According to IHS Markit, a world-renowned consulting firm, the demand for polyethylene, the world's most expensive plastic, has almost doubled since 1999.
The latest analysis by IHS Markit believes that the growth in demand for polyethylene is facing tremendous market pressures, which affect the future growth of plastics, such as around sustainable development, rising consumer expectations and strict environmental controls in key growth markets such as China.
According to IHS Markit, the global demand for polyethylene in 1999 was 50 million metric tons (MT), and the demand for global polyethylene demand in 2018 is expected to 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 demand for key global plastic products. Our daily life is inseparable from plastics, such as mobile phones, computers, food and beverages. Packaging, clothing, automotive and even medical equipment, etc.. Nick Vafiadis, vice president of IHS Markit Plastics, said, 'However, for both plastics producers and consumers, consumption growth is accompanied by greater expectations and responsibilities. IHS MARKIT has been focusing on how to get producers and consumers to work together to solve sustainable development, manage plastic recycling or reduce waste generation.
“I found in conversations with leaders of plastics manufacturers and manufacturers that the plastics industry is very active in embracing sustainable development throughout the supply chain,” Vafiadis said. “This includes leading stakeholder discussions and finding with retailers, Consumers, recyclers, and even collaboration with designers, plans to use plastic products after initial consumption. '
It is estimated that by 2022, the global demand for polyethylene will reach 120 million metric tons per year. The annual demand for polypropylene may not exceed 90 million metric tons. The growth of plastic demand in more than 60% of the world comes from the growth of China's economy. IHS Markit pointed out China's ban on the import of foreign waste plastics, coupled with the growth of global online shopping, will help boost global demand for nascent plastics.