by The Plastic Regulatory Market includes various types of plastic products such as bottles, containers, films, fibers among others. Plastic products provide advantages such as durability, lightweight, and versatility making them useful for various consumer and industrial applications. However, plastic is a notorious pollutant that does not degrade easily and persists in the environment for a very long time. Rising environmental concerns about plastic pollution and its impact on ecosystems have led regulatory authorities across the globe to impose stringent regulations regarding the manufacture, use, and disposal of plastic products. Environmental agencies limit the use of certain types of plastics and mandate recycling and recovery targets to reduce plastic waste.
The Global Plastic Regulatory Market is estimated to be valued at US$ 39.29 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The major trend in the Plastic Regulatory Market is the introduction of bans on single-use plastics by various nations. Several countries have announced partial or complete bans on single-use plastics like straws, cutlery, plates, stirrers among others to reduce plastic pollution. For instance, countries like China, India, Kenya have banned the import of certain plastic wastes. The European Union has also imposed a ban on 10 single-use plastic products from 2021. Manufacturers are shifting towards developing sustainable and recyclable alternatives to single-use plastics to comply with tightening plastic regulations. There is also a rise in regulations regarding labeling of plastic products to raise awareness on recycling and proper disposal. Regulatory authorities are promoting use of recycled content in plastic products to boost plastic waste management systems.
Porter’s Analysis
Threat of new entrants: The risk of new players entering the Plastic Regulatory Market is medium as it requires huge capital investments and compliance with stringent regulations.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of several regulatory authorities operating in the market.
Bargaining power of suppliers: The bargaining power of suppliers is medium as they have to follow compliances and cannot influence prices.
Threat of new substitutes: There is no threat from substitutes as plastic regulation services have no close substitute.
Competitive rivalry: The competitive rivalry is high among the key players to dominate the market.
Key Takeaways
Global Plastic Regulatory Market Size is expected to witness high growth. North America is currently dominating the market due to the presence of major players and stringent laws for plastic regulation in the region. Europe is also a significant market due to increasing focus on implementing policies for sustainable plastic usage.
Regional analysis:
North America is the fastest growing region in the Plastic Regulatory Market. Stringent regulations regarding plastic usage in the US and Canada are driving market growth. Europe is also witnessing considerable growth due to focus on reducing plastic waste.
Key players:
Key players operating in the Plastic Regulatory Market are U.S. Environmental Protection Agency (EPA), European Chemicals Agency (ECHA), Food and Drug Administration (FDA), Ministry of Environment, Forest and Climate Change (India), National Health Commission (China), Canadian Food Inspection Agency (CFIA), National Institute for Health and Welfare (THL) (Finland), Federal Institute for Risk Assessment (BfR) (Germany), National Institute of Food and Drug Safety Evaluation (KFDA) (South Korea), Ministry of Ecology and Environment (China), Environment Agency (United Kingdom), Ministry of Health, Labour and Welfare (Japan), Australian Government Department of Agriculture, Water and the Environment, Health Canada, Ministry of Health (Brazil).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
