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According to IHS Markit, a world-renowned consultancy, the demand for plastics, the world's largest consumer of polyethylene, almost doubled since 1999.
The latest analysis by IHS Markit believes that the growth in demand for polyethylene is facing enormous market pressure, which affects the future growth of plastics, such as around sustainable development, rising consumer expectations and strict environmental regulations in key growth markets such as China.
According to IHS MARKIT statistics, in 1999, the global demand for polyethylene was 50 million metric tons (MT). In 2018, the global demand for polyethylene will exceed 100 million metric tons.
“The number of consumers in developing countries such as China and India is increasing, and their spending power is growing, which drives the growth of global demand for key plastic products. Every day we live without plastics such as mobile phones, computers, food and beverages. Packaging, apparel, automobiles, and even medical equipment, etc.” Nick Vafiadis, Vice President, Plastics Division, IHS Markit, said, “However, both the plastics producers and the consumers, the growth in consumption is accompanied by greater expectations and responsibilities.
IHS MARKIT has been focusing on how to make producers and consumers work together to solve sustainable development, manage plastic recycling or reduce waste generation. ”
“I talked with the leaders of plastic producers and manufacturers and found that the plastics industry is very active in embracing sustainable development throughout the supply chain,” said Vafiadis. “This includes leading stakeholder discussions, search and retailers, Consumers, recyclers, and even methods of working with designers, plans for use of plastic products after initial consumption.”
It is estimated that by 2022, the annual demand for polyethylene in the world will reach 120 million metric tons, and the annual demand for polypropylene in the same period may not exceed 90 million metric tons. More than 60% of the global demand for plastics comes from China's economic growth. IHS MARKIT pointed out that China's ban on the import of foreign waste plastics, coupled with the growth of global online shopping, will help to stimulate the global demand for primary plastics.