Dublin, Jan. 23, 2019 (GLOBE NEWSWIRE) -- The "Product Stewardship Market by Type (Solutions, Services (Business Consulting and Advisory Services, Audit, Assessment, and Regulatory Compliance Services, Deployment and Implementation Services)), Organization Size, Region - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The product stewardship market is projected to grow from USD 777 million in 2018 to USD 1,143 million by 2023, at a Compound Annual Growth Rate (CAGR) of 8.0% from 2018 to 2023.

According to the Product Stewardship Institute (PSI), product stewardship is the act of minimizing the health, safety, environmental, and social impacts of a product and its packaging throughout all lifecycle stages, while also maximizing economic benefits. The manufacturer, or producer, of the product, has the highest ability to minimize adverse impacts, but other stakeholders, such as suppliers, retailers, and consumers, also play a role. Stewardship can be either voluntary or required by law.

Product stewardship considers the entire product lifecycle and is aimed at reducing the risk at each level of every phase. Product stewardship is majorly intended for chemical products and is used across the product life cycle, from the procurement of raw materials to product manufacturing, designing, packaging, transport, usage and to eventual disposal. Product stewardship functions efficiently in a shared responsibility model that requires close coordination among everyone involved in each aspect of the product's lifecycle.

Product stewardship has evolved from product safety and product compliance to corporate responsibility wherein, organizations are increasingly focusing on achieving operational eco-efficiency and sustainable product innovation. Hence, regulatory compliance, human & environmental safety, and sustainability assessments have become an integral part of new product design. Product stewardship is also used to meet the demands of consumers for greener products to enhance their brand reputation.

Product stewardship focuses on adherence to multiple regulations that directly or indirectly scrutinize the chemical industry. Some of these regulations include Registration, Evaluation, Authorisation and Restriction of Chemicals (REACH), The Restriction of Hazardous Substances (RoHS), The European Agreement Concerning the International Carriage of Dangerous Goods by Road (ADR), Extended Producer Responsibility (EPR), Waste Electrical and Electronic Equipment (WEEE), Classification, Labelling and Packaging (CLP), Persistent Organic Pollutants (POP), Prior Informed Consent (PIC), The Toxic Substances Control Act (TSCA), and Endocrine Disrupting Chemicals (EDC).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Market Opportunities in the Product Stewardship Market
4.2 Product Stewardship Market, By Type
4.3 Product Stewardship Market, By Service Type
4.4 Product Stewardship Market, By Organization Size
4.5 Market Investment Scenario

5 Market Overview and Industry Trends
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Awareness Among Organizations to Ensure Health and Safety of Their Employees and Environment Protection
5.2.1.2 Increasing Requirement of Enterprises to Publicize Their Environmental, Health, and Safety Initiatives
5.2.1.3 Complying With Various Environmental Regulations and Government Guidelines
5.2.2 Restraints
5.2.2.1 Inability of Enterprises to Keep Track of Regulatory Changes Related to Product Stewardship Solutions and Services
5.2.3 Opportunities
5.2.3.1 Use of Product Stewardship Solutions and Services By Enterprises in Building Their Brand Images
5.2.4 Challenges
5.2.4.1 Limited Health and Safety Budgets of Enterprises and High Costs of Product Stewardship Solutions and Services
5.2.4.2 Complexities Involved in Managing Large Volumes of Product Data
5.3 Industry Trends
5.3.1 Case Studies
5.3.1.1 Case Study 1: Johnson Matthey Uses Solutions of Intelex to Streamline the Workflow
5.3.1.2 Case Study 2: Ferro Uses Intelex Safety Management System for Its Pro-Active Health and Safety Management
5.3.1.3 Case Study 3: Alcoa Extends the Global Sustainability Leadership With EHS Solution Offered By Sphera
5.3.1.4 Case Study 4: BASF Streamlines Plant Safety Processes Across Global Operations With Standardized Risk Assessments

6 Product Stewardship Market, By Type
6.1 Introduction
6.2 Solutions
6.2.1 Increased Need to Manage Hazardous Material to Identify, Manage, and Minimize the Negative Environmental, Health and Safety Impacts
6.3 Services
6.3.1 Business Consulting and Advisory Services
6.3.1.1 Increased Importance of Planning, Supporting, and Identifying Different Revenue Streams Displays the Growing Need of the Business Consulting and Advisory Services
6.3.2 Deployment and Implementation Services
6.3.2.1 Increased Need for the Smooth Transition of the Organization's Historical Product Stewardship Data and Speed Integration to Other Management Systems
6.3.3 Audit, Assessment, and Regulatory Compliance Services
6.3.3.1 Auditing Programs Provide Information About the Effectiveness of Management Systems, Opportunities for Cost Reduction, and Continuous Improvements
6.3.4 Training and Support Services
6.3.4.1 Training and Support Services Train Employees in Undertaking the Responsibilities and Functions of Product Stewardship During Their Work Assignments in Projects, Operations, Repairs, and Maintenance

7 Product Stewardship Market, By Organization Size
7.1 Introduction
7.2 SMEs
7.2.1 SMEs are Increasing Adoption of Product Stewardship Solutions to Achieve Competitive Advantage in Terms of Sustanability
7.3 Large Enterprises
7.3.1 Large Enterprises are Increasing Adopting Product Stewardship Solutions to Adhere to the Strict Regulations and Reduce Compliance Costs

8 Product Stewardship Market Analysis, By Region

9 Competitive Landscape
9.1 Overview
9.2 Competitive Situation and Trends
9.2.1 New Product Launches & Product Enhancements
9.2.2 Agreements, Collaborations, and Partnerships
9.2.3 Acquisitions
9.2.4 Expansions
9.3 Market Ranking of Key Players

10 Company Profiles
10.1 Arcadis
10.2 CGI
10.3 Cority
10.4 Enablon
10.5 Enviance
10.6 ERM Group
10.7 Gensuite
10.8 John Wood Group
10.9 Intelex
10.10 Processmap
10.11 SAP
10.12 Sitehawk
10.13 Sphera Solutions
10.14 Thinkstep
10.15 UL Wercs
10.16 Velocity EHS
10.17 Verisk 3E
10.18 Key Innovators
10.18.1 Covestro
10.18.2 Phylmar Group
10.18.3 Scout Environmental
10.18.4 Young & Global Partners
10.18.5 Enhesa
10.18.6 Anthesis Group
10.18.7 Pace Analytical
10.18.8 Yordas

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