Global Demand for Plastics Will Soar Over the Long Term

While the Coronavirus lessened demand for many types of industrial products, global activity in the energy efficiency, construction, automotive, health care and housing markets will give a boost to the plastics segment over the very long term. Continued, rapid growth in the size of the global middle class will push demand forward for all types of consumer goods based on plastics. Global plastics production topped 395 million tons in 2021 and reached 427.4 million tons in 2023 according to Plunkett Research estimates.

Strong continuing growth in the number of people purchasing automobiles in emerging markets will also fuel demand for plastics. Packaging remains the largest use for plastics by far, closely followed by building materials/products and automotive. PlasticsEurope estimates that the European plastics industry employs 1.5 million people within the EU-28, at 52,000 companies generating 400 billion Euros in annual revenues (including plastics producers, plastics converters and makers of plastics machinery).

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Global Demand for Plastics Will Soar Over the Long Term, Business and Industry Trends Analysis

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