Circular Economy (Cont’d from Page 1)
posed of in landfills which have harmful environ- mental effects. The use of plastic films as packaging is important for many product categories in order to provide protection to goods and to maintain a hygienic atmosphere. Circular packaging can play a significant role in reducing plastic waste global- ly by allowing these materials to be reused rather than discarded. The circular economy offers a new way for indus- tries to accomplish their financial, ecological, and social objectives. The growth in the sustainable films for packaging market is expected to be driven by an increasing focus on the circular economy and the growing awareness of its environmental bene- fits among end users and consumers. Various com- panies have set goals to achieve sustainability by including packaging materials that are either recy- clable or reusable to incorporate them into the cir- cular economy of their nations. For instance, Amcor, an American-Australian global packaging company, has set a goal to make all its products sustainable by the end of 2025. With an increased worldwide focus on the circu- lar economy, the shift toward eco-friendly industrial practices is increasing, thereby creating demand for
Growth in the sustainable films for packaging market is being driven by the increasing focus on reducing plastic waste, government initiatives promoting the circular economy, and increasing demand for sustainability among consumers. The global sustainable films for packaging market was valued at $140.0 billion in 2021 and is expected to reach $276.2 billion by 2031, growing at a Com- pound Annual Growth Rate of 7.0 percent during the forecast period 2022-2031. The growth in the global sustainable films for packaging market is expected to be driven by an increasing focus on the circular economy and the growing awareness of its environmental benefits among end users and consumers. However, the lack of recycling technology and the high cost of raw materials are some key restraining factors for the market. The long-term alternatives for a circular economy include waste incineration, treatment, and dispos- al. Polyethylene is the largest consumed material in various types of packaging films in the form of low-density polyethylene (LDPE) and high-density polyethylene (HDPE). Since such packaging films are not reusable or recyclable they are usually dis-
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