Resin, Rubber & Fiber Manufacturers
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 1,060 firms in the US manufacture resin and plastic materials, synthetic rubber, artificial and synthetic fibers, and filaments. The industry supplies distributors and a broad range of manufacturers, including producers of apparel, footwear, tires and auto parts, containers and packaging, plastic wrap, paints and coatings, elastic cord, latex gloves, insulative materials, vinyl windows and siding, hoses, and home furnishings.
Consumer Demand for Natural Alternatives
Consumer awareness of the health and environmental impact of synthetic resins, plastics, rubber and fibers is driving demand for safer and biodegradable products.
Industry size & Structure
Industry Forecast
Resin, Rubber & Fiber Manufacturers Industry Growth
Recent Developments
Feb 21, 2024 - Producer Prices Extend Decline in 2023
- Producer prices for resin, rubber, and fiber manufacturers fell 6.5% in December compared to a year ago, extending a decline that began in mid-2022, according to the latest data from the US Bureau of Labor Statistics. Overall industry employment was relatively unchanged last year while average wages at chemical manufacturers rose to a new high of $30.95 per hour in December, a 10.3% year-over-year increase, according to the BLS. Steeply rising wages accompanied by falling prices – minus other adjustments – is a recipe for reduced profitability.
- More than two-thirds of US manufacturers have a positive economic outlook for 2024, but opinions are mixed about whether there will be a recession, according to the National Association of Manufacturers’ (NAM) Q4 2023 Manufacturers Outlook Survey of member companies. Large manufacturers are the most optimistic, with 77.5% positive about their company’s outlook while medium-sized manufacturers are the least optimistic with 63% feeling positive. While fewer respondents expect a recession in 2024 than they did three months ago, nearly 41% said they feel uncertain. Just over 34% of manufacturers believed the US economy would experience a recession in 2024. The top challenge for the manufacturing sector this year will be the workforce, with the labor market cooling substantially but remaining tight. Notably, NAM reported manufacturing construction spending is at a record high of $210 billion thanks to the production of semiconductors, electric vehicles and batteries, and general reshoring.
- Nearshoring is rising as global companies adopt a more regional approach to manufacturing and selling, according to a survey from Accenture. The survey of 1,230 senior executives across 14 countries and 11 industries found that 85% of companies plan to manufacture and sell most of their products in the same region in 2026. In the US, 91% of companies intend to accomplish this, up from 52% today. Regional sourcing and production are important because they make companies less vulnerable to disruption. Mexico, with its easy access to the US market, is the primary beneficiary with manufacturing there soaring. Global consulting firm AlixPartners notes the nearshoring trend has accelerated in recent years due to the passage of new regulations and legislation in the US, including the CHIPS Act, Infrastructure Investment and Jobs Act, Inflation Reduction Act, and the Build America, Buy America Act among other factors.
- As the auto industry transitions to electric vehicles, tiremakers are bringing specially designed tires for EVs to market, Tire Review reports. EVs go through tires 30% faster than gas-powered vehicles, says Bridgestone, which has developed its first EV-specific replacement tire that protects range and improves durability. The tiremaker’s new Turanza EV grand touring tire – designed for all Tesla models and the Ford Mustang Mach-E – was designed to account for the unique vehicle dynamics of EVs and features the company’s new Enliten technology, which aims to solve the wear-and-tear problem, which can contribute to air quality issues. It also incorporates 50% renewable and recycled materials using synthetic rubber associated with recycled plastic. It’s made at Bridgestone’s passenger car tire production facilities in North Carolina and Monterrey, Mexico where adjustments were made to accommodate the use of Enliten technology. including new rubber mixing and tire construction tools and technologies.
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