Sustainability, infrastructure investments playing into key trends for 2024

Before we get too far into 2024, let's take a look at end market trends for the year as identified by end market leaders at resin distributor M. Holland Co.

Northbrook, Ill.-based M. Holland recently surveyed its top executives on how 2024 might look.

For packaging, Lindy Holland said success in packaging "is increasingly linked to sustainable advancement."

"A product comprises several components such as the parent container, closure, colorant and labeling that can all be produced in sustainable ways and with sustainable resins," she added. "Each element must meet recycling requirements to ensure the product progresses to the next generation of its life cycle.

"Changing our thinking as an industry to encompass the whole package beyond individual parts will increase the likelihood of material capture for recycling," Holland said. "This approach will help packaging manufacturers make meaningful strides toward sustainability goals in 2024."

In the automotive market, Global Director Matt Zessin said brands "are fully invested in an electric vehicle innovation cycle, developing the interiors of both EV and [internal combustion] vehicles."

"Brands are relying heavily on plastics for their strength, durability and light weight," he added. "Expect to see several EV launches in 2024 that rely on plastic for everything from interior construction to batteries."

But Zessin also said that the uncertain state of the economy "has a lot of push and pull in our industry's success. Vehicles have gotten extremely expensive for consumers as inflation and interest rates increased, hindering the market."

Grant Pryde, electrical and electronics account manager, said demand for new products in that sector "is allowing resin providers to prioritize material innovation."

"5G is one area that's benefiting greatly from advanced materials," he added. "These new resins enable higher speed connections, advancing 5G infrastructure and creating opportunities for electronic manufacturers to release new products built for 5G."

In the wire and cable market, Todd Waddle said infrastructure investment "is setting the wire and cable industry up for success in 2024."

"We are seeing fewer raw material shortages and production issues compared to years past," he added. "Infrastructure spending is expected to be released early in 2024, and wire and cable manufacturers will start to see the effects shortly after."

In the health care field, Global Manager Josh Blackmore said new medical technologies — such as the rise of weight-loss drugs with their autoinjector applicators — can have a wide-ranging impact on the broader medical industry, affecting medical devices, therapeutics and packaging in profound ways.

New polyethylene resin capacity will stabilize supply and help rotational molders recovering from pandemic-related uncertainty, according to product manager Bill Christian. "As molders become more comfortable in their operations post-pandemic, they are finding ways to reduce costs and improve margins," he said.

Peter Prusak, business development and sustainability vice president, said legislative activity will continue to play a major role in plastics sustainability. Extended producer responsibility (EPR) programs or post-consumer recycled (PCR) content requirements in place or being considered by states "will drive adoption and demand for high-quality recycled polymers, although price parity with virgin or off-grade resins will continue to be a challenge," he added.