According to the world-renowned consulting firm IHS Markit, the demand for plastic, the world's largest consumer of polyethylene, has almost doubled since 1999.
IHS Markit's latest analysis believes that the growth in demand for polyethylene is facing enormous market pressure, which will affect the future growth of plastics, such as focusing on sustainable development, rising consumer expectations and adopting strict environmental regulations in key growth markets such as China.
According to IHS MARKIT statistics, the global demand for polyethylene in 1999 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 increasing, which drives the growth of global demand for key plastic products. Our daily lives are inseparable from plastics such as mobile phones, computers, food and beverages. Packaging, Apparel, Automotive, and even Medical Equipment, etc. Nick Vafiadis, vice president of the IHS Markit Plastics Division, said, 'However, both the plastics producers and the consumers, consumption growth 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 the plastic producers and manufacturers and found that the plastics industry is very active in embracing sustainable development throughout the supply chain,' Vafiadis said. 'This includes leading stakeholder discussions and search with retailers. Consumers, recyclers, and even methods of working with designers, plan for the use of plastic products after initial consumption. '
It is estimated that by 2022, the global demand for polyethylene will reach 120 million metric tons per year, and the annual demand for polypropylene may not exceed 90 million metric tons during the same period. More than 60% of global plastics demand growth comes from China's economic growth. IHS MARKIT pointed out China's ban on the import of foreign waste plastics, coupled with the growth of global online shopping, will help to stimulate global demand for primary plastics.