The plastic regulatory market consists of policies, legislations and initiatives to monitor and regulate plastic pollution. With widespread concerns regarding the harmful impacts of plastic pollution on the environment and human health, governments across the globe are implementing stringent regulations on plastic production and usage. Plastic pollution has become a major environmental issue as a large amount of plastic ends up in landfills and oceans every year. The non-biodegradability of plastic poses threats to wildlife and contaminates the soil and water bodies. With growing awareness regarding the need for sustainable alternatives, the demand for environmental protection measures to curb plastic pollution is rising significantly.
The global Plastic Regulatory Market is estimated to be valued at Us$ 45.27 Bn in 2023 and is expected to exhibit a CAGR Of 12% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity
Increased Environment Protection Measures
With plastic pollution emerging as one of the biggest environmental crises, many governments are announcing new regulations and policies for effective plastic waste management and recycling. Various efforts such as bans on single-use plastic, extended producer responsibility guidelines, landfill bans, packaging standards and taxes are being implemented. The regulatory push for plastic alternatives and reuse is expected to create new opportunities for players offering plastic-free and sustainable solutions. The market opportunity lies in innovation and development of eco-friendly products that can help organizations and individuals comply with evolving environment protection norms regarding plastic usage and disposal. Strong regulatory framework will drive higher demand for plastic alternatives and boost the plastic regulatory market over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the plastic regulatory market requires high initial investments and expertise. Regulatory procedures also pose a barrier.
Bargaining power of buyers: The bargaining power of buyers is high as the market has several regulatory bodies dictating guidelines. Buyers can also switch to substitute technologies.
Bargaining power of suppliers: The bargaining power of suppliers is moderate since they have to comply with strict quality standards and guidelines imposed by regulatory bodies. However, production of raw materials requires specialized knowledge.
Threat of new substitutes: The threat of new substitutes is high with the development of new technologies like bioplastics that have lower environmental impact.
Competitive rivalry: Competitive rivalry is high due to the presence of several global and regional players offering innovative solutions.
SWOT Analysis
Strength: The market has strong growth prospects driven by strict regulations on use of plastics and awareness about waste management. Implementation of advanced solutions allow real-time monitoring of production processes.
Weaknesses: High R&D costs and compliance requirements pose challenges, especially for small players. Collection and disposal of used plastics also needs improvement.
Opportunities: With regulations getting stricter globally, demand for alternatives to single-use plastics is rising. Adoption of blockchain and IoT also opens up new opportunities.
Threats: Changing political scenarios and fluctuations in crude oil prices impact raw material costs. Growing adoption of bioplastics also poses a threat.
Key Takeaways
The Global Plastic Regulatory Market Demand is expected to witness high growth during the forecast period of 2024 to 2031 driven by stringent regulations banning single-use plastics. The market size is projected to increase from US$ 45.27 Bn in 2024 to over US$ 80 Bn by 2031, exhibiting a CAGR of around 12%.
Regional analysis:
North America dominates the global market currently owing to early adoption of regulations in the region such as the Microbead-Free Waters Act. Europe follows due to initiatives like the European Plastics Strategy. However, Asia Pacific is expected to witness the fastest growth led by China and India where regulations are getting stricter.
Key players:
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. These companies offer innovative testing, certification and compliance solutions to help manufacturers and regulatory bodies monitor the production and disposal of plastics.
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