In this week’s index, we’re going to take a look at six product and service categories for which we’re seeing sustained and growing demand, based on sourcing activity in the Thomas Network at Thomasnet.com.
Specifically, our data shows that sourcing for these products and services is up significantly year-over-year, and is also up well over its historical average for the past four weeks. There are some serious market opportunities going on in these categories, which as you know, drives growth in other areas as well.
First up, sourcing for square and rectangular tubing is up 142 percent year-over-year and is up 175 percent over the past four weeks. This growth is a good reflection of a booming economy, as steel tubing is used heavily throughout a broad range of industries, including aerospace, automotive, construction, home appliance, transportation - it is ubiquitous.
Sourcing for hydraulic pumps is up 72 percent year-over-year, and up 5 percent over the past four weeks. Hydraulic pumps are at the heart of every single hydraulic power transmission system, in heavy machinery such as cranes, excavators, tractors, and dump trucks. They’re also used widely in industrial environments for things such as injection molding machines, presses, conveyors, and forklifts. The greater the load, the more likely it will be powered by a hydraulic pump over pneumatically operated.
Next up is contract packaging. Bottle filling, where sourcing activity at Thomasnet.com is up 30 percent year-over-year and is up 9 percent over the past four weeks. This service also spans a broad range of industries, from food and beverage to cosmetics and personal care products, to lubricants and oils, and more.
Sourcing for flexible packaging is up 22 percent year-over-year and is up a whopping 86 percent over its historical average over the past four weeks. According to the Flexible Packaging Association, this is the second largest packaging segment in the U.S., making up roughly 20 percent of the packaging market. This trend could be due to CPG businesses (Consumer Packaged Goods) looking for more sustainable and simpler packaging solutions.
Next up is private label manufacturing, where sourcing activity is up 22 percent year-over-year and is up 27 percent over the past four weeks. We covered this category in depth in a Thomas Index back in 2017; visit the new Insights section at Thomasnet.com to watch that video report.
Finally, sourcing for stainless steel wire is up 13 percent year-over-year and is up 18 percent over the past four weeks. Much like steel tubing, stainless steel wire is used in a huge range of industrial and commercial applications, and an upward trend in sourcing activity here bodes well for the overall strength of our economy.
Well, that’s what we’re seeing this week. If you’re a supplier in any of these categories, your opportunity to grow is now. Don’t let your competitors beat you to it. Clearly, there’s a surge in demand among the buyers and engineers that do their sourcing at Thomasnet.com.
If you’re interested in getting a custom report on exactly which buyers are in-market today for what you offer, visit Thomasnet.com/BuyerReport.
Thanks for watching.