New Jersey, NJ, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Rising awareness towards the health and safety among organizations for their employees and environment protection as well as growing necessity of enterprises to publicize their environmental, health, and safety initiatives are the major driving factors for the market. The global product stewardship market is expected to grow from USD 759.37 million in 2017 to USD 1,343.11 million by 2025 at a CAGR of 6.63% during the forecast period 2018-2025, according to the new report published by Fior Markets.
Product stewardship is an environmental management approach enabling the design, production, distribution, as well as usage of the product by taking responsibility in minimizing the product's environmental impact in every stage of its products' life cycle. This includes the procurement of raw materials, product manufacturing, designing, and selling with product safety and product compliance responsibility. According to the Product Stewardship Institute (PSI), product stewardship is the act of minimizing the health, safety, environmental, and social impacts of a product throughout all lifecycle stages, while also maximizing the economic benefits. The product stewardship helps to reduce the amount of waste going to landfill as well as increases recycling rates and recover valuable resources. For the manufacturers, the product stewardship provides the steps for the planning, and if necessary, paying for the recycling or disposal of the product after the end of its beneficial life.
Rising awareness to ensure health and safety among organizations for their employees and environment protection and growing necessity of enterprises to publicize their environmental, health and safety initiatives are the key driving factors for the product stewardship market. In addition, conforming to various environmental regulations and government rules will lead to the growth of the product stewardship market in a couple of years. The inability of enterprises to keep track of regulatory changes related to product stewardship solutions and services may limit the growth of the market. However, enterprises using product stewardship solutions and services in building their brand images is expected to boost the product stewardship market over the forecast period.
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Key players operating in the global product stewardship market include Young and Global Partners, Enhesa, ProcessMAP, SiteHawk, Velocity EHS, Intelex, Covestro, Pace Analytical, Wood Group, Cority, Anthesis, Verisk 3E Company, Enviance, CGI, Enablon, Gensuite, SAP, thinkstep, UL Wercs, Sphera, ERM Group, Phylmar Group, Yordas Group, Arcadis, Scout Environmental, and others. To enhance their market position in the global product stewardship market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- For instance, in September 2019, Sphera, a global provider of Integrated Risk Management software and information services with a focus on Environmental Health & Safety, Operational Risk and Product Stewardship, has acquired thinkstep, a Stuttgart, Germany-based software and information services company that specializes in Corporate Sustainability and Product Stewardship. The deal, announced in July, was completed after German regulatory authorities approved the acquisition.
- For instance, in August 2019, The New Zealand government has proposed regulated product stewardship schemes. This scheme focuses on reducing plastic waste and to divert waste from landfill. The use of the product stewardship schemes will also ensure the making, selling and using products to recover the materials and avoid ending up of these products in landfills.
- For instance, ERM Group launched a new digital platform named ERM Nexus. This technology platform provides fast, improved, and safety outcomes. The platform enables clients to address the issue of acquiring and storing large amounts of data, particularly EHS-related data, which is often stored in different server locations, software systems, directories, files and format types.
Services segment held the highest market share of 56.71%in 2017
Type segment covers solutions and services. The service segment further includes audit, assessment, & regulatory compliance services, business consulting & advisory services, and deployment & implementation services. In 2017, the services segment accounted for the highest value of around USD 430.64 million in global product stewardship market. This is attributable to increasing requirements for processing the pre, post, and integration phases and enables productivity and efficiency of business processes. Also, increasing need to manage hazardous material is a key factor to lead the service segment.
Large enterprises segment is anticipated to hold the highest CAGR of 7.98% over the forecast period
Organization size is segmented into SMEs and large enterprises. Large enterprises segment is anticipated to hold the highest CAGR of 7.98% over the forecast period. The adoption of product stewardship solutions and technological transitions in personalized marketing is increasing the market share of large enterprises.
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Regional Segment Analysis of the Product Stewardship Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region held the largest market share of approximately 34.16% in 2017 whereas the Europe region held the second dominant position in the global product stewardship market. Increase in U.S. government initiatives to safeguard the environment and the presence of key players is leading to the growth of the product stewardship market in the North America region. Europe region is the fastest-growing region due to the presence of large chemical sector, also, increasing adoption of product stewardship is creating an opportunity for the growth of the product stewardship market.
About the report:
The global product stewardship market is analysed on the basis of value (USD Million). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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