by Plastic Regulatory Market refers to policies, regulations, and laws imposed by governments to limit plastic use and promote sustainability. Plastic pollution poses severe threats to the environment and human health. Plastic products take several hundred years to decompose and releasing toxic chemicals. Due to growing concerns, governments across nations are implementing bans on single-use plastics and enforcing producer responsibility directives making manufacturers financially responsible for plastic waste management.
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 3.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Stricter legislation on environmental protection has been a key driving factor for the plastic regulatory market. Governments are enacting bans on single-use plastics such as straws, cups, and bags to reduceplastic pollution. Over 180 nations have implemented some form of legislation to curb plastic usage and enforce sustainability. Major economies like the European Union, China, and India have also introduced extensive legislation favoring reuse over single-use plastics. The growing need to address plastic waste and its negative impact has prompted regulatory action globally, fueling demand in the plastic regulatory market.
SWOT Analysis
Strength: The plastic regulatory market regulations ensure environmental protection and public safety. Waste management regulations boost demand for waste processing solutions.
Weakness: Frequent change in regulations increases compliance cost for manufacturers. Strict enforcement of regulations negatively impacts plastic production.
Opportunity: Developing nations are formulating new plastic waste management regulations to reduce pollution. Increasing public awareness regarding pollution drives the adoption of sustainable solutions.
Threats: Uncertain trade policies and regulations across countries poses threats. Economic slowdown impacts the capital expenditure on waste management systems.
Key Takeaways
Global Plastic Regulatory Market Size is expected to witness high growth over the forecast period. The growing awareness about environmental protection and initiatives to curb plastic pollution will drive the demand for regulatory compliance solutions in coming years.
The Asia Pacific region currently dominates the global plastic regulatory market owing rapid industrialization and population growth. The governments in developing economies like China and India are strengthening regulations to reduce plastic pollution. This will boost investments in waste processing infrastructure in Asia Pacific region.
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. These players are focusing on developing advanced solutions for plastic waste treatment to comply with changing regulations. Partnerships and mergers & acquisitions are key strategies adopted by leading companies to gain higher market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
