by Freedonia Focus Reports Team
June 14, 2024
High interest rates, environmental concerns to weigh on faster gains
Cleveland, OH, June 14, 2024 — Demand for thermoplastic resins in the US is forecast to see annual increases of less than 1.0% in volume terms through 2024, according to Thermoplastic Resins: United States, a report recently released by Freedonia Focus Reports. Suppliers will benefit from rising output of building products, motor vehicles, aerospace and marine equipment, and packaging. Growth in construction and remodeling activities will spur the production of building products (e.g., pipes, siding, and fencing) that use plastics. Technological developments that improve resins and create more environmentally friendly products will support sales.
However, further demand gains will be limited by lightweighting trends (e.g., designing plastic packaging materials to lower weight without compromising quality), which will reduce the volume of resins used. Environmental concerns over the production and disposal of plastics will also continue to pose issues, spurring measures such as bans on single-use plastic retail bags, plastic straws, and clamshell food containers. Although many such bans were suspended in 2020 because of the COVID-19 pandemic, most have been reinstated. Growing use of bioplastics and expanding recycling efforts will counter these concerns to some extent.
Demand is projected to grow less than 1.0% in 2024, similar to the average growth rate expected for the forecast period, supported by growing shipments of motor vehicles and other transportation equipment. Rising disposable personal incomes will also boost retail sales of consumer goods and foodservice revenues. However, high interest rates in 2024 will limit more significant gains, as they weigh on construction expenditure growth.
These and other key insights are featured in Thermoplastic Resins: United States. This report forecasts to 2028 US thermoplastic resin demand and shipments in million pounds. Total demand is segmented by resin type in terms of:
To illustrate historical trends, total demand, total shipments, the various segments, and trade are provided in annual series from 2013 to 2023.
Reported quantities of thermoplastic resins are limited to neat, or pure, resin excluding additives or fillers. For the purposes of this report, “thermoplastics” and “thermoplastic resins” are used interchangeably. Re-exports of thermoplastic resins are excluded from demand figures.
More information about the report is available at:
https://www.freedoniagroup.com/freedonia-focus/thermoplastic-resins-united-states-ff55046.htm
About Freedonia Focus Reports
Each month, The Freedonia Group publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Plastics & Other Polymers reports can be purchased at Freedonia Focus Reports.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
total historical market size and industry output
segmentation by products and markets
identification of market drivers, constraints, and key indicators
segment-by-segment outlook in five-year forecasts
a survey of the supply base
suggested resources for further study
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