Size & Impact Report US Plastics Industry Association: New report indicates continued growth
USA — The Plastics Industry Association (Plastics) released its 2021 Size & Impact Report at a webinar attended by Association members, non-members within the industry, and members of the media. The 2021 report indicates that the U.S. plastics industry remains one of the largest sectors of the American economy and continues on a strong growth path.
This year’s Size & Impact Report indicates that the U.S. plastics industry accounted for $ 394.7 billion in shipments in 2020 and 945,300 jobs. When suppliers to the U.S. plastics industry are included, the total shipments figure balloons to $ 541.5 billion and 1.55 million jobs. According to the most recent data, the plastics industry is the eighth largest industry in America.
“The COVID-19 pandemic disrupted a thriving U.S. economy affecting many industries including plastics,” said Perc Pineda, PhD, Chief Economist of Plastics. “This resulted in an estimated 0.9 percent decrease in the real value of shipments in plastics manufacturing. The marginal downtick in shipments reflects the capacity and commitment of the plastics industry to meet the demands of the manufacturing and consumer sectors, particularly in a stressful macroeconomic environment.”
The annual report features exclusive, new data on U.S. plastics manufacturing, plastics industry employment, and the outlook for plastics domestically. This year’s report showed the plastics industry’s continued, multi-decade track record of strength when compared to the overall U.S. manufacturing sector. Since 1997, the U.S. plastics industry has outpaced all of U.S. manufacturing in terms of growth in real shipments, real value added, productivity growth, and employment.
The 2021 Size & Impact Report includes state-level data and insights that demonstrate the industry’s geographic footprint. State highlights include Texas being home to the largest number of plastics employees with 70,500. The plastics industry is also important for employment across the industrial Midwest. In Indiana, jobs in plastics account for 15.6 of every 1000 non-farm jobs. Wisconsin is a close second in this regard, with 14.9 of every 1000 non-farm jobs being in plastics, followed by Michigan and Ohio.
According to the report, the outlook for the plastics industry for the remainder of 2021 and into 2022 will be linked to the global economic recovery. The global economic slowdown related to the coronavirus pandemic underscored the importance of a well-functioning global supply chain. The plastics industry could continue to face labor and supply chain-related headwinds ahead.