ICIS: Global plastic market is challenged by environmental protection

According to the polyolefin market report released by ICIS, the global polyolefin supply is increasing significantly due to the large number of new production capacity, but at the same time, the long-term prospect of global polyolefin demand growth seems increasingly uncertain due to the intensification of economic recession.

The ICIS report points out that although polyolefin producers are optimistic that the plastic market will maintain a healthy growth for a long time, many countries around the world are increasingly concerned about plastic pollution and begin to restrict the use and production of non-essential plastics. ICIS believes that in the next few years, the view that plastics are indispensable will be challenged at many levels.

ICIS said that last year, the first meeting of the United Nations Intergovernmental Negotiating Committee made substantial progress in eliminating plastic waste in the environment, laying the foundation for reaching a global agreement on plastics. As plastic pollution has been identified as a health and environmental problem, the pressure to expand production capacity and use plastics is increasing, both for plastic manufacturers and consumers. According to ICIS, the expected future demand growth of polyolefin producers may not be realized.