Plastics [New] Mounting pressure to curtail the use of plastics - now a worldwide public concern - could slash virgin plastic demand growth from 4% a year to under 1%, with demand peaking in 2027. [New] If trends continue without improvements in the way we manage plastic waste, we could be spewing as much as 90 million tonnes of plastic waste into the world's waters by 2030. [New] In recent years plastic production has accelerated, with global plastic set production to reach 600 million tonnes by 2030 if production continues at its current rate of growth. The International Energy Agency forecast in 2018 that the growth in demand for petrochemical products - including plastics, fertilisers, detergents and other items - would see them account for over a third of the predicted increase in oil demand to 2030, and nearly half to 2050. Corporations that sell soft drinks and bottled water have committed to stop using single-use plastics by 2030. Mounting pressure around the world to tackle the plastics problem could slash the growth in demand for virgin plastic from 4% a year to just 1%, with demand likely to peak in 2027. Mounting pressure to cut plastic use could slash growth in demand for virgin plastic from four percent a year to below one percent, with demand peaking in 2027. While the system change scenario reduces annual ocean plastic pollution rates by more than 80%, it will take an unprecedented level of action and will still leave more than five million metric tons leaking into the ocean each year in 2040. The Pact's ambition to create a new circular economy for plastics is crucial, given that recent Foundation-backed research warned that the volume of plastic entering oceans and waterways will triple and the global ocean plastic stock will quadruple by 2040. The UK government should set legally-binding targets to reduce single-use plastics by 50% by 2025, and introduce mandatory corporate reporting on plastic reduction, in order to create a level playing field for all sections of the grocery industry. The European Union has a law banning single-use plastic set to come into force in 2021, but it does not include sachets. China, the world's second largest economy, is forecast to reach a projected Recycled Plastics market size of US$ 12.1 Billion by the year 2027 trailing a CAGR of 8.1% over the analysis period 2020 to 2027. The volume of plastic entering oceans and waterways will triple, and the global ocean plastic stock will quadruple. Within Europe, Germany is forecast to grow at approximately 4% CAGR while Rest of European reinforced plastics market will reach 1.8 Million Tons by the year 2027. The implementation of the EU's single-use plastic directive is still intact, although at a country level Italy has delayed its new plastic tax until 2021 and the UK has extended the consultation period for its packaging tax. China, the world's second largest economy, is forecast to reach a projected Extruded Plastics market size of US$ 51.8 Billion by the year 2027 trailing a CAGR of 5.8% over the analysis period 2020 to 2027. If no action is taken to address growing plastic production and consumption, the cumulative amount of plastic in the world's oceans could increase to 600 million tonnes within 20 years. China, the world's second largest economy, is forecast to reach a projected Transparent Plastics market size of US$ 32.8 Billion by the year 2027 trailing a CAGR of 7.9% over the analysis period 2020 to 2027. Plastic waste is expected to skyrocket from 260 million tons a year to 460 million tons by 2030. Policymakers are facing pressure to reverse or suspend legislation that would address plastic waste and pollution, such as Canada's proposal to ban harmful single-use plastics by 2021. Policy-makers are facing pressure to reverse or suspend legislation that would address plastic waste and pollution, such as Canada's proposal to ban harmful single-use plastics by 2021. The amount of plastic rubbish that flows into the oceans every year is expected to nearly triple by 2040 to 29 million metric tons. Led by countries such as Australia, India, and South Korea, the Global Non-phthalate Plasticizers market in Asia-Pacific is forecast to reach US$ 778.4 Million by the year 2027, while Latin America will expand at a 8.2% CAGR through the analysis period. See full forecast Last updated: 27 September 2020 Hi, Would you like a quick online demo of our service from an experienced member of our team? Yes No
