Rising Prices Set to Boost Nominal Growth in US Manufacturers' Shipments to 2024

Real shipments not expected to fully recover ground lost in 2020

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Jan 07, 2021, 09:17 ET

CLEVELAND, Jan. 7, 2021 /PRNewswire/ -- US manufacturers' shipments in nominal terms are forecast to advance 1.4% annually through 2024, according to Manufacturing: United States, a report recently released by Freedonia Focus Reports. Rising prices – especially for food and beverages, chemicals, and plastic and rubber products – are expected to contribute to value gains, as real (inflation-adjusted) shipment growth from 2020 to 2024 is not expected to completely make up for declines in 2020. Rising commodity prices for grains, soybeans, and meat, as well as rising agricultural input prices, are expected to boost food prices, while an uptick in oil prices and natural gas prices is expected to boost feedstock and fuel costs for plastic, rubber, and chemical suppliers.

Transport equipment shipments from US plants are forecast to rise 1.1% per year to 2024, remaining the largest discrete segment. Shipments of motor vehicles and parts are expected to expand through 2024, driven by growing unit sales of vehicles. The popularity of SUVs and light trucks, which are more expensive than sedans, will boost value gains.

These and other key insights are featured in Manufacturing: United States. This report forecasts to 2020 and 2024 US manufacturers' shipments in nominal and real (inflation-adjusted) US dollars. Total nominal shipments are segmented by product in terms of:

transport equipment
metal and nonmetallic mineral products
electrical and electronic products
machinery
other durable goods, such as wood products, medical equipment and supplies, and furniture and fixtures
food and beverages
petroleum and coal products
chemical and allied products
plastic and rubber products
other nondurable goods such as pharmaceutical and related products, paper products, textile products and apparel, and tobacco

To illustrate historical trends, total nominal and real shipments, the various segments, trade, and the broad dollar index are provided in annual series from 2009 to 2019.

This report includes both final products and interim components of those final products. Thus, total and segment values are subject to various degrees of double-counting. Re-exports of manufactured goods are excluded from demand and trade figures.

More information about the report is available at:
https://www.freedoniafocusreports.com/Manufacturing-United-States-FF70032/?progid=91541

About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Industrials reports can be purchased at Freedonia Focus Reports or MarketResearch.com.

Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including: