PLASTIC COMPONENT MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In August 2024, Nordic Semiconductor announced a significant advancement in its sustainability strategy by becoming one of the first semiconductor companies to utilize component reels made from recycled plastic. This initiative underscores the company’s commitment to reducing its environmental impact and promoting sustainability within the semiconductor industry.
• In 2023, LyondellBasell, a leading global plastics, chemicals, and refining company, made a significant announcement regarding its commitment to sustainability. The company introduced a new line of plastics made from recycled marine and maritime gear, marking a significant step towards reducing ocean plastic pollution and promoting a circular economy.
• In 2021, Verra, a leading organization in environmental standards and certification, introduced a groundbreaking Plastic Standard aimed at driving investment in plastic waste collection and recycling projects. This initiative seeks to address the global plastic waste crisis by establishing a robust framework for measuring, managing, and reducing plastic pollution.
• In 2021, Sumitomo Chemical, a prominent player in the global chemical industry, announced the launch of Meguri, a new brand dedicated to recycled plastic products. This initiative is part of the company's broader commitment to sustainability and the circular economy, aiming to reduce plastic waste and promote the use of recycled materials in various applications.