Plastic has significantly benefitted various industries owing to its versatility, durability and lightweight nature. However, the alarming environmental concerns surrounding plastic usage and disposal like plastic pollution in oceans have increased government focus on regulations.
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.
Market key trends:
Increased government regulations in various regions to curb plastic pollution has accelerated the growth of the Plastic Regulatory Market over the forecast period. Stringent norms around plastic packaging, single-use plastics, recycling targets etc. by regulatory bodies like EPA, ECHA, FDA are compelling plastic manufacturers and consumer brands to shift toward more sustainable packaging solutions.Major players are investing in bio-based and recyclable materials to comply with the rising regulatory thresholds. Regulations are also promoting plastic waste management infrastructure and open plastic waste trade between countries.
Segment Analysis
The Global Plastic Regulatory Market is dominated by the chemicals and petrochemicals sub-segment. This is because regulatory policies and guidelines majorly impact chemicals and petrochemical manufacturers who produce plastic raw materials. Any restriction or ban on certain chemicals used in plastic production can significantly alter the operations and revenue of companies in this sub-segment.
Key Takeaways
The Global Plastic Regulatory Market is expected to witness high growth over the forecast period of 2023 to 2030. Regulatory norms around plastic production and disposal are increasing tremendously due to growing environmental pollution concerns.
Regional analysis
Europe region currently dominates the Global Plastic Regulatory Market and is expected to maintain its dominance over the forecast period. Strict regulatory policies formulated by organizations like European Chemicals Agency (ECHA) have resulted in the region having the highest compliance rate worldwide. Countries like Germany and the UK are pioneering the implementation of plastic bans and restrictions.
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).
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