February 28, 2024

Plastic Regulatory Market Is Expected To Be Flourished By Growing Environmental Concerns

Plastic is widely used in numerous industries including packaging, construction, automotive, and electronics owing to its durability, lightweight, and resistance to corrosion. However, the extensive use of plastics has resulted in major environmental issues such as plastic pollution and greenhouse gas emissions. This has compelled governments across the globe to implement stringent regulations regarding the use and disposal of plastics. The stringent regulations aim to curb plastic pollution and promote sustainable plastic production and management practices.

The global Plastic Regulatory Market is estimated to be valued at Us$ 45.27 Bn in 2024 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 Dynamics:

The growing environmental concerns around plastic pollution is one of the primary drivers fueling the plastic regulatory market growth. According to Our World in Data, over 6.3 billion metric tons of plastic waste has been generated, with around 9% of all plastic produced getting recycled. The rampant plastic pollution of land and water bodies has necessitated governments worldwide to implement stringent plastic regulations.

Another key driver for the market is rising awareness about sustainability. Issues like climate change and depletion of natural resources have heightened sustainability consciousness among both businesses and consumers. As a result, companies are under increasing pressure to adopt sustainable production and management practices throughout the product life cycle. Regulatory push aimed at promoting a circular economy model for plastics is expected to present attractive opportunities for stakeholders in the plastic regulatory market.

 

Segment Analysis

The plastic regulatory market can be segmented into testing services and software & services. The testing services segment dominates the market and accounts for over 60% share owing to the large number of testing required for various types of plastics. This segment provides testing for physical properties, chemical characterization and product safety of plastics.

PEST Analysis

Political: Stringent safety regulations for food contact plastics and packaging in countries will boost market growth. The US FDA oversees safety of materials that come into contact with food and drugs.

Economic: Developing economies are witnessing higher plastic production and consumption due to industrialization. This will increase need for testing and monitoring of plastic quality.

Social: Rising public awareness about hazards of chemicals in plastics has increased demand for certified, safe plastics. Social media further influences consumer preferences for sustainably produced plastics.

Technological: Advancements in polymer analysis techniques like spectroscopy and chromatography have improved accuracy and speed of tests. Digitalization of testing data on blockchain provides tamper-proof certification to support transparent, credible supply chains.

Key Takeaways

The Global Plastic Regulatory Market Demand was valued at US$ 45.27 Bn in 2024 and is expected to reach over US$ 65 Bn by 2031, expanding at a compound annual growth rate (CAGR) of 12% during the forecast period.

Regional analysis:

North America dominated the market in 2024 due to stringent FDA regulations and holds over 35% share. Asia Pacific is expected to witness fastest growth during the forecast period led by China, India and other developing nations in the region. Rising income levels, growing health awareness and changing lifestyles in the region is driving the demand for regulated plastics.

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. LabCorp and Quest Diagnostics are the largest players with presence across major regions offering one stop solutions for plastic testing and certification needs of manufacturers.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it