7 Interesting Insights: How The Global Plastic Market Works ?

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Can you imagine living a day in your life without encountering a plastic object? I bet you think that’s impossible!! Well, you are not wrong. Plastic is all we see around us and there is a valid reason for this plastic infestation in our lives, wink!! You guessed it right it’s the “convenience” Since plastics are low cost, water-resistant, lower energy, and lightweight so, they are readily used everywhere in our lives.

The major threat that the world is facing, is the use of disposable plastics or single-use plastics because they have a very small shelf life, and it takes them forever to degrade.

 Here is an important thing to keep in consideration there are many products of single-use plastic that are not only important but reasonable also for example surgical gloves, but there are a very small fraction of these kinds of products.

There is a huge global plastic market to comply with the plastic requirements of the world.  The global plastic market size was 593 billion dollars in 2021 and it is estimated to grow at an annual growth rate of 3.4% from 2021 to  2028. Let's first have a look at how the global plastic market functions.

How Many Plastic Factories Are In The World?

The demand for plastic products has increased steadily over the past 50 years therefore, there is huge competition among plastic manufacturers around the globe. For instance, the amount of plastic that is manufactured in the world has increased from 2 million tons in 1950 to 368 billion tons in 2019.

 In past years, Europe and America led the global plastic production but today, china is the largest plastic manufacturer followed by Europe and America. Today plastic production in Europe and America combined is equal to the plastic produced by Asia (i-e China, Japan, and the rest of Asia).

What Are The Hot-Selling Plastic Products?

Plastic has replaced most of the previously used materials such as cotton, metal, and glass due to its resistance to environmental degradation with time.

The hottest selling plastic is PET. This is the plastic that we use for packaging and bottling etc. This is the single-use plastic that is very high in demand globally.

How is the Global Plastic Market Growing?

Globally around 367 million tons of plastic are produced in a year. Plastic production fell by 0.3% due to covid.  According to recent data, plastic is the eighth largest industry in the US. plastic contributes to the global economic growth

Plastic waste is also growing with the dramatic increase in the production of plastic. Plastic is seeping into the environment and just 9% of the total plastic is recycled. As discussed earlier, single-use plastics are the major source of pollution in the environment.

How To Make Yourself Away From Plastic?

Now that we have a better understanding of how the global plastic market works, let us see what measures we can take to tackle the grim situation of plastic waste in the world. This seems a difficult task but, at least we can start from this point to make ourselves and our homes plastic-free.

What Are The Basic Steps To Stop Using Plastics At Home?

The main source of pollution worldwide is disposable plastic. Changing our lifestyle and taking some important steps to use less plastic in our day-to-day life can make a huge difference in protecting the sea animals from suffering and making this planet more livable. 90 percent of the plastic is used once only

  1. Firstly, stop drinking bottled water. Mainly because it comes in a disposable bottle and because a lot of resources are used to bottle and ship it.
  2. Carry reusable shopping bags.
  3. Reusable utensils and straws should be used.
  4. Buy more unpackaged goods such as cheese, milk, butter, etc.

 How Can We Recycle More?

To reduce plastic waste, it is very important to increase recycling.

In principle, every plastic can be recycled but, there are different barriers to recycling various types of plastic. As conscious consumers, we want to know what kind of plastics can be recycled and what products we can obtain from them.

seven different types of plastic are used around the world, and they differ in size, usage, and disposal. Sometimes, products contain many layers which are difficult to separate and hence difficult to recycle. However, no need to be disappointed. A lot of plastic can still be recycled, and incredible products can be made from it. The main source of recyclable plastic bottles. They can be recycled to make cosmetic caps, shampoo bottles, packaging films, etc.

Motivate others to use less plastic

In a society, people learn by examples of others. So, we should start being an example for others to learn to use less plastic in their daily life. When we will bring our reusable plastic bags and stop buying bottled water, we can motivate other members of society to do the same. The media can also play a very important role in highlighting the issue and focusing on the dire situation of oceans and marine life suffering from plastic waste.

Conclusion

With the population increase and the need for convenience, plastic has taken a very crucial role in our lives. We have started an increased dependence on plastic in our lives. This is a fact that it does has some very attractive features to it which makes it a very desirable material and it led to the replacement of previously used materials such as glass, metals, etc with plastic. The plastic market had tremendous growth in the previous few decades, but single-use plastics are now proven to be more evil than good. They are contaminating the oceans and affecting marine life. Plastic is also playing havoc with human life. Its harmful chemicals are hazardous and cancer-causing.

We should take serious measures on policymaking, production, and daily use of disposable plastic. Policymakers can make better policies to cut short plastic usage.

Manufacturers can make environment-friendly and easily degradable plastic and people can attempt to use less plastic in daily life. If proper measures are taken on time, the world will be free from pollution and a better place to live. Going Zero is one such marketplace where you can get plastic-free stuff.

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