Sustainability is Key to Future of Plastics Industry

Sustainability is Key to Future of Plastics Industry

May 23, 2018 Off By Sebastian Reisig

Global demand for polyethylene (PE), the world’s most used plastic, has nearly doubled since 1999, according to IHS Markit (Nasdaq INFO), a global business information provider. However, new analysis says this growth in demand is being met with significant new market pressures that threaten the future of plastics demand growth, such as a rise in consumer expectations around sustainability, along with tightening environmental regulations in key growth markets such as China. (According to IHS Markit, global demand for PE was 50 million metric tons (MMT) in 1999 and in 2018 demand is expected to exceed 100 MMT.).

“As more consumers in developing countries such as China and India increase their spending power and join the global economy, we are witnessing truly phenomenal growth in demand for the key plastics that are critical to so many of the products and life essentials we rely on every day, such as cell phones, computers, food and beverage packaging, clothes, cars and even life-saving medical devices,” said Nick Vafiadis, vice president of plastics for IHS Markit. “That consumption growth, though, comes with greater expectations and responsibility, both for plastics producers and consumers. We at IHS Markit are focused on how producers and consumers can work together to address the issues of sustainability and management of plastics recycling, reuse, or waste reduction. This issue is top of mind for plastics industry leaders.”