US Plastics Market is estimated to exceed $103.5 million in 2027, growing at a CAGR of 6.1% during the forecast period (2021-2027). The US is the largest economy across the globe. As per the World Bank, the GDP of the US in 2018 was $20.54 trillion as compared to $19.48 trillion in 2017. The US is one of the major markets for plastic packaging owing to massive demand from end-user industries. However, the uncertainty of recovery from the great economic disruption of the COVID-19 pandemic has underscored weaknesses in durable goods demand, such as autos and light trucks. The construction industry is one of the major contributors to the US economy, as per the Associated General Contractors of America (AGC). The investment in infrastructure is anticipated to increase in near future owing to the growing construction projects. For instance, according to AGC, the construction spending totaled around $1.3 trillion in January 2019 at a seasonally adjusted annual rate, a 1.3% increase from construction spending in December 2018, and around 0.3% gain from January 2018. This spending will be used in the construction of appealing monuments about rising urbanization and industrialization. Several factors fuel the construction industry in the US, such as increased spending in the building and construction domain, which includes spending in enhancing the aesthetics of the building.
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Growing Demand for Plastics Market
In the US, plastic material is mostly used in the manufacturing domain, although the demand for plastics in services is increasing rapidly in the country, namely wholesale and retail trade, health services, food services, and drinking places, and other services. The US plastics industry, as documented by the US Government data, operated 15,746 manufacturing establishments, with 795,000 employees. This excludes establishments producing captive plastic products or supplying goods and services to the plastics industry. In addition, the demand for plastics from the continuously growing end-use markets will boost the growth of the plastics industry in the US. The food packaging industry is growing at a substantial rate in the US owing to the growing export of packaged food around the globe, majorly in China, South Korea, India, and other Asian economies. South Korea is one of the key importers from the US. The consumer demand is growing substantially in South Korea for prepared, and consumer-oriented foods. According to the USDA (US Department of Agriculture), US exports have grown strong owing to the increased demand from South Korea. The packaged food is being preferred in South Korea due to a shift in eating habits.
Scope of the US Plastics Market
Market Coverage
- The market number available for 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Type and Application
- Competitive Landscape- Arkema Group, Airex Industries Inc., BASF SE, BioLogiQ Inc., Celanese Corp.
Recent Strategic Initiatives in the US Plastics Market
- In June 2020, NOVA Chemical Corp. unveiled high-density resin technology for the biaxially oriented polyethylene (BOPE) market. HD-BOPE is a transformative technology that allows the manufacture of all-polyethylene, recyclable multilayer film structures with significantly improved physical performance vs blown film. The technology is ideal for use in food packaging, heavy-duty sacks, e-commerce, and other demanding applications.
- In January 2020, BASF SE declared a single-digit million-euro investment in the capacity expansion of water-based polyurethane dispersions at its Castellbisbal site in Spain. The expansion will allow BASF to increase its production capacity by 30.0%.
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US Plastics Market-Segmentation
By Type
- Thermosets
- Polyurethane (PUR)
- Epoxy Resins
- Phenolic Resins
- Acrylic Resins
By Application
- Packaging
- Building & Construction
- Automotive
- Electrical & Electronics
- Household, Leisure & Sports
- Agriculture
- Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
