Plastic product manufacturing experienced growth for the fourth consecutive month in May 2024.
In May 2024, U.S. plastics demand was estimated at $22.8 billion. This figure represents a 1.4% increase from April 2024. Additionally, it marks a 3.5% increase from May 2023. This growth in demand was the highest observed since January 2024. The increase indicates a positive trend for the industry.
You can also read: Looking Ahead – Future Shifts in the Plastics Industry
When adjusted for inflation based on the Producer Price Index (PPI) for plastics product manufacturing, demand rose 1.5% monthly. Year-over-year, the inflation-adjusted demand increased by 3.2%. These adjustments provide a clearer picture of real demand growth, highlighting the sector’s resilience.
Plastic products manufacturing experienced growth for the fourth consecutive month in May 2024. This consistent manufacturing growth supports the upward trend in plastics demand observed from the lows of 2023. The steady increase in manufacturing indicates a robust recovery and growing confidence in the industry.
While monthly demand will continue to vary, year-over-year changes in plastics demand have become more aligned recently. This alignment contrasts with 2021 and 2022 when price distortions caused significant fluctuations in plastics demand. The recent stability suggests a more predictable market environment.
The methodology for the Plastics Demand Estimate involves analyzing monthly data on shipments of plastics and rubber products. Adjustments for exports and imports use data from the U.S. Census Bureau. The PPI of plastics product manufacturing, rebased to 2008=100, calculates the inflation-adjusted estimate. This methodology provides real monthly and year-over-year changes in demand, ensuring accurate and relevant insights.
Address questions regarding the report to Perc Pineda, PhD, Chief Economist of PLASTICS. Contact him via email for more detailed information and clarification.
To access to the report click here.
As concerns over environmental and health risks grow, the aviation industry is taking crucial steps.…
New findings reveal microplastics in brain tissue, raising concerns about links to cognitive decline. Microplastic…
The world is bracing to adapt as the new administration reveals its hand. Changes in…
ANTEC® 2025 brings together scientists, engineers, and industry leaders to shape the future of plastics…
The past year marked significant growth for Bcomp, a leader in flax-based bio-composites, with achievements…
The global composites market is experiencing steady and significant growth. Market analysts expect that it…