A ‘steadily improving' economic forecast from M. Holland
Officials at resin distributor M. Holland Co. have no fear of the future.
With this in mind, several of these executives at Northbrook, Ill.-based M. Holland recently presented market outlooks for 2023 on the firm's website.
Regarding the overall economy, odds in 2023 "favor an economic soft landing as opposed to a recession," according to Dwight Morgan, executive vice president of corporate development. "We can expect steadily improving demand for the plastics industry as businesses work through excess inventories accumulated as a hedge against supply chain disruptions."
Morgan also said that resin supplies "should be plentiful" compared with the past two years, since new polyethylene and polypropylene capacity in the U.S. and China should increase both domestic and export supply.
In the packaging market, sustainability "continues to dominate the conversation," according to market manager Lindy Holland Resnick. Worldwide brands "are committed to sustainable materials in their packaging and are designing for recyclability or a better answer in waste management," she added.
For the automotive market, electrification "is the most transformative technology we have seen in recent years," global director Matt Zessin said. "The push and presence of electric vehicles [EVs] is not just a trend but an enduring part of the automotive fold going forward."
"New EV manufacturers are entering the market as recent government incentives have increased consumer demand," he added "As EV production continues, so will sustainable material development and innovation."
3D printing market manager Carlos Aponte said that process and material innovation "have made 3D printing a viable alternative for full production applications, allowing fast prototyping to extend beyond just form and fit evaluations."