by The plastic regulatory market comprises of plastic production regulators like taxes, legislations, bans and voluntary agreements that aim to reduce plastic pollution. Common plastic products regulated include plastic bags, Styrofoam food containers, plastic straws, and single-use plastic cutlery. Many countries and cities across the globe have enforced plastic bag bans and taxes to discourage usage and promote alternatives like paper bags or reusable containers.
The global plastic regulatory market is estimated to be valued at US$ 39.29 billion in 2023 and is expected to exhibit a CAGR of 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing environmental concerns related to plastic pollution and waste management problems have emerged as key drivers boosting the plastic regulatory market. According to United Nations Environment Program, only 9% of all plastic produced is recycled while majority remains unprocessed in landfills or natural habitats causing grave ecological damage. stricter regulations aim to reduce plastic production, ban problematic plastic items and impose taxes to discourage usage. This is expected to propel market growth over the forecast period. Another major driver is widespread social media campaigns by environmental organizations raising awareness about single-use plastics and their devastating impact on land and marine life. Such initiatives put public pressure on governments to take action, thereby positively impacting the plastic regulatory market.
Segment Analysis
The plastic regulatory market is dominated by the infrastructure segment which accounts for more than 40% share of the total market. Rising urbanization and construction activities across both developed and developing economies are driving the demand for building materials like bricks, paving blocks etc. which are predominantly used in construction of residential and commercial buildings. Within infrastructure segment, construction material sub-segment such as bricks, interlocking pavers, roof tiles etc. dominate the market due to low production cost and high durability.
PEST Analysis
Political: Stringent regulations regarding environmental pollution and emission levels from manufacturing units are being implemented across various countries which is promoting the use of eco-friendly plastic regulatory materials in construction.
Economic: Growing GDP and rising disposable income levels in emerging economies of Asia Pacific and Latin America are increasing expenditures on infrastructure development and housing projects which is driving the demand for plastic regulatory materials.
Social: Rapid urbanization, nuclearization of families and rising middle class population are increasing the residential construction activities in developing regions augmenting the plastic regulatory market.
Technological: Advanced production technologies are being adopted by manufacturers to improve the quality of plastic regulatory materials while minimizing the production costs and reducing the environmental impact. Computer-aided design tools are also being used for new product development.
Key Takeaways
Global Plastic Regulatory Market Size is expected to witness high growth over the forecast period supported by post covid infrastructural rebuilding initiatives across major countries. Asia Pacific currently dominates the market owing to presence of rapidly developing economies like India and China where demand for residential and commercial construction is rising significantly every year. Within Asia Pacific, China accounts for over 30% share of the global plastic regulatory market led by strong government emphasis on infrastructure expansion projects.
Key players operating in the plastic regulatory market are Wienerberger, Excluton, Ter Stege Betonvormen, Kooy Baksteencentrum, Steenfabriek Spijkenisse, Normteq, Kalkzandsteenfabriek Harderwijk, Mulderij Metsel- en Timmerbedrijf, Daas Baksteen Zeddam. Wienerberger being the global leader with over 15% market share having operations across Europe, North America and Asia Pacific. Excluton and Ter Stege Betonvormen are other prominent players focusing on development of eco-friendly and recycled content based plastic regulatory materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
