Future Shifts in the Plastics Industry.
The plastics industry is undergoing changes driven by regulation, sustainability, consumer demand, and shifts in the labor market. A recent study by Shell Polymers highlights some trends expected to influence the industry in the coming years.
You can also read: 7 Key Trends Shaping the Plastics Industry in 2024
The circular economy remains a primary driver for change within the plastics industry, emphasizing recycling and sustainable design. Companies are increasingly focusing on reducing their carbon footprints. For example, Gartner predicts that 20% of organizations with sustainable packaging goals will emphasize carbon footprint reduction. This shift highlights the growing importance of environmental responsibility in the industry.
Consumer support for plastic packaging is significant due to its perceived safety and recyclability. Notably, 72% of global consumers believe plastic has average or above-average recyclability compared to other materials. Additionally, 52% would pay more for products in recyclable packaging. This consumer perception drives companies to adopt more sustainable practices.
A lack of infrastructure and high operational costs for recycling facilities hinders the transition to post-consumer resins (PCRs). Government mandates and sustainability goals drive demand for PCRs, but the industry needs more support to scale up operations. Furthermore, alternative materials like glass, paper, and bioplastics present environmental trade-offs and are not straightforward replacements for plastics.
Symphony Environmental has developed a biodegradable additive for PE and PP, which degrades into harmless substances without creating microplastics. However, the impact of such additives on PCRs remains uncertain. This innovation represents a step towards more sustainable plastic solutions.
Scientists at Virginia Tech have found a way to convert polyethylene into fatty acids, the main ingredient in soap. This innovation demonstrates the potential for reusing plastics within a circular economy. It shows how creative solutions can address plastic waste issues.
A new antimicrobial LDPE film extends the shelf-life of strawberries, helping reduce food waste. Moreover, such innovations highlight the role of plastics in preserving food and reducing waste. These advancements showcase the multifunctional benefits of plastics beyond packaging.
The trend towards monomaterial structures, typically all-PE, is growing. These structures replace laminations and coextrusions with single-material solutions, simplifying mechanical separation and enhancing recyclability. This trend represents a significant shift towards more sustainable and easily recyclable packaging options.
The manufacturing industry has faced a labor shortage crisis recently.
The gap in skilled labor within the plastics industry is narrowing. For instance, the number of job openings in the manufacturing sector declined significantly from 1 million in April 2022 to about 460,000 in August 2023. This reduction eases the labor/demand imbalance. The plastics industry has shown robust employment growth, averaging 1.3% per year from 2012 to 2022, compared to 0.7% for manufacturing as a whole.
Shell Polymers has contributed $250,000 to enhance Pennsylvania College of Technology’s efforts in producing skilled graduates for the plastics industry. This funding supports the Plastics Innovation & Resource Center, which assists companies with research and development. Additionally, the college’s Shell Polymers Rotational Molding Center of Excellence provides advanced training and hands-on experience to students and incumbent workers.
Converters should create sustainability programs focusing on carbon footprint reduction, sustainable product design, and material selection to foster a circular economy. These programs will help companies meet consumer expectations and regulatory requirements.
The advantages and strengths of plastics need to be communicated effectively to ensure brands understand the trade-offs of different materials. Consequently, education is essential for making informed decisions and for promoting sustainable practices.
Continuous monitoring of scientific and engineering advancements is crucial for leveraging new opportunities. Staying updated with innovations will help companies remain competitive and adopt the latest sustainable technologies.
Converters should diversify their supply chains to ensure redundancy and mitigate supply disruptions. This strategy will help maintain production stability and respond effectively to market changes.
In conclusion, the plastics industry will experience significant shifts in 2024, driven by sustainability initiatives, innovative technologies, and changing labor dynamics. Companies must adapt to these trends to remain competitive and meet evolving consumer demands.
To read the complete study click HERE.
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