The Nonmetallic Mineral Product Manufacturing Industry in the US is forecasted to show positive growth from 2024 to 2028, with values increasing from $146.77 billion in 2024 to $155.57 billion in 2028. The value for 2023 stood at $144.50 billion. The year-on-year growth shows a consistent upward trend with approximately 1.5% to 1.6% increase annually. Over the last two years (2022 and 2023), the industry also showed positive growth moving from $142.20 billion in 2022 to $144.50 billion in 2023, registering an average growth of around 1.6%. The Compound Annual Growth Rate (CAGR) over the 5-year forecast period (2024-2028) is approximately 1.5%, indicating steady industry performance.
Future trends to watch for:
- Technological advancements in manufacturing processes
- Increasing demand for sustainable and eco-friendly materials
- Potential impacts of regulatory changes on the industry
- Fluctuations in raw material costs and their effect on industry margins
- Developments in infrastructure and construction sectors driving demand
