Plastics Industry Association Releases 2022 Economic Recap

Despite a downturn in economic growth, the U.S. plastics industry continued to shift upwards.

Dr. Perc Pineda, chief economist at the Plastics Industry Association, published a recap of the industry and its growth throughout the supply chain in 2022.

"Data shows that the U.S. economy’s output contracted in the first half of 2022 and followed by what appears to be a tepid output growth rate in the second half of 2022," he said in a statement. "The manufacturing sector—plastics industry included—continued to adjust to domestic and global economies that have started to downshift into a lower gear this year.”

Pineda further noted that "demand for plastics and plastic products stayed stable in 2022."

While the U.S. economy began to contract, plastics production grew 3.9 percent in February 2022, a 5.7 percent increase from the previous year. By the end of 2022, the industry saw production fall to 1.8 percent in November, signaling slower economic growth.

Monthly shipments of plastics and rubber ranged between $22.1 billion and $22.5 billion throughout the year. However, supply chain issues stifled demand for plastics.

The industry saw a slowdown in plastics manufacturing capacity, which only rose 1.9 percent in 2022, down from 7.1 percent year over year.

Demand for plastics machinery has softened in 2022—a reversal from the robust demand in 2021," Pineda wrote. "The value of U.S. plastics machinery imports could total $1.8 billion in 2022—well below the $3.5 billion last year. "