Global Sustainable Plastic Market Size to Reach USD 1,128.53 Billion in 2032 | Emergen Research

Growing adoption of eco-friendly packaging solutions is a major factor driving sustainable plastic market revenue growth

Vancouver, Aug. 23, 2023 (GLOBE NEWSWIRE) — The global market for sustainable plastics achieved a noteworthy scale of USD 319.50 billion in 2022. Analysis conducted by Emergen Research indicates a projected compound annual growth rate (CAGR) of 13.4% in revenue throughout the forecast period. This momentum can be attributed to the influence of stringent governmental regulations aimed at curtailing plastic contamination. Notably, the sustainable plastic market’s upward trajectory is strongly linked to the escalating efforts by various countries to combat plastic pollution.

China, in particular, stands out due to its escalating concern regarding plastic pollution. This heightened awareness has led to substantial actions being taken to address the issue effectively. An illustrative example of this commitment is the momentous decision made on March 23, 2023. On this date, the World Bank’s Board of Executive Directors approved a substantial IBRD loan of USD 250 million. This funding is dedicated to actively mitigating plastic pollution originating from sources such as municipal solid waste and agricultural plastic film. The focus of this initiative centers on rural areas within China’s Shaanxi Province.

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During the UN Environment Assembly (UNEA-5) held in Nairobi, strong support from UN Member States was evident for a significant resolution aimed at eradicating plastic pollution. The overarching objective is to establish an international legally binding agreement by the year 2024. In the United States, it’s noteworthy that there are no specific federal tax incentives tailored exclusively to encourage the adoption of sustainable plastics.

Nevertheless, certain states and cities within the U.S. have taken proactive steps by introducing tax incentives to stimulate the uptake of sustainable plastics. To provide an illustration, California has implemented a commendable approach. Businesses operating within the state can qualify for a tax credit amounting to 10% of the expenses incurred in utilizing recycled plastic within their product manufacturing processes.

In a similar vein, the city of New York has demonstrated its commitment to sustainable practices. Businesses that opt for compostable foodservice packaging are eligible for a tax exemption. The magnitude of this exemption corresponds to the sales tax that would conventionally apply to the sale of such compostable packaging items.

However, a landscape of challenges is encountered within this domain. Concerns revolving around contamination and the complexities of recycling, combined with disparities in costs, can collectively influence the availability and affordability of sustainable products and packaging. This can impact both consumer choices and the operational decisions of businesses.

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Scope of Research

Major Companies and Competitive Landscape

The global sustainable plastic market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective sustainable plastics. Some major players included in the global sustainable plastic market report are:

• Novamont S.p.A.
• Amcor plc
• Crown
• Bemis Manufacturing Company
• BASF SE
• WestRock Company
• Berry Global Inc.
• Sonoco Products Company
• Mondi
• Smurfit Kappa

Strategic Development

• On 28 February 2023, Alliance Ground International (AGI) initiated the AGI CARES 2028 ESG Program and took the first step by transitioning all plastic sheeting used in cargo shipping to BioNatur Plastics products, a range developed by M&G Packaging. BioNatur Plastics offers biodegradable plastic products manufactured using exclusive formulations, making them the most environmentally friendly plastic alternatives currently available.

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.

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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)
  • 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

• Packaging Type Outlook (Revenue, USD Billion; 2019-2032)

• • Bottles and Jars
  • Boxes
  • Bags
  • Jars
  • Trays
  • Films
  • Pouches and Sachets
  • Drums
  • Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)

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

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