NEW ECONOMIC FORECAST FROM AFS PROJECTS STRONG GROWTH IN 2021
The American Foundry Society (AFS) has projected strong growth for the market this year.
According to AFS:
“The U.S. metalcasting industry is projected to grow at a rate of 19.7% in 2021, according to a new report published by the American Foundry Society.
“This and other vital business intelligence was released today in the biannual AFS Metalcasting Forecast & Trends, which provides a targeted economic outlook to foundries, industry suppliers, and others who must understand analysts’ projections for the short- and long-term future of the metalcasting industry.
“’Following an economic slowdown triggered by the pandemic and the government response, we are projecting casting sales to rebound from $36.8 billion to $44.0 billion,’ said Doug Kurkul, CEO of AFS. ‘We expect the market to have recovered to just about the 2019 level by the end of 2021.’
“The report — which draws on comprehensive business surveys from the Census Bureau, Bureau of Labor Statistics, AFS, and other agencies — predicts strong growth for this essential industry.
“Featured in the Forecast are anticipated revenue and growth benchmarks, and cost, capital, and profit benchmarks. The report includes snapshots of industry payroll, productivity, product line growth, and other data which can be used for benchmarking, budgeting, and business planning.
“Previously published once per year, AFS in 2020 expanded the Forecast to twice per year to provide more timely updates to its Corporate Members. AFS is also providing Corporate Members with a copy of the newly released World Foundry Organization Global Foundry Report, which is available in North America only through AFS.”