The sales of Thermosetting Resins and Plastics Materials in the US have been on a fluctuating yet generally downward trend from 2013 to 2023. The value in 2023 stood at $8.4911 billion, showing a slight decline of around 1.39% compared to the previous year. Over the past five years, the compound annual growth rate (CAGR) is approximately -1.41%, reflecting a consistent downward trend. The highest year-on-year variation occurred in 2020 with an -18.18% decline, largely attributed to unfavorable market conditions, but there was a notable recovery in 2021 with a 12.85% increase.
Looking ahead, forecasts indicate a continued decline in sales, with a projected negative CAGR of -1.2% leading up to 2028. As such, the industry's performance is expected to weaken further, emphasized by an overall forecasted growth decline of -5.87% over the next five years.
Future trends to watch for:
- Technological advancements in alternative materials
- Increasing regulatory measures and environmental concerns
- Shifts in consumer demand towards sustainable products
- The impact of global economic conditions on domestic demand
- Potential breakthroughs in recycling and waste management technologies
