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Sustainability in Plastic Manufacturing Market Outlook Highlighting Innovations in Biodegradable and Recycled Plastic Materials
Sustainability in Plastic Manufacturing Market
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.
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The environmentally sustainable production of plastics presents a complex, multifaceted challenge that demands coordinated efforts among industries, governments, and communities. By implementing comprehensive strategies, the plastics industry can advance significantly toward sustainability, thereby supporting global initiatives aimed at mitigating plastic pollution and combating climate change. Attaining sustainability in plastic manufacturing requires an integrated approach that addresses every stage of the product life cycle-from the procurement of raw materials to end-of-life management, including disposal and recycling.
Market growth in this sector is predominantly driven by regulatory frameworks imposing strict controls on single-use plastics. Furthermore, corporations are increasingly prioritizing environmental stewardship to safeguard their brand reputation and appeal to environmentally conscious consumers. Heightened global awareness of the adverse impacts of plastic pollution is also accelerating the adoption of sustainable manufacturing practices, thereby fostering continued expansion within the market.
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
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Market Dynamics:
Drivers:
The shift toward environmentally responsible production within the plastics industry is primarily propelled by growing consumer awareness of environmental concerns and an escalating demand for sustainable products. This increasing emphasis on sustainability compels manufacturers to adopt eco-friendly production methods in response to evolving consumer preferences for responsible and ethical practices. Additionally, stringent regulations and policies implemented by governments and regulatory agencies worldwide to mitigate plastic waste and promote sustainable development are driving companies in the plastics sector to integrate green practices and innovate sustainable alternatives. Collectively, these factors are fostering market growth.
Challenges:
Despite positive momentum, the sustainable plastics market faces significant challenges, particularly regarding recycling efficiency. The blending of sustainable plastics with traditional materials complicates recycling processes, leading to reduced efficiency, higher processing costs, and decreased attractiveness for recycling stakeholders. Moreover, the elevated production costs associated with sustainable plastics impact product affordability and limit accessibility for both consumers and businesses. These issues constrain the sector's ability to fully realize its growth potential.
Regional Trends:
North America is projected to maintain a substantial share of the sustainable plastics manufacturing market, driven by increasing consumer demand for environmentally friendly products and heightened awareness of sustainability issues. Regulatory frameworks and government initiatives aimed at curbing plastic pollution have further accelerated the adoption of sustainable alternatives in the region. Meanwhile, the Asia Pacific market has witnessed significant expansion, underpinned by rapid urbanization and population growth, which have increased the consumption and production of sustainable plastic packaging. Growing environmental consciousness among consumers continues to boost demand for sustainable and eco-friendly packaging solutions across the region.
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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
Read Overview Report- https://www.insightaceanalytic.com/report/sustainability-in-plastic-manufacturing-market-/2391
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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