23 Aug, 2016, 11:00 ET
CLEVELAND, Aug. 23, 2016 /PRNewswire/ -- US factories making hoses and belts – sophisticated but often underappreciated components and products for transferring materials or power – shipped some $5.5 billion worth of the stuff in 2015, and increasingly to customers abroad.
In 2005, 29% of shipments from US factories were bound for export markets, but by 2015 that figure climbed steadily to 43%. Exports of US hoses and belts nearly doubled over the decade, and at a steady pace averaging 6.6% per year. For comparison, the domestic market grew at less than half that rate over the same period.
These findings are featured in Hoses & Belts: United States, a report recently released by Freedonia Focus Reports, a division of The Freedonia Group.
Mexico Largest Export Destination
Fellow NAFTA countries Mexico and Canada stand out as the two leading export destinations, but export growth is mostly attributed to the Mexican customer base, whose purchases of US hoses and belts increased an average of 7.6% annually from 2005 through 2015. Freight statistics, for that matter, also reflect the impact of NAFTA-izing supply chains. A series of reports published in 2015, including Freight by Truck: United States, found that US trucking revenues derived from exports to Mexico increased an average of 14% annually over the decade to 2014.
The full report, Hoses & Belts: United States, forecasts US hose and belt demand and shipments in US dollars at the manufacturers' level to 2020. Total demand is segmented by product in terms of:
- vehicular hose
- industrial hose
- fluid power hose
- air and water hose
- flat belts
- nonflat belts.
Re-exports of hoses and belts are excluded from demand figures.
To illustrate historical trends, total demand, total shipments, the various demand segments, and trade by leading country are provided in annual series from 2005 to 2015.
Further analysis includes an Industry Structure section, which surveys the supply base and identifies the leading firms competing to meet US demand. A one-page, introductory Highlights section summarizes key findings from this 25-page report, and a Resources section lists contributing sources as well as resources available for further research.
Please link any media or news references to our reports or data back to www.freedoniagroup.com.
About Freedonia Focus Reports
Each month, The Freedonia Group publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- Total historical market size and industry output
- Segmentation by products and markets
- Identification of market drivers, constraints, and key indicators
- Segment-by-segment outlook in five-year forecasts
- A survey of the supply base
- Suggested resources for further study
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SOURCE The Freedonia Group
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