by The plastic regulatory market comprises rules, standards, and policies put in place by governments and organizations to monitor and restrict the production and consumption of plastics. Plastic products like bottles, packaging films, bags, and containers are widely used in various industries like food and beverages, pharmaceuticals, cosmetics due to their low cost, light weight and durability. However, improper disposal of plastics leads to severe pollution and related health issues. Most countries have formulated stringent regulations like bans, levies, disposal standards to curb plastic usage and promote alternatives.
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 key trends:
Ban on single use plastics – Many nations like India, China and countries in the European Union have imposed a blanket ban on single use plastic items like straws, cotton buds and packaging made of oxo-degradable plastic. The regulations aim to curb plastic waste and promote reusable alternatives. Furthermore, other nations are also exploring bans which is expected to boost adoption of biodegradable and recyclable plastics. Regulations on production – Authorities in regions like the European Union have laid down standards for plastic production processes and formulated policies limiting carbon emissions from plastic manufacturing plants. The trends are pushing industries to adopt greener technologies and switch to renewable feedstocks. Such regulatory changes are projected to fuel new investments and innovation in plastic recycling machinery over the coming years.
Porter’s Analysis
Threat of new entrants: The threat is moderate as plastic regulatory market requires huge R&D investments and regulatory compliances.
Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many small regional players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers for plastic regulatory market.
Threat of new substitutes: The threat of substitutes is low as there are limited substitutes for plastic regulatory services.
Competitive rivalry: The competition is high among key players to gain more market share.
Key Takeaways
The Global Plastic Regulatory Market Demand is expected to witness high growth.
Regional analysis:
Asia Pacific region is expected to dominate the global plastic regulatory market during the forecast period. Factors such as growing manufacturing industry along with increasing R&D investments in countries such as China and India will boost the market growth.
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 strong geographic presence across North America and Europe. Myriad Genetics and Foundation Medicine are mainly focused on genetic testing service segment.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
