A steep increase in petrochemical production in China and the US has led to a global oversupply of industrial chemicals used in plastics, sending the price of new material so low that its recycled alternative has become uneconomical to use.
China was responsible for 60 per cent of petrochemical capacity increases in 2023, according to new figures from S&P Global. Production has also surged in the US on the back of the shale gas boom, leading to a level of oversupply of materials such as polyethylene not seen since the 1980s.
The glut of virgin plastic presents a challenge to companies trying to reduce their reliance on single-use plastics in the face of stricter regulation and government pledges to reduce plastic waste pollution.
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