The Industrial Fabrics Association International (IFAI) released a comprehensive analysis on the State of the Industry. Overall, growth in the U.S. specialty fabrics industry was approximately 2.4% in 2015, and is expected to reach 2.6% in 2016. Growth, however, is contingent upon the continuation of a low unemployment rate, an increase in consumer spending – a path in which we are on, and sustained low oil prices.
Industry leaders continue to invest in new product development and improving internal business processes such as supply chain logistics and automated equipment. These investments have enabled U.S. manufacturers to become more competitive with their counterparts in China and India, as the costs of production and labor continue to rise in those regions.
A focus on innovation will help manufacturers stay competitive and maintain steady growth.