The U.S. plastics industry in 2023 in seven charts

Shifts and challenges The U.S. plastics industry in 2023 in seven charts

2024-01-08 Source: Plastics Industry Association 1 min Reading Time

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In 2023, the U.S. plastics industry experienced nuanced shifts, including fluctuations in production, stable shipments, labour constraints and export challenges. Notably, certain sectors saw divergent trajectories.

Projections for 2024 indicate modest changes and challenges ahead for the U.S. plastics industry.(Source: free licensed / Pixabay) — Projections for 2024 indicate modest changes and challenges ahead for the U.S. plastics industry.
(Source: free licensed / Pixabay)

Assessing the plastics industry landscape in 2023 reveals a year marked by nuanced shifts across multiple sectors. From fluctuations in production levels and shipments to the complex interplay between labour constraints and export dynamics, the plastics industry faced challenges and opportunities.

Notably, the year witnessed divergent trajectories: while some segments, such as plastics material pricing and resin production, struggled to find equilibrium, others, such as the mould for plastics trade, mirrored global economic fluctuations. Unpacking these trends and forecasts tells a complex story of the industry's path to 2024.

The U.S. plastics industry in 2023 in seven charts:

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2023 saw a notable pullback from the production levels of 2022. The initial increase starting in March did not maintain momentum for the rest of the year. A significant decline occurred in July, followed by another downturn in August. While September witnessed a slight increase, it was followed by successive declines through November. There is a likelihood that production increased marginally in December. It is anticipated that the rate of decline in plastics production in 2024 will be lower than that observed in 2023.(Source: Plastics Industry Association)

In 2023, the shipments of plastics and rubber remained relatively stable, hovering between 24.4 billion dollars and 24.9 billion dollars. Although there was an initial decline in the first four months, they rebounded until August before stabilizing, with minimal fluctuations projected for November and December. Despite robust economic growth, primarily fueled by personal consumption accounting for 87 percent of plastics production, inventories remained elevated, prompting a decrease in plastic shipments. Initial projections for 2024 indicate a tepid rise in shipments of plastics and rubber, signaling a modest increase.(Source: Plastics Industry Association)

The U.S. plastics industry grappled with persistent labor supply constraints throughout 2023, echoing the challenges experienced across the broader manufacturing sector. From January to December, there was a probable 1.7 percent decrease in the workforce engaged in plastics product manufacturing. According to the U.S. Bureau of Labor Statistics, an estimated 608,000 employees were working in plastics products manufacturing in November, likely declining to 607,500 by December. The ongoing disparity between job openings and actual hires in manufacturing is anticipated to have persisted throughout November and December. These persistent imbalances in labor demand and supply, including within the plastics industry, are forecasted to extend into 2024.(Source: Plastics Industry Association)

The slowdown in U.S. manufacturing and weakened economic conditions in export markets became evident in the molds for plastics trade. Projections suggest a notable 8.8 percent decrease in exports based on dollar value for 2023. Although the decline in inflation might indicate a lower dollar value of exports, year-to-date exports until October dwindled by 13.2 percent compared to the same period in 2022. Exports of moulds for plastics fluctuated monthly, ranging between 37.0 million dollars and 57.3 million dollars. October indicated a potential 2.9 percent rise in export value, but these gains might have been tempered in December, historically a weaker month for exports compared to other months. Anticipating a global output slowdown in 2024, particularly in advanced economies, while stabilising in emerging and developing economies, it’s likely that any improvements in molds exports will be weaker compared to the preceding two years.(Source: Plastics Industry Association)

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