The plastic regulatory market involves tests and services
that ensure compliance with various regulations for plastic manufacturing and
recycling. Plastic being a vast commodity used across industries like
packaging, automotive, construction, among others, strict norms are being
imposed on the amount and types of plastic used along with treatment of plastic
waste. The market comprises testing services for raw materials and finished
plastic products as well as auditing of recycling facilities. Rising government
initiatives promoting sustainability and curbing plastic pollution have fueled
demand for regulatory compliance assessment in the recent years.
The Global plastic regulatory market is estimated to be
valued at US$ 19.15 Bn in 2024 and
is expected to exhibit a CAGR of 8.0%
over the forecast period 2024 To 2031.
Key Takeaways
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. These
companies offer a wide range of testing services for plastic material
identification, contaminant screening, and recycling assessments.
The
Plastic
Regulatory Market Size provides significant opportunities for players
to expand their portfolios and venture into new geographic regions. Growing
concerns regarding plastic waste and emphasis on circular plastic economy have
prompted various countries and regional bodies to implement stricter norms.
This translates to increased testing requirements for compliance verification.
The global leaders in the market are focusing on strategic acquisitions and
partnerships to penetrate untapped markets and capitalize on the widespread
reforms. North America and Europe currently dominate the market but major
players are directing their efforts towards developing economies in Asia
Pacific and Latin America which are enacting new plastic regulations at an
aggressive pace.
Market drivers and restrain
One of the key drivers for plastic regulatory market is the stringent norms and
bans imposed on single-use plastic items by various governments. Countries like
India have prohibited specific plastic products below a certain thickness. This
has augmented demand for testing and certification services to verify compliant
materials.
Another major market driver is the legislation around plastic recycling and
waste management. Extended producer responsibility norms obligate plastic
manufacturers to ensure a certain percentage of post-consumer plastic is reused
or recycled. This fuels need for auditing recycling facilities and processes.
On the other hand, lack of unified standards across regions poses a challenge
for providers of plastic regulatory services. Diverse protocols and definitions
of recyclable or compostable plastics across local authorities complicate the
assessment process. It acts as a key restraint for the standardized growth of
global plastic regulatory market.
Segment
Analysis
Plastic Regulatory Market is segmented based on type and
application. Type segment is further divided into polystyrene, polyethylene,
polypropylene and polyvinyl chloride. The polyethylene sub segment dominates
the plastic regulatory market holding around 35% share as it is cost effective,
durable and has high impact resistance. It is widely used in plastic bottles,
containers and packaging. Based on applications, the plastic regulatory market
is segmented into medical devices & equipment, packaging, automotive &
transportation, consumer goods/lifestyle, construction and others. Packaging
segment holds the largest share and is expected to witness highest growth
during the forecast period due to increasing use of plastic in food packaging,
beverage packaging and consumer goods packaging.
Global Analysis
North America dominates the plastic regulatory market with a
share of over 30% due to established medical industry and strict regulatory policies
regarding plastic production and usage. Asia Pacific is the fastest growing
region expected to witness a CAGR of around 10% during the forecast period
driven by developing healthcare sector and growing automotive industry in China
and India. Increasing plastic waste issues have led European Union to implement
stringent regulatory guidelines on plastic production and recycling which is
supporting market growth in the region. Latin America and Middle East &
Africa are at a nascent stage and offer ample opportunities for plastic
regulatory market players over the coming years.
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More Insights On- Global
Plastic Regulatory Market
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