Sustainability in Plastic Manufacturing Market Size is predicted to show a 14.3% CAGR during the forecast period for 2024-2031.
Sustainable plastic production encompasses eco-friendly practices aimed at reducing the environmental impact of plastics. This includes using bioplastics made from renewable resources, promoting recycling and a circular economy to minimize waste, employing bio-based feedstocks to decrease reliance on fossil fuels, and implementing advanced recycling technologies for better waste management. Additionally, designing products for sustainability, improving energy efficiency in manufacturing, researching biodegradable additives, and adhering to environmental regulations are crucial.
Collaborative efforts aid in reducing plastic pollution, decreasing greenhouse gas emissions, as well as promoting a more sustainable and circular approach to the utilization and manufacturing of plastic. In addition, international governments and regulatory agencies are implementing stringent legislation to tackle plastic waste and promote sustainability. As a result, enterprises in the plastics manufacturing industry have been compelled to implement environmentally friendly practices and develop sustainable alternatives. Consequently, fueling the growth of the market.
Competitive Landscape
Some Major Key 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 Segmentation:
The sustainability in plastic manufacturing market is segmented on the basis of type, function, product type, and end-user industry. Based on Type, the market is segmented into Biodegradable Plastic, Recycled Plastic, and Bio-based Plastic. By Function, the market is segmented into Alternate Fiber, Molded Pulp, and Others. By Product Type, the market is segmented into Bottles and Jars, Boxes, Bags, Trays, Films, Pouches and Sachets, and Others. By End User Industry, the market is segmented into Food & Beverages, Chemical, Pharmaceutical, Automobile, Electronics, Agriculture, Personal Care, and Others.
Based On Function, The Molded Pulp Segment Is Accounted As A Major Contributor In The Sustainability In Plastic Manufacturing Market.
The molded pulp category is expected to hold a major share in the global sustainability in plastic manufacturing market. The segment is expected to develop because of its adaptability and eco-friendliness. Molded pulp packaging offers environmentally friendly substitutes for conventional plastic packaging, satisfying the increasing demands of consumers and authorities for eco-friendly solutions. Its adaptability to a range of uses, including packaging and throwaway goods, makes it a popular option and supports the expansion of the market.
Bags Segment Witness Growth At A Rapid Rate.
The bags segment is projected to grow at a rapid rate in the global sustainability in plastic manufacturing market. The demand for eco-friendly bags and other sustainable packaging choices is growing as a result of legislative initiatives and greater environmental awareness. The market for environmentally friendly bags is growing as a result of consumers' preference for recyclable and reusable solutions when shopping and packing.
In The Region, The North America Sustainability In Plastic Manufacturing Market Holds Significant Revenue Share.
The North America sustainability in plastic manufacturing market is expected to record maximum market share in terms of revenue in the near future. The primary forces propelling this market's growth are rising customer demand for environmentally friendly goods and growing awareness of environmental sustainability. Governments and organizations that have implemented stringent laws and coordinated campaigns to lessen plastic pollution have spurred the adoption of sustainable alternatives. In addition, Asia Pacific is predicted to grow at a rapid rate in the global sustainability in the plastic manufacturing market. Urbanization and population expansion are likely to lead to higher consumption and production of sustainable plastic packaging materials, which will drive market development. Customers are also selecting sustainable and eco-friendly packaging options as they become more aware of environmental issues.
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.
Sustainability in Plastic Manufacturing Market Report Scope
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Report Attribute |
Specifications |
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Growth Rate CAGR |
CAGR of 14.3 % from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Million and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Type, Function, Product Type, And End-User Industry |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
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Competitive Landscape |
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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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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