Global Demand For Plastics Is Growing Rapidly
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 significant market pressures that affect the future growth of plastics, such as rising sustainability, 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.
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. More than 60% of global plastics demand growth comes from the growth of the Chinese economy. 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 drive global demand for nascent plastics.