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June 11, 2021

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Production of plastics takes a dive

Global plastics production declined in 2020 as a result of the coronavirus pandemic, only the third time since World War II that output has fallen, an industry body said yesterday.

Output has fallen only twice previously 鈥 as a result of the oil crisis in 1973 and during the financial crisis in 2008.

Worldwide output slipped to 367 million tons last year from 368 million in 2019, a 0.3 percent decline, according to the industry federation PlasticsEurope.

The drop was due to 鈥渢he impact of COVID-19 on the global economy,鈥 PlasticsEurope said in a statement.

In Europe, production of new plastics was down 5.1 percent at 55 million tons last year. The automobile sector, one of the biggest customers, saw plastics consumption plunge 18 percent in Europe in 2020.

The United States produces around 19 percent of the world鈥檚 plastics, compared with 20 percent 10 years ago.


 

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