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

2/16/2021

Cleveland, OH, February 16, 2021  — 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