As governments around the world increasingly recognize the environmental, social, and health impacts of single-use plastic waste, Government are regulating its production and disposal. The result is an ever-changing landscape of regulations for plastic manufacturers to navigate. These new rules are aimed at preventing and reducing the impact of certain plastic products on the environment, particularly in the marine environment, and on human health. These are also promoting the transition to a circular economy with innovative and sustainable business models, products and materials. These are helping to improve the management, recycling, and final disposal of such products.
Market Dynamics:
Growing number of regulations and legislations focused on plastics is expected to propel growth of the global plastic regulatory market over the forecast period. These movements are creating pressure for companies to adopt sustainable initiatives that reduce plastic-waste output. This is also expected to support the market growth in the near future. The plastic regulatory market encompasses various aspects, including restrictions on single-use plastics, labeling requirements, recycling targets, bans on certain types of plastics, extended producer responsibility (EPR) schemes, and initiatives to promote the circular economy. Plastics manufacturing has a significant impact on the environment, including pollution, energy consumption, and greenhouse gas emissions. Regulations can help mitigate these impacts and promote more sustainable practices. the regulatory landscape for single-use plastics is gaining momentum globally, with various countries exploring comprehensive regulatory approaches that integrate the life cycle of plastic products, from production to disposal. This includes bans, market and trade-based mechanisms, and voluntary measures to regulate single-use plastic items and microplastics containing products at the national level.
However, that are not aligned with these regulatory targets. This is expected to hinder growth of the global plastic regulatory market during the forecast period.
Key features of the study:
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