The North American tooling industry rebounded in 2021, a new study says, with companies on average seeing year-over-year revenue growth, and both mold and die shops seeing utilization ranges of between 81 to 89 per cent.
And according to the results of the Q1 2022 Harbour IQ Manufacturing Pulse Study by consulting firm Harbour Results Inc. (HRI), although Q1 2022 has started out slightly slower, shops forecast utilization to reach 90 per cent (mold) and 82 per cent (die) by Q4 2022.
“However, the manufacturing industry continues to face challenges – supply chain shortages, raw material availability and costs, a talent gap and global economic uncertainty,” HRI said. According to study respondents, the higher cost of business and access to labour remain the top concerns for manufacturers. “Additionally, for the tooling industry work-on-hold is trending up in Q1 2022 and payment terms and on-time payments of accounts have dropped after a brief improvement in 2021,” HRI said. “As a result, in Q1 2022 overall sentiment has dropped for the first time since 2020.”
Read more HERE: https://www.canplastics.com/market-forecast/mold-die-industry-forecasts-growth-in-2022-despite-challenges/1003458651/