by The plastic regulatory market comprises various services and solutions that help curb plastic pollution. These include plastic waste collection & recycling programs, disposable plastic bans, strategies to boost plastic reuse and refill, and initiatives like extended producer responsibility. With mounting concerns regarding plastic waste ending up in oceans and landfills, governments worldwide are introducing stringent regulations to manage plastic usage and improve recycling rates. Plastic makes up 85% of marine litter and poses a serious threat to aquatic wildlife and habitats. It is estimated that over 300 million tons of plastic are produced annually, out of which a third is used for packaging that is utilized just once and discarded.
The global plastic regulatory market is estimated to be valued at US$ 19.15 billion in 2024 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the plastic regulatory market are LabCorp, Quest Diagnostics, OPKO Health, Miraca Holdings, Myriad Genetics, Sonic Healthcare, Healthscope, Foundation Medicine, Primary Health Care, Fulgent Genetics.
The Plastic Regulatory Market Size provides significant opportunities for players involved in waste collection, sorting, and recycling. Initiatives to develop innovative recycling technologies and scale plastic circularity will drive future growth.
Many countries and cities have started banning specific single-use plastic items. There is huge scope for expanding such bans and increasing coordination between governments worldwide to control plastic pollution on a global level.
Market Drivers
The growing adoption of stringent environmental regulations regarding plastic usage and disposal in many countries is a key factor driving the plastic regulatory market. Governments are implementing bans on specific disposable plastics, mandating higher recycled content in packaging, and enforcing extended producer responsibility legislation to make plastic manufacturers responsible for post-consumer waste management. This is positively impacting the need for compliance solutions and services.
PEST Analysis
Political: Regulations regarding raw material extraction and production processes in the plastic industry are becoming stringent to reduce adverse environmental impact. Many countries and states have announced bans or penalties on specific types of plastics.
Economic: Changes in global trade policies and economic growth rates impact the demand for plastics from different industry verticals.Volatility in crude oil prices directly affects prices of plastic raw materials.
Social: Growing environmental concerns and awareness among public has increased demand for sustainable and eco-friendly plastics. Social media campaignfor plastic bans and reducing single-use plastic are shaping consumer preferences.
Technological: Advancements in material science and engineering technologies facilitate development of innovative bio-plastics and composites as alternatives to conventional plastics. Additive manufacturing and 3D printing methods allow new applications of plastics.
The market in terms of value is highly concentrated in developed regions like North America and Europe due to stringent regulations around use of plastics. North America accounts for over 30% share due to federal and state level plastic bans in the US. Europe is another major regional market impacted by directives from European Union targeting single-use plastic items.
The Asia Pacific region is currently the fastest growing market for plastic regulatory solutions driven by emerging economies of China and India. While plastic consumption is rising sharply in Asia to meet the needs of various industries, governments are also imposing restrictions to manage plastic waste. This dynamic regulatory environment makes Asia an attractive market for suppliers of compliance testing, certification and formulation services.
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1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
