Sustainability, particularly via reducing use of virgin plastics, is a big part of many companies’ ESG (Environmental, Social, and Governance) plans and pledges.
Although many companies look at their packaging and processes and stop there, others like Stanley Black & Decker are considering the materials used to make their products. Stanley Black & Decker recently launched its reviva power tool brand, a product line that features tool housing that is made with 50% recycled material. The sustainability move is threefold and considers all stages of the product’s lifecycle:
- Stanley Black & Decker partnered with Eastman to develop tools with housing made from Eastman’s Tritan Renew
- Each tool is sold in packaging that is designed to be recycled curbside or used as a storage box.
- The company partnered with TerraCycle to allow its products to be returned for recycling at the end of their useful life.
As The Freedonia Group National Online Consumer Survey conducted in May 2022 found, these moves are incredibly important to consumers. 80% of respondents agreed it is important to recycled everything they can. Additionally, 66% of respondents noted that they actively seek to minimize the amount of unrecyclable waste their household generates. Sustainability actions taken by consumer goods companies can have major impacts as more consumers seek to reduce their household waste and encourage – with their buying patterns – companies to do better with eco-friendly products and measures.
Freedonia analysts continue to watch changes in consumer sentiment in sustainability areas and keep on the lookout for innovations and potential innovations where companies can seize opportunities.
For more information and discussion of opportunities, see The Freedonia Group’s extensive collection of off-the-shelf research, especially Power Tools, Global Power Tools, and Home Improvement Consumer Insights 2022. Freedonia Custom Research is also available for questions requiring tailored market intelligence.