The global impact of Covid-19 has been unprecedented,exposing industries worldwide to multiple challenges.Lockdowns to curb the transmission of the virus,market uncertainty,decreased investment and operational constraints have led to the postponement of projects worldwide and unavoidable consequences on the global economy.With many manufacturing activities globally being slowed down or even halted,demand for plastic products was impacted significantly,with the global market exhibiting a decline of 1.2% in 2020 and Europe suffering a downwards slide of 5.1% at 55 million tonnes.Demand for plastics from the automotive,building and construction industries,in particular,declined substantially.The automobile sector,one of the biggest buyers of plastics after the packaging and construction industries,saw its consumption plunge by 18%(or 900,000 tonnes)in Europe.Regulations around natural resource depletion,recyclability of conventional materials,such as metal and wood,and legislation to improve energy efficiency are also expected to drive greater demand for plastic from the construction industries for a wide range of applications such as insulation,pipes,cables,flooring,windows and storage tanks.Plastics have 85% less specific gravity compared to metals and when used in the automotive and construction industries,they enable approximately 80% weight savings and 30% to 50% cost savings in individual components.
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