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 also offers estimations and predictions about the market segment and sub-segments exhibiting promising growth in the forecast timeline. The report also provides deeper insights into the technological advancements, industrial landscape, and emerging product and technological developments in the Sustainable Plastic market. It offers fruitful insights into the business sphere to help businesses capitalize on the lucrative growth opportunities.

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Competitive Terrain:

The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Sustainable Plastic market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.

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

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Emergen Research has segmented the global Sustainable Plastic market on the basis of type, application, end-use, 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

The various regions analyzed in the report include:

• North America (U.S., Canada)
• Europe (U.K., Italy, Germany, France, Rest of EU)
• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
• Latin America (Chile, Brazil, Argentina, Rest of Latin America)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Objectives of the Report:

• Analysis and estimation of the Sustainable Plastic Market size and share for the projected period of 2022-2030
• Extensive analysis of the key players of the market by SWOT analysis and Porter’s Five Forces analysis to impart a clear understanding of the competitive landscape
• Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Sustainable Plastic Market
• Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
• Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities

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