Plastic Regulatory Market involves regulations, standards, policies, and guidelines related to the production, distribution, use, and disposal of plastics across various industries. Strict government regulations and standards regarding the recycling and incineration of plastic waste have been promoting the use of biodegradable and environment-friendly plastics. 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.
The Global Plastic Regulatory Market caters to industries including packaging, construction, automotive, textile, medical devices, and electronics among others. Growing concerns regarding plastic pollution and its adverse impact on the environment have been prompting regulatory authorities to impose bans on single-use plastics. Stringent mandates to increase the usage of recycled plastics in product manufacturing are also fueling market growth. However, high costs associated with implementing new compliance standards continue to remain a major challenge.
The Global Plastic Regulatory Market size is projected to reach US$ 51.75 Bn by 2030.
Market Dynamics:
The Plastic Regulatory Market is Expected to be Flourished by Growing Concerns Regarding Plastic Pollution
One of the key drivers for the Plastic Regulatory Market growth is the rising concerns about plastic pollution and its negative effects on the environment. Plastic pollution has emerged as a major environmental issue Globally with millions of tons of plastic waste ending up in oceans and water bodies each year. Regulatory authorities across regions are now implementing stringent policies and mandates to curb plastic pollution and promote sustainability. For instance, the European Union has recently announced a ban on certain single-use plastic items starting July 2022. Similar bans and restrictions have been imposed by several countries in Asia and Africa.
Growing concerns about plastic pollution are also prompting people worldwide to reduce the usage of single-use plastics. Regulatory standards regarding plastic waste management and recycling are being strengthened. Manufacturers are under high pressure to increase the usage of recycled resins in plastic production and switch to biodegradable materials. These factors collectively are supporting the increasing demand for effective plastic management compliances Globally.
Segment Analysis
The Plastic Regulatory Market can be segmented into plastic type, regulatory type, and geography. Based on plastic type, the market is segmented into general purpose plastics, engineering plastics, HPMPs, bio-plastics, and others. Among these, general purpose plastics account for more than 45% market share, driven by high demand for plastic packaging and growth in the consumer goods industry. Based on regulatory type, the market is divided into ordinance, reporting, restriction, and others. Ordinance regulatory type dominates the market with over 30% share as regulatory agencies focus on limiting or banning certain plastics through laws and regulations.
PEST Analysis
Political: Stringent plastic regulations introduced by EPA, ECHA, FDA and other agencies to curb plastic waste are a key driver. Regulations on plastic packaging are also being strengthened in countries like India, China.
Economic: Growing plastic industry and rising health concerns linked to plastics are influencing regulatory policies. Higher compliance costs for companies due to regulatory changes will impact market demand.
Social: Rising awareness about plastic pollution is prompting environmental activism. Socio-cultural mindset of single-use plastics being harmful influences regulatory decisions.
Technological: Advancements in bio-degradable plastics and green packaging solutions are influencing regulations promoting sustainable alternatives. Digital reporting systems help monitor compliance with regulations better.
Key Takeaways
Global Plastic Regulatory Market Size is expected to witness high growth over the forecast period driven by stringent regulations around the world to curb plastic pollution. The Asia Pacific region, led by China and India, accounts for around 35% of the Global market share due to strong regulations and the rapid growth of the plastics industry in the region.
Regional analysis:
North America also captures over 30% share owing to implementation of plastic bans and regulations by EPA. Major players in the North America region are involved in product innovation and investments to replace petroleum-based plastics with sustainable options in compliance with the regulations.
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