The wide range applications of injection molded plastic in various industries ranging from automotive to medical industry, where it is used for packaging as part of global value chain and for manufacturing the devices in the said industries. The sourcing of plastic from the natural oil gas is a challenge that negatively impacts the market in the area of environment of ESG. The other important factor that adversely affects the industry is the degrading aspect of the plastic into the environment.
Key leaders of the injection molded plastic industry are aware of the negative aspects of the plastic products, focusing on creating and executing the policies and strategies that bring positive outcomes in the area of ESG. The United Nations’ Sustainable Development Goals (UN SDGs) is a comprehensive framework that helps companies in this market obtain a perspective on the impact of their products and operations on ESG parameters.
The extraction of plastic is one of the key challenging factors in the market. Raw materials, such as polypropylene and Acrylonitrile Butadiene Styrene, which is again distilled from the propylene for the purpose of the production are majorly sourced from the natural gas which strains the environment, since the extraction process leaves intense amounts of carbon footprint, contributing to the increase of global warming and climate change.
Plastic pollution is another significant issue in the sphere of the ESG for the injection molded plastic industry. It has been reported that, at least 14 million tons of plastic was found in the oceans, and around 380 million tons of plastic is produced each year on an average.
Further studies have found that at least 80% of the ocean debris is made up of plastic, disposed irresponsibly from the packages, which are molded from the polypropylene. These ingredients are reported to be toxic to marine life, endangering the wide range of species of marine life, contrary to United Nations Sustainable Goals of life below water (SDG14).
The other negative impact in terms of environment and social aspects of the ESG is that some of the components such as benzene and vinyl hydrochloride are reported to be carcinogenic in nature, risking the human life, causing damage to human health at social scale, in contrasting the UNSDG goal of good health and wellbeing (SDG3).
In response to the aforementioned scenarios, the key players of the market have made policies such as ending the plastic and incorporating the method of recycling, which helps in reducing the sourcing of raw materials for production and integrating the plastic waste management into the practice.
Further some of the key players of the market have become members of an alliance to end plastic waste, which deals with the frameworks for policies to deal with negating the adverse impacts caused due to the plastic.
The injection molded plastic market was valued at USD 284.7 billion as of 2021 and is forecasted to expand with a CAGR (compound annual growth rate) of 4.2%. Major companies of the Injection molded plastic market have pledged to reduce the sourcing of natural resources such as natural gas and manage the waste through introduction of circular economy methods, implementing the UNSDG goal of innovative productions and retaining bio diversity by reducing the plastic waste.
• ExxonMobil Corp.
• BASF SE
• DuPont de Nemours, Inc.
• Dow, Inc.
• Huntsman International LLC
• Macro-economic and ESG-variable analysis of the industry, including regulatory, policy, and innovation landscape
• Key insights on infrastructure developments and ESG issues affecting the theme
• Identify key initiatives and challenges within the industry
• Identify ESG leaders within the industry
• Understand key initiatives and the impact of companies within the sector to fuel an informed decision-making process
• Analysis of industry activities based on multi-media sources, including significant controversies and market sentiment
• Offers a global perspective of the injection molded plastic market and the policies and measures taken by the players, for overcoming the challenges faced in terms of Environment, Social and Governance.
• Key insights into the sustainability practices of major players in the market.
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