Product Stewardship Market
Strict Government Regulations to Fuel Product Stewardship Market Growth During Forecast Period
Strict government regulations such as Globally Harmonized System (GHS), Registration, Evaluation, Authorization and Restriction of Chemicals (REACH), Restriction of Hazardous Substances (RoHS), Waste Electrical and Electronic Equipment (WEEE), Resource Productivity and Recovery Authority (RPRA), and Toxic Substances Control Act (TSCA) play a crucial role in shaping the product stewardship market. These regulations impose stringent requirements on manufacturers to ensure their products’ safety and environmental sustainability throughout their lifecycle. For instance, REACH mandates that companies register chemicals used in their products, ensuring they are evaluated for safety and environmental impact. RoHS restricts the use of specific hazardous substances in electrical and electronic equipment, promoting safer manufacturing practices. WEEE focuses on the proper disposal and recycling of electronic waste, encouraging designs that facilitate recovery and minimize environmental harm. Compliance with these regulations not only helps businesses avoid legal repercussions, such as product recalls and fines, but also enhances their reputation among consumers and stakeholders who increasingly prioritize sustainability. As a result, adherence to these regulations is becoming a fundamental aspect of product stewardship strategies, driving innovation and responsible practices within the product stewardship market.
Product Stewardship Market: Industry Overview
The product stewardship market is segmented into deployment and component and organization size. In terms of component, the market is segmented into software and services. The software segment is further bifurcated into on-premises and cloud. Based on organization size, the market is divided into large enterprises and SMEs. By geography, the product stewardship market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
In terms of revenue, Europe dominated the product stewardship market share, followed by APAC and North America. The product stewardship market in North America is poised for substantial growth, driven by regulatory pressures, consumer demand for sustainability, and the proactive efforts of organizations dedicated to responsible product lifecycle management. Product stewardship in North America emphasizes the responsibility of manufacturers to manage the environmental and health impacts of their products throughout their entire lifecycle, from design to disposal. This approach often aligns with extended producer responsibility (EPR), which legally mandates that producers take responsibility for the post-consumer management of their products and packaging. Various sectors, including electronics and packaging, are implementing stewardship programs to minimize waste and promote recycling, reflecting a broader commitment to sustainability and resource conservation.
The product stewardship market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest product stewardship market share by 2031. The US product stewardship market is increasingly recognized as a significant opportunity for companies to enhance their sustainability efforts while also improving their business performance. By adopting product stewardship practices, businesses can rethink their product designs, optimize supply chain relationships, and ultimately provide greater value to customers with reduced environmental impacts. Sphera, a global provider of integrated risk management software, has made strides in this area by acquiring Thinkstep, a company specializing in corporate sustainability and product stewardship, thereby enhancing its capabilities in managing the lifecycle impacts of products. This market is driven by the growing government initiatives and regulatory pressures aimed at improving environmental standards, which encourage companies to implement effective stewardship programs.
Product Stewardship Market: Competitive Landscape and Key Developments
Eaton Corp Plc; Anthesis Group Ltd; Arcadis NV; CGI Inc; ERM Group, Inc.; Wolters Kluwer NV; Intelex Technologies ULC; SAP SE; Sphera Solutions, Inc.; 3E; Benchmark Digital Partners LLC; UL LLC; Pace Analytical Services; Covestro AG; Linde Plc; DuPont de Nemours Inc; knoell; Young & Global Partners; Yordas Limited; and Phylmar Group are among the leading players profiled in the product stewardship market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The product stewardship market report provides detailed market insights, which help the key players strategize their market growth. As per the company press releases, below are a few recent key developments:
- Anthesis Group, the world’s largest group of dedicated sustainability professionals, appointed Bianca Nijhof, former Managing Director of Netherlands Water Partnership, as Associate Director of Water and Biodiversity. This senior hire expands and complements the established expertise within Anthesis while addressing market demand internationally to identify and mitigate biodiversity impacts..
(Source: Anthesis Group, Press Release, January 2022)
- Arcadis, a leading global design and consultancy organization for natural and built assets, announced a continued partnership with the U.S. Army Environmental Command (USAEC) to provide essential environmental studies and remediation services for hazardous waste and munition response sites. Arcadis is one of five firms selected as part of a five-year, US$ 464 million shared capacity framework contract for USAEC and the Environmental Remediation Multi-Award (ERMA) support services.
(Source: Arcadis, Press Release, March 2024)
- 3E, the leading global provider of intelligent compliance solutions for chemical and workplace safety, product stewardship, and sustainable supply chains, completed its previously announced acquisition of Quick-FDS, the leading provider of workplace safety solutions in France. The acquisition of Quick-FDS from WEKA Group further expands 3E’s presence in Europe and establishes a leading position in the French market in particular. This combination represents a significant milestone in the EHS&S industry, bringing together two of the most sophisticated providers of SDS management, workplace safety, and product stewardship solutions in Europe.
(Source: 3E, Press Release, April 2024)
