Rapid and sustainable growth in global demand for plastics is key to the industry

2018-11-08 11:29:14

Demand for polyethylene (PE), the world's biggest consumer of plastics, has almost doubled since 1999, according to IHS Markit, a leading global consultancy.

IHS Markit demand growth that the analysis of the latest PE is facing the huge market pressure, the influence plastic future growth, such as sustainable development of the surrounding, consumer expectations rise and key growth markets such as China to adopt strict environmental regulation.

According to IHS Markit, global polyethylene demand was 50 million metric tons (MT) in 1999 and is expected to exceed 100 million metric tons in 2018.

"The number of consumers in developing countries such as China and India is increasing and their consumption capacity is increasing, which is driving demand growth for key plastics products around the world. We can't live without plastic every day, such as cell phones, computers, food and beverage packages, clothing, cars and even medical equipment. "However, consumption growth is accompanied by greater expectations and responsibilities, both for plastics producers and consumers," said Nick Vafiadis, vice President of the plastics division at IHS Markit. IHSMARKIT has been focusing on how to get producers and consumers to work together to address sustainability, manage plastic recycling or reduce waste generation.

"When I was in conversation with plastic manufacturers and producers of leaders found that plastic industry very actively throughout the supply chain to embrace sustainable development" Vafiadis said, "this includes leading stakeholders to discuss and find and retailers, consumers, recyclers, even cooperate with designers, the method of the use of plastic products for the first time after consumption plan."

The global demand for polyethylene is expected to reach 120 million metric tons per year by 2022, while the annual demand for polypropylene may not exceed 90 million metric tons. More than 60 percent of the increase in global demand for plastics has come from China's economic growth. China's ban on imports of foreign waste plastics, combined with a rise in online shopping around the world, has helped fuel global demand for raw plastics, IHS Markit said.