July 14, 2024
Plastic Regulatory Market

Plastic Regulatory Market accelerated by stringent government regulations on Plastic Production and Usage

The Plastic Regulatory Market refers to regulations imposed by government agencies and environmental organizations on the production, distribution, and disposal of plastics. Stringent rules are being formulated to reduce plastic pollution and encourage sustainable plastic waste management practices. Various types of plastics including polyethylene terephthalate (PET), high-density polyethylene (HDPE), polyvinyl chloride (PVC), low-density polyethylene (LDPE), and polypropylene (PP) find applications across food packaging, bottles, clothing, and various consumer goods due to properties like low cost and durability. However, disposal of plastic waste poses major environmental challenges.

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 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Stringent government regulations on plastic production and usage is one of the key trends propelling the growth of the Plastic Regulatory Market. Various governments across the globe are formulating and implementing stringent rules to restrict the production and usage of single-use plastics. For instance, the government of India has banned specific single-use plastic items that have low utility and high littering potential starting July 2022. Many countries in the European Union have also imposed bans on select single-use plastic products. Such stringent regulations are encouraging companies to invest in sustainable alternatives to plastics and boosting the recycling industry. The growing support from regulatory bodies is expected to further drive the Plastic Regulatory Market during the forecast period.

SWOT Analysis
Strength: The Plastic Regulatory Market has strong government support and regulations in place to monitor the use of plastics and ensure environmental safety. Various agencies mandate manufacturers to abide by strict standards related to plastic production, use and disposal.

Weakness: Compliance with evolving regulations increases operational costs for plastic manufacturers and suppliers. Frequent changes in regulations also require updating processes which could slow down business operations.

Opportunity: Growing environmental awareness is increasing demand for sustainable and biodegradable plastics. Development of innovative recycling technologies presents an opportunity to increase plastic waste management.

Threats: Differing plastic laws across regions can fragment the Global market. Strict penalties for non-compliance could negatively impact revenues of players unable to keep up with changing norms.

Key Takeaways

Global Plastic Regulatory Market Size is expected to witness high growth supported by stringent regulations around the worldaiming to curb plastic pollution and ensure responsible plastic production and usage.

Regional analysis: North America dominated the market in 2023 owing to presence of highly developed regulatory frameworks for plastics in major economies like United States and Canada. Asia Pacific is projected to grow at the fastest pace during the forecast period led by investments in plastic waste management infrastructure and evolving standards in rapidly industrializing nations like China, India and South Korea.

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