The Plastic Regulatory Market product includes policies, regulations, and restriction enforced by governments to monitor and control the production, use, and disposal of plastic. Plastic has widespread applications across industries like packaging, construction, electrical & electronics, automotive, among others owing to its lightweight, low cost and durability. However, improper disposal of plastic waste cause detrimental effects on the environment and public health. Governments across the globe are implementing stringent policies to regulate plastic usage and promote sustainable alternatives.
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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity of strict government regulations will drive the growth of the Plastic Regulatory Market. Governments are framing laws and directives to ban specific single-use plastic products, implement extended producer responsibility, regulate plastic packaging and set recycling targets. For instance, the European Union passed a directive in 2019 banning 10 single-use plastic products like straws, cotton buds, cutlery, plates, stirrers by 2021. In India, the government prohibited manufacture, import, stocking, distribution, sale and use of identified single-use plastic items from July 2022. Such stringent norms aim to reduce plastic pollution and accelerate transition to eco-friendly alternatives. The Plastic Regulatory Market players will need to ensure compliance with evolving regulations which will propel the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Regulations pose high entry barriers for new players to comply with strict guidelines for plastic production and use. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like paper and other renewable materials. Bargaining power of suppliers: Suppliers of raw materials for plastics like oil and gas have moderate power due to the presence of several suppliers Globally. Threat of new substitutes: Alternatives like paper are gaining traction posing a threat to plastics. Competitive rivalry: Intense competition exists among established players to retain market share through compliance.
SWOT Analysis
Strengths: Strong regulatory frameworks ensure safety of plastics. Weaknesses: Frequent changes in rules increase compliance costs for manufacturers. Opportunities: Growth in developing nations with budding regulations. Threats: Rising public awareness about plastic waste management challenges growth.
Key Takeaways
Global Plastic Regulatory Market Size is expected to witness high growth over the forecast period driven by the increasingly stringent regulations around the world to curb plastic pollution. The Asia Pacific region dominates the market currently due to the rapid economic expansion and growing regulatory activity in major countries like China and India.
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).
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