Consumer activists, companies and governments are stepping up the war on plastic because of its harmful effect on the environment. Over 300 million metric tons of plastic are produced annually. Packaging accounts for 40% of that usage, and much of that ends up in a landfill or the environment. Consequently, there’s a lot pressure on organizations to cut down on single-use items like disposable plastic bottles, utensils, food containers and bags.
That’s not the only trouble for traditional plastic manufacturers. These days, Brent and WTI crude oil are trading around $80 and $70 per barrel, representing increases of almost 40% from just a year ago. That amounts to higher resin prices, and for plastic manufacturers, the price hike could compress profit margins.
As demand rises for alternatives, plastics made from plant sources such as sugarcane, sweet potato, hemp oil, corn starch, and soybean oil rather than petroleum are gaining traction . . .