Analysts from IHS Markit told attendees of the annual World Petrochemical Conference that after multi-year highs, the chemicals industry is about to face slowdowns as early as this year as the backlash against disposable plastic grows and recycling rises.

Dave Witte, a senior vice president at IHS, also says new plants in China will oversupply chemical markets, with earnings plateauing to below 2018 levels. Demand growth will slow to around 4 percent annually, down from 4.4% in part because of recycled plastic replacing the use of virgin resin.

The chemicals industry is uniquely positioned to be a significant force towards the fight against plastic pollution, having the scale and expertise to research and develop alternative and more sustainable materials to replace current plastics, a fact not lost on everyone in the industry.