June 17, 2024
Plastic Regulatory Market

Plastic Regulatory Market is Trending Due to Rising Environmental Concerns

Plastic regulatory market is involved in product innovations for sustainable plastic alternative materials and recycling processes to reduce environmental footprint of plastics. Stringent government regulations around the world are being implemented to ban certain singled use plastics and make plastic producers responsible for collection and recycling of post-consumer plastics.

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 are LabCorp, Quest Diagnostics, OPKO Health, Miraca Holdings, Myriad Genetics, Sonic Healthcare, Healthscope, Foundation Medicine, Primary Health Care, Fulgent Genetics. With growing awareness about health hazards of plastic waste, the demand for alternatives to banned plastics like Styrofoam, single use plastic bags and straws is increasing rapidly across food and beverages, pharmaceutical and personal care industries. Major players in the Plastic Regulatory Market Size are expanding globally with focus on Asia Pacific and Latin American countries to cater to the rising needs of packaging, construction and automotive industries in developing markets.

Market Key Trends

One of the key trends in plastic regulatory market is the surge in research and development activities around bio-plastics made from renewable feedstock like agricultural waste, corn starch and sugarcane. Bioplastics have comparable mechanical and physical properties to traditional plastics but are non-toxic and can degrade faster after disposal. Constant innovations to make bioplastics more affordable compared to fossil fuel based plastics through technological advancements and economies of scale can disrupt the plastics market in the coming years.

Porter’s Analysis

Threat of new entrants: Regulations and initial capital requirements for starting a lab make it difficult for new companies to enter the market.

Bargaining power of buyers: Individual patients have little power to negotiate prices, but larger healthcare organizations can exert some pricing pressure given the importance of maintaining good relationships.

Bargaining power of suppliers: Suppliers of lab equipment, reagents, and other consumables have some power as buyers depend on continued supply, but multiple options exist to mitigate overreliance on any single supplier.

Threat of new substitutes: New diagnostic technologies pose a potential threat, though established labs also adopt new techniques to supplement existing service offerings.

Competitive rivalry: Competition is intense as major players continually invest in new tests and expand geographically and through acquisitions to gain scale and market share.

Geographical Regions

North America currently accounts for the largest share of the plastic regulatory testing market due to stringent regulations and presence of major market players in the region.

The Asia Pacific region is expected to witness the fastest growth over the forecast period given rapidly growing economies, increasing healthcare investments and rising disease prevalence in the region driving greater diagnostic testing needs.

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