ITR’s Q2 2024 U.S. Customer Markets Forecast Report is now available. This report forecasts over 30 different popular fluid power markets. Identify which phase of the business cycle a market is in and where it is headed in the future. Forecasts for fluid power, pneumatics, and hydraulics have been updated. Highlights include:
- Total Shipments index is currently in phase D, recession, and the forecast for the balance of 2024 has been adjusted up to -2.6% from the previously forecasted -10.9%. Additionally, their previously predicted growth expectation of 9.9% in 2025 fell slightly to 7.0%.
- Construction machinery production expectations for 2024 remain at -13.1%, however, Heavy Duty truck production is now predicted to fall only to -3.9% as opposed to the previously forecasted -12.9%. Construction machinery production is now the only industry expected to hit negative double digits in 2024.
- Pneumatic Shipments are in a recession whereas Hydraulic Shipments are still in a slowing growth phase. The current pneumatic recessionary period is forecasted to prolong throughout the rest of 2024 and into early 2025. On a brighter note, ITR forecasts record-high levels of Pneumatic shipments in 2026.
- US Electronic Components Production and US Petroleum Refineries Production are the only two industries currently in the accelerating growth phase.
If you have any questions about interpreting or using the data in this report, please contact Cecilia Bart at cbart@nfpa.com.
Like this post? Share it!
Recent Posts
Member Highlights the Value of NFPA’s Conferences
At NFPA, our members’ experiences are the foundation of what we do. We’re excited to share our latest testimonial video featuring Ken Baker, CEO of Bailey International, who underscores the value of attending NFPA events. In his video, Ken highlights how the Economic & Industry Outlook Conference provides invaluable insights for his business. From the…
NAM Regulatory Update: House Passes Critical Minerals Bill
As part of an effort to bring more information about the regulatory and legal environment facing American manufacturers, NFPA is monitoring the newsfeed of the National Association of Manufacturers (NAM) and will be bringing important updates like this to the attention of NFPA members. (November 15, 2024) The House easily passed an NAM-backed bill intended…
Fall 2024 Economic Update Webinar – Recording Available
The most recent NFPA Economic Update Webinar featured Lauren Saidel-Baker of ITR Economics. Learn what to expect from a number of our industry’s most popular customer markets, while also getting the answers you need to the short-term outlook for the fluid power industry. These insights and more are available to NFPA members in the archived recording of the…