Sustainable Plastic Market: Exploring Key Players’ Innovations and Growth Trajectories
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. 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.
The report discusses in detail the growth opportunities, challenges, market drivers and restraints, limitations, threats, and demands of the Sustainable Plastic market. The study further assesses the regional market as well as the international market to garner an insight into the scope of the market. The report also offers estimations and predictions about the market segment and sub-segments exhibiting promising growth in the forecast timeline.
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The study outlines the rapidly evolving and growing market segments along with valuable insights into each element of the industry. The industry has witnessed the entry of several new players, and the report aims to deliver insightful information about their transition and growth in the market. Mergers, acquisitions, partnerships, agreements, product launches, and joint ventures are all outlined in the report.
The leading market contenders listed in the report are:
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
Research Report on the Sustainable Plastic Market Addresses the Following Key Questions:
- Who are the dominant players of the Sustainable Plastic market?
- Which regional market is anticipated to have a high growth rate over the projected period?
- What consumer trends and demands are expected to influence the operations of the market players in the Sustainable Plastic market?
- What are the key growth drivers and restraining factors of the Sustainable Plastic market?
- What are the expansion plans and strategic investment plans undertaken by the players to gain a robust footing in the market?
- What is the overall impact of the COVID-19 pandemic on the Sustainable Plastic market and its key segments?
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Emergen Research has segmented the global Sustainable Plastic market on the basis of type, type of care, and region
Segments Covered in this report are:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Biodegradable Plastic
- Recycled Plastic
- Bio-based Plastic
- Function Outlook (Revenue, USD Billion; 2019-2032)
- Active
- Alternate Fiber
- Molded Pulp
- Others
- Layer Outlook (Revenue, USD Billion; 2019-2032)
- Primary
- Secondary
- Tertiary
In conclusion, the Sustainable Plastic Market report is an exhaustive database that will help readers formulate lucrative strategies. The Sustainable Plastic Market report studies the latest economic scenario with value, drivers, constraints, growth opportunities, challenges, demand and supply ratio, production capacity, import/export status, growth rate, and others. Additionally, the report also undertakes SWOT Analysis and Porter's Five Forces Analysis to study the leading companies.
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