Last month, manufacturing executives from around the country attended the virtual MTForecast conference which brought together nationally recognized economists and industry analysts – as well as machine tool forecasts and industry outlooks for the aerospace, automotive, medical, and oil & gas industries. If you missed it, here’s a brief overview of some of the discussion.
Predictably, some forecasts were not very optimistic, but there are still strong pockets of growth and business opportunity which presenters were eager to discuss.
A few key takeaways:
While the aerospace industry as a whole is not doing well, the space and defense sectors are relatively strong
Some industries, such as automotive, are on track to recover earlier than expected
The oil and gas sector is down, but there are opportunities in the renewable energy sector
A strong housing market continues to expand demand for household appliances, which are currently on backlog
Material handling, mold and die, and firearms are having a better year in 2020 than 2019
Manufacturing technology, cutting tools, and industrial machinery should return to 2019 levels sometime next year
The continued growth of electric cars will cut into the traditional auto sector, but they also represent a new opportunity
Low interest rates, business acquisition opportunities, and new talent in the market due to layoffs all present business opportunities
MTForecast content and analysis will help you inform your business strategies for the next 12 months and several years into the future in some sectors. MTForecast content is available on demand here.