue growth of this segment is being increased by changing preferences of consumers toward sustainable alternatives, the introduction of incentives and recycling targets by government authorities, and provision of tax benefits. Recycling plays a crucial role in reducing greenhouse gas emissions and air pollutants such as Total Reduced Sulfur (TRS), Hazardous Air Pollutants (HAP), and Volatile Organic Compounds (VOCs). Consequently, companies across different end-use sectors are now substituting traditional plastics with recycled plastics.

• The food & beverage segment accounted for a significantly large revenue share in the global sustainable plastic market in 2022. Revenue growth of this segment is being driven by rising demand for sustainable packaging solutions to comply with new government regulations, a changing preference towards eco-friendly alternatives, and a growing emphasis on aligning Corporate Social Responsibility (CSR) activities with sustainable practices. In addition, the segment benefits from various campaigns and awareness programs initiated by different Food and Beverage (F&B) companies to promote environmental awareness.

• The market in North America accounted for largest revenue share in the global sustainable plastic market in 2022. Revenue growth of the market in this region is primarily driven by rising environmental awareness among people, increasing number of regulations targeting plastic pollution and marine litter, and the adoption of sustainable objectives by major companies across various sectors in this region. For instance, in November 2021, the U.S. Environmental Protection Agency (EPA) published the National Recycling Strategy, reaffirming its goal of achieving a 50% recycling rate in the United States by 2030.

• Some major companies in the global market report include Novamont S.p.A., Amcor plc, Crown, Bemis Manufacturing Company, BASF SE, WestRock Company, Berry Global Inc., Sonoco Products Company, Mondi, and Smurfit Kappa among others.

• On 9 February 2023, TotalEnergies and Ecolab introduced a plastic packaging solution that includes recycled materials, aiming to support circularity in markets that heavily rely on packaging. The companies emphasize that their initiatives align with Europe's focus on the circular economy for plastics. The European Union is actively developing the Sustainable Products Initiative, which seeks to enhance sustainability across the entire lifecycle of products and promote circular practices.

To get leading market solutions, visit the link below: https://www.emergenresearch.com/industry-report/sustainable-plastic-market

Emergen Research has segmented the global sustainable plastic market on the basis of type, function, layer, packaging type, end-use, and region:

• Type Outlook (Revenue, USD Billion; 2019-2032)
o Biodegradable Plastic
o Recycled Plastic
o Bio-based Plastic

• Function Outlook (Revenue, USD Billion; 2019-2032)
o Active
o Alternate Fiber
o Molded Pulp
o Others

• Layer Outlook (Revenue, USD Billion; 2019-2032)
o Primary
o Secondary
o Tertiary

• Packaging Type Outlook (Revenue, USD Billion; 2019-2032)
o Bottles and Jars
o Boxes
o Bags
o Jars
o Trays
o Films
o Pouches and Sachets
o Drums
o Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Food & Beverage
o Chemical
o Pharmaceutical
o Automobile
o Electronics
o Agriculture
o Personal Care
o Others

Claim Your FREE Sample Copy with Table of content@ https://www.emergenresearch.com/request-sample/2224

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

Contact Us:
Eric Lee
Corporate Sales Specialist
Emergen Research
Direct Line: +1 (604) 757-9756
E-mail: sales@emergenresearch.com
Visit for More Insights: https://www.emergenresearch.com/insights

About Us:
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

This release was published on openPR.