The continuous growth of plastic waste and its adverse impacts on the environment has increased the focus on sustainability across industries. Plastic manufacturers are increasingly adopting regulatory policies and restrictions to curb plastic pollution and move towards more eco-friendly alternatives. Plastic regulatory products include bans, levies, extended producer responsibility mandates, targets on reuse and recycling, and prohibition of single-use plastics. These regulations aim to restrict plastic usage, encourage reuse and recycling, and stimulate innovation in sustainable packaging. The global plastic regulatory market relies on consistent policy interventions for effective implementation of sustainability goals. With growing public support, many governments are strengthening regulatory frameworks around plastic management.
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 key trends:
One of the major trends in the plastic regulatory market is the growing momentum around bans on single-use plastics. Several nations and cities across the globe have imposed bans targeting plastic bags, straws, cups, and cutlery. China, India, and countries in the European Union have led the way in prohibiting or levying taxes on ubiquitous single-use plastic items. Manufacturers are pushing for alternatives made from more sustainable materials such as paper, bioplastics, and compostable options. However, effective implementation and enforcement of bans remains a challenge. Rising public pressure via social media campaigns is propelling more governments to adopt plastic bans and restrictions. This trend is expected to significantly impact packaging industry practices and plastic consumption patterns over the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to the presence of economies of scale and capital requirements. However, the presence of fragmented suppliers makes it easy for new players to enter.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of various suppliers and standardized products. Buyers can easily switch between suppliers based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. While suppliers have low switching costs, the industry has several raw material suppliers with no single supplier having market dominance.
Threat of new substitutes: The threat of new substitutes is low as plastic products have few direct substitutes and are cost-effective for various applications.
Competitive rivalry: Competition in the market is high due to the presence of numerous local and international players offering similar products. Companies mainly compete on quality, innovation, price, and supply chain performance.
Key Takeaways
Global Plastic Regulatory Market Size is expected to witness high growth.
Regional analysis: The Asia Pacific region currently dominates the plastic regulatory market and is expected to maintain its position over the forecast period. This can be attributed to growing regulatory awareness in China and India and increasing demand from end-use industries. North America is another major market supported by stringent regulations such as the Safe Drinking Water Act.
Key players: Key players operating in the plastic regulatory market include Wienerberger, Excluton, Ter Stege Betonvormen, Kooy Baksteencentrum, Steenfabriek Spijkenisse, Normteq, Kalkzandsteenfabriek Harderwijk, Mulderij Metsel- en Timmerbedrijf, and Daas Baksteen Zeddam.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it