Plastic Regulatory Market refers to the monitoring and regulation of plastic production and waste across various industries and applications. Plastic goods are used in packaging, construction, automobiles, consumer goods and more due to their low cost and high durability. However, concerns over plastic pollution and waste have necessitated strict regulations regarding the usage and disposal of plastics.
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 key trends:
The growing recycling of plastic waste has emerged as a key trend propelling the plastic regulatory market. Various regulations mandating proper disposal and recycling of plastic waste from industries and consumers have been enforced. This has spurred the establishment of plastic waste recycling facilities and introduction of new recycling technologies. Strict monitoring of plastic recycling targets and outcomes is driving demand for regulatory bodies and services in this industry. Plans to achieve higher plastic recycling ratios and drive a shift towards circular plastic economy models are expected to define regulatory guidelines over the coming years.
Strength: Plastic regulatory market has strong growth opportunities owing to rising awareness about environmental protection and strict government regulations regarding plastic ban.
Weakness: High initial investment and ongoing operational costs involved in setting up plastic recycling facilities.
Opportunity: Increasing demand for recycled plastics from industries like construction, automotive can boost plastic recycling market. Producers can tap opportunities in developing nations with growing plastic consumption.
Threats: Availability of substitutes like paper, glass can threaten plastic regulatory market share. Economic slowdowns may negatively impact plastic production and recycling.
The Global Plastic Regulatory Market Demand is expected to witness high growth.
North America currently dominates the market and is expected to continue its leadposition. Stringent norms like Plastic Ban legislations in the US and Canada along with presence of leading recycling players is driving market in the region.
Key players operating in the plastic regulatory market are LabCorp, Quest Diagnostics, OPKO Health, Miraca Holdings, Myriad Genetics. Major players are focusing on facilities expansion, mergers, partnerships and advanced technology adoption to strengthen market position. Partnerships of recyclers with consumer brands for take-back programs is a growing trend.Rising environmental concerns and sustainable development efforts are compelling industries to increase plastic waste management and utilize recycled plastic materials.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it