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Researched by Industrial Info Resources (Sugar Land, Texas)--Economic activity in the U.S. heavy manufacturing sector grew in September, according to the Institute for Supply Management (ISM), pointing to a strong sector expansion and continued U.S. economic recovery following this year's easing of pandemic-related lockdowns. But mounting problems related to the supply chain have caused headaches for manufacturers and consumers alike, and companies likely will have to bolster their maintenance operations at existing facilities to deal with the current environment. Industrial Info is tracking more than 100 maintenance-related projects set to begin through the end of the year--and more than 300 set to begin over the next six months--in the U.S. heavy-manufacturing sector.
Click on the image at right for a graph detailing U.S. heavy-manufacturing maintenance over the next six months, by the top 10 products for related spending.
The ISM's indexes for new orders and overall production registered 66.7% and 59.4%, respectively, indicating growth for the 16th consecutive month in both categories. The inventories index registered 55.6% in September, which also points to expansion; according to the ISM, companies are expanding their raw-material inventories to reduce production shortages, while work-in-process inventory is growing alongside parts shortages. These trends can be attributed largely to the supply-chain crunch.
The U.S. agricultural sector is among those witnessing a rally in major commodity prices, including corn and soybeans, according to The Wall Street Journal, driving up prices for fertile cropland and, consequently, farm equipment. Development of the latter product has been hindered by problems in the supply chain, which have only driven prices further upward. Farm equipment leads all other heavy-manufacturing products in maintenance-related spending across the U.S. over the next six months; among the participants is John Deere & Company (NYSE:DE) (Moline, Illinois), which is performing regular inspections and repairs at its tractor and cab assembly plant in Waterloo, Iowa. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a detailed project report.
CNH Industrial America, a subsidiary of CNH Industrial N.V. (Amsterdam, Netherlands), is preparing for a fourth-quarter turnaround at its agricultural equipment plant in Goodfield, Illinois, which specializes in tillage and fertilizer application equipment. It is expected to last one week. Subscribers can learn more from Industrial Info's project report.
A major component in the development of farm equipment--as well as cars, trucks, industrial machinery and almost any expensive device with multiple moving parts--is the ball or roller bearing. The global market for these products, which was valued at more than $19 billion in 2019, is projected to reach nearly $22 billion by 2027, according to Fortune Business Insights. The Timken Company (NYSE:TKR) (North Canton, Ohio), which was spun off from its parent company in 2014 to focus on roller bearings, is preparing for regular inspections and repairs at its tapered roller bearings plant in Bucyrus, Ohio. It is expected to last one week. Subscribers can learn more from Industrial Info's project report.
The market for construction machinery, which depends on ball or roller bearings and other corners of the heavy-manufacturing sector for components, is struggling to keep up with demand. Close to 95% of Association of Equipment Manufacturers (AEM) members are experiencing supply-chain issues, according to the AEM. "For more than half, those issues are getting worse and are both domestic and global," said Benjamin Duyck, AEM's director of market intelligence, in a recent press release.
Exactly what degree of demand will greet U.S. construction-machinery manufacturers in the years to come will depend on two big factors: how quickly the U.S. recovers from the COVID-19 pandemic, particularly the recent surge in the Delta variant, and how much of the Biden administration's proposed American Jobs Plan (AJP) makes it through the U.S. Congress. Mark Killion, director of U.S industry at Oxford Economics, recently told Heavy Quip Magazine that the AJP could help to raise output by 3.5% by the end of 2023, particularly in non-residential infrastructure spending.
VT LeeBoy Incorporated, a subsidiary of Singapore Technologies Engineering Limited (Singapore) that focuses on asphalt paving and applications, is preparing for scheduled inspections and repairs to its construction machinery and equipment-manufacturing plant in Lincolnton, North Carolina. It is expected to wrap up by the end of the year. Subscribers can learn more from Industrial Info's project report.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of maintenance-related projects at U.S. heavy-manufacturing product facilities that are set to begin over the next six months.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
Click on the image at right for a graph detailing U.S. heavy-manufacturing maintenance over the next six months, by the top 10 products for related spending.The ISM's indexes for new orders and overall production registered 66.7% and 59.4%, respectively, indicating growth for the 16th consecutive month in both categories. The inventories index registered 55.6% in September, which also points to expansion; according to the ISM, companies are expanding their raw-material inventories to reduce production shortages, while work-in-process inventory is growing alongside parts shortages. These trends can be attributed largely to the supply-chain crunch.
The U.S. agricultural sector is among those witnessing a rally in major commodity prices, including corn and soybeans, according to The Wall Street Journal, driving up prices for fertile cropland and, consequently, farm equipment. Development of the latter product has been hindered by problems in the supply chain, which have only driven prices further upward. Farm equipment leads all other heavy-manufacturing products in maintenance-related spending across the U.S. over the next six months; among the participants is John Deere & Company (NYSE:DE) (Moline, Illinois), which is performing regular inspections and repairs at its tractor and cab assembly plant in Waterloo, Iowa. Subscribers to Industrial Info's Global Market Intelligence (GMI) Industrial Manufacturing Project Database can click here for a detailed project report.
CNH Industrial America, a subsidiary of CNH Industrial N.V. (Amsterdam, Netherlands), is preparing for a fourth-quarter turnaround at its agricultural equipment plant in Goodfield, Illinois, which specializes in tillage and fertilizer application equipment. It is expected to last one week. Subscribers can learn more from Industrial Info's project report.
A major component in the development of farm equipment--as well as cars, trucks, industrial machinery and almost any expensive device with multiple moving parts--is the ball or roller bearing. The global market for these products, which was valued at more than $19 billion in 2019, is projected to reach nearly $22 billion by 2027, according to Fortune Business Insights. The Timken Company (NYSE:TKR) (North Canton, Ohio), which was spun off from its parent company in 2014 to focus on roller bearings, is preparing for regular inspections and repairs at its tapered roller bearings plant in Bucyrus, Ohio. It is expected to last one week. Subscribers can learn more from Industrial Info's project report.
The market for construction machinery, which depends on ball or roller bearings and other corners of the heavy-manufacturing sector for components, is struggling to keep up with demand. Close to 95% of Association of Equipment Manufacturers (AEM) members are experiencing supply-chain issues, according to the AEM. "For more than half, those issues are getting worse and are both domestic and global," said Benjamin Duyck, AEM's director of market intelligence, in a recent press release.
Exactly what degree of demand will greet U.S. construction-machinery manufacturers in the years to come will depend on two big factors: how quickly the U.S. recovers from the COVID-19 pandemic, particularly the recent surge in the Delta variant, and how much of the Biden administration's proposed American Jobs Plan (AJP) makes it through the U.S. Congress. Mark Killion, director of U.S industry at Oxford Economics, recently told Heavy Quip Magazine that the AJP could help to raise output by 3.5% by the end of 2023, particularly in non-residential infrastructure spending.
VT LeeBoy Incorporated, a subsidiary of Singapore Technologies Engineering Limited (Singapore) that focuses on asphalt paving and applications, is preparing for scheduled inspections and repairs to its construction machinery and equipment-manufacturing plant in Lincolnton, North Carolina. It is expected to wrap up by the end of the year. Subscribers can learn more from Industrial Info's project report.
Subscribers to Industrial Info's GMI Project Database can click here for a full list of maintenance-related projects at U.S. heavy-manufacturing product facilities that are set to begin over the next six months.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, six offices in North America and 12 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities. Follow IIR on: Facebook - Twitter - LinkedIn.
