What is the future outlook of plastic products?

Companies have invested in expanding the capacity for plastics recycling, a potential sign that they expect greater demand. Dow announced in March 2019 that it plans to expand its business to supply 100,000 metric tonnes of recycled plastics by 2025.

What is the future of plastic industry?

Plastic production continues to grow In 2018, approximately 359 million metric tons of plastics were produced worldwide. The International Energy Agency (IEA) also predicts that plastic production will continue to grow in the next twenty years, indicating that it could reach 540 million metric tonnes by 2040.

Is the plastics industry growing?

The global plastic market is expected to grow at a compound annual growth rate of 3.4% from 2021 to 2028 to reach USD 750.1 billion by 2028.

Is the plastics industry declining?

Following an 11.0% decline in plastics and rubber shipments in April year-on-year, shipments have been increasing but remain lower than a year ago. The latest estimate from U.S. Census Bureau shows the October value of shipments 2.2% lower than October last year.

What will happen in the future if we continue to use plastic?

If we continue to use it at the current rate, ocean plastic will outweigh all the fish in the sea by 2050. Sea birds, turtles, seals, and other marine life are all affected by plastic. They often experience starvation as their stomachs fill with litter or they become restricted by plastic.

What is the future of single use plastic?

Single-use plastic packaging use is projected at 40.4 million tons in 2020 and is forecast to grow during 2020–2025 at a CAGR of 3.7% to 48.5 million tons in 2025. Our exclusive content: Analysis of current and future demand and use for single-use plastic packaging.

Who is the father of plastic industry?

Leo Hendrik Baekeland
The Belgian-born chemist and entrepreneur Leo Baekeland invented Bakelite, the first fully synthetic plastic. Colorful objects made of Bakelite—jewelry, telephones, radios, and billiard balls, to name just a few—brightened everyday life in the first half of the 20th century.

Is plastic demand increasing?

Researchers calculate that demand for plastics will rise from 250 million tons in 2020 to 425 million tons in 2040, and most of that will end up in landfills or as litter if nothing changes.

Is plastic in high demand?

Plastic demand continues to grow The global demand for polyethylene terephthalate (PET) – a thermoplastic polymer most associated with plastic bottles – reached 27 million metric tons in 2020 and is projected to reach 42 million metric tons by 2030.

What is the plastics industry worth?

The global market for plastic products is growing at about 3% year on year, according to research by The Business Research Company in its report Plastics Product Manufacturing Global Market 2017. It was worth $1.1 trillion in 2016, and will grow to $1.2 trillion by 2020.

Will plastic end the world?

Enormous amount of plastic will fill oceans, land by 2040 even with immediate global action, report says. More than 1.3 billion tons of plastic waste will flow into the world’s oceans and land over the next two decades without widespread intervention, according to a new report.

Will plastic destroy the earth?

The damage of plastic Plastic leads to destroying the marine life and polluting the earth. Millions of tons of plastic are in the environment as waste, especially in the oceans and seas. Some estimates point out that the volume of plastic in the ocean will be more than fish by 2050.