Plastic industry worth $394.7bn of total shipments in 2020

HOUSTON (ICIS)–The plastics industry accounted for $394.7bn of total shipments in 2020, making plastic production the 8th largest industry in the US, the Plastics Industry Association (PLASTICS) said on Tuesday.

In its 2021 Size & Impact Report, the trade group indicated the COVID-19 pandemic caused a 0.9% decline in plastic manufacturing in real terms. In nominal terms, there was a 2.4% decline in plastic manufacturing shipments, accounting for industry suppliers, due to the pandemic.

In 2020, the US plastics industry impact on the US economy in terms of shipments was at least $541.6bn.

“If we adjust value added for inflation, we see the plastic manufacturing industries value added has been growing above all other manufacturing industries,” said Perc Pineda, Chief Economist, PLASTICS.

Last year, total plastics manufacturing value added was over $144bn and capital expenditures of the US plastics industry was $13.6bn. In comparison, in 2019 capital expenditures were estimated at $14.7bn.

Plastics manufacturing employment grew 1.2% per year from 2010 to 2020.

The state of Texas leads the pack with the largest number of plastics employees with 70,500.

The plastics industry is also booming in the Midwest. In Indiana jobs in the plastic industry account for 15.6 of every 1,000 non-farm jobs. In Wisconsin, 14.9 of every 1,000 non-farm jobs are in plastics.