PLASTICS releases Global Trends Report at K 2025, detailing economic impact of U.S. plastics industry

The U.S. plastics industry accounted for $154.3 billion in trade volume in 2024, but turned from a trade surplus in 2023 to a deficit of $2.1 billion, according to the Global Trends Report issued by the Plastics Industry Association (PLASTICS) at K 2025 in Düsseldorf, Germany.  

This shift was driven by a 6.9 percent surge in imports against a 2.9 percent rise in exports. Resin was the only segment reporting a trade surplus, $23.7 billion in 2024, consistent with 2023, on exports of $42.6 billion.  

“The U.S. plastics industry remains a driving force behind manufacturing and the global economy —ranking as the world’s second largest in plastics trade, according to our annual Global Plastics Ranking,” said PLASTICS Chief Economist Perc Pineda. “With a $23.7 billion trade surplus in resins, the United States continues to ensure global access to essential materials that power innovation, production and growth across industries.” 

Machinery, molds and plastic products all recorded trade deficits. 

The trade deficit in plastics machinery registered $2.3 billion, up from $2.1 billion in 2023, on exports of $1.1 billion in 2024. The report noted that exports fell sharply, 17.3 percent, and imports fell 1.3 percent. The industry had its largest surplus with Mexico, $239 million, and its largest deficit with Germany, at $913 million. 

The report said apparent consumption of plastics machinery decreased by 6.1 percent, from $6.4 billion in 2023 to $6 billion in 2024, while domestic shipments fell 13.5 percent. U.S. machinery producers held a 42.9 percent market share of apparent consumption in 2024, down from 45.6 percent in 2023.  

In the first six months of 2025, plastics machinery exports dropped 13 percent, while imports increased 4.5 percent, boosting the machinery trade deficit by 13.1 percent. The report noted that “this sector is being affected by tariff uncertainty and, possibly, by the push to import more machinery and parts ahead of anticipated tariff increases.” 

The U.S. moldmaking industry had a $1.3 billion trade deficit in 2024, down from $1.5 billion in 2023. Exports fell 9 percent and imports fell 10.5 percent. Apparent consumption of molds for plastics fell 7.4 percent from $4.4 billion in 2023 to $4 billion in 2024. However, U.S. mold makers increased their market share to 54.2 percent in 2024, up from 52.6 percent in 2023. 

Exports of molds declined 13.8 percent in the first half of 2025, while imports rose 6.7 percent, raising the molds trade deficit by 15.3 percent. The report said these figures “may reflect a tariff-driven need to repatriate molds to support increased U.S. plastic products manufacturing.” 

Plastic products accounted for $31.9 billion in exports in 2024. 

Mexico and Canada remained the largest export markets, with U.S. exports totaling $19.8 billion to Mexico and $14.3 billion to Canada, resulting in the industry’s largest trade surplus — $11.6 billion — with Mexico. 

China was the third-largest export market, with $7.3 billion in U.S. exports (unchanged from 2023), but was also the largest source of the trade deficit, at $12.4 billion.  

“The U.S. plastics industry is a leader in global trade, illustrating not only the importance of plastics but also their reach across the economy,” said PLASTICS President and CEO Matt Seaholm. “Our members continue to innovate, invest and scale new technologies that improve sustainability and efficiency, while providing the materials that keep industries moving and communities thriving.” 

Looking ahead, the report’s authors cited the impact of high interest rates and trade policy uncertainty, noting that there was a surge in imports in anticipation of tariffs. 

“U.S. plastics industry trade correlates fairly well with manufacturing trade as a whole. The authors expect the plastics industry trade balance, which recorded a surplus in 2023 and reverting to a deficit in 2024, to improve from 2025 through 2030, reaching a projected surplus of $2.5 billion by 2030,” according to the executive summary. “U.S. manufacturers have been losing share in their own domestic market to imports for decades. This decline slowed in 2021 but persists. As of 2024, reshoring efforts have shown no measurable impact. The current administration’s intensified reshoring efforts may achieve some success.” 

PLASTICS announces theme for NPE2024

Also at K, PLASTICS announced the theme for NPE2027 would be “Next is Now,” focusing on the show’s “impact on business growth, innovation, sustainability and the perception of plastics. The ‘Next is Now’ theme emphasizes adoption over aspiration, positioning the plastics industry as forward-thinking and actively shaping its future.” 

“The entire plastics supply chain will gather at NPE2027 for the solutions, collaborations and technologies that will define the next era of our industry. The ‘Next is Now’ theme captures the urgency of this moment, celebrates innovation already in motion, and reinforces the leadership role plastics play in addressing global challenges,” Seaholm said.  

NPE2027 will take place May 3–7, 2027, at the Orange County Convention Center (OCCC) in Orlando, Fla.