Manufacturing Outlook: 2024 Industry Predictions From Sandvik Coromant
How can manufacturers adapt to industry challenges in 2024? Helen Blomqvist, President Sandvik Coromant, discusses how manufacturers can embrace current industry trends to tackle challenges and remain resilient in 2024 and beyond.
Despite 2023 being a challenging year for manufacturers, global manufacturing output is set to achieve a compound annual growth rate of 3% between now and 2027 according to technology insight business Interact Analysis. From digitalisation and demand forecasting to economic uncertainty and emissions targets, 2023 presented several challenges for the manufacturing industry. However, these difficulties also provide opportunities for manufacturers to innovate and increase their competitiveness as the industry transforms.
Strengthened Sustainability Focus
The focus on reducing our environmental impact intensified in 2023, with IBM’s Institute for Business Value data showing 86% of companies now have a sustainability strategy in place. While this figure is promising, data shows that only around a third of businesses have acted on their strategy since its implementation.
2024 will hopefully see the rise of businesses treating sustainability as a priority. This is especially important within the manufacturing industry, which is responsible for one-fifth of global carbon emissions according to World Economic Forum data. Currently, the sector is not sustainable enough, and we can do a lot more.
Ensuring that sustainability is not just a strategic ambition but a tangible, integrated part of daily operations is key to reducing emissions and achieving green targets. By combining strategic alignment, employee engagement and continuous data-driven improvements, manufacturers can not only achieve environmental and social goals but also drive innovation, reduce costs and enhance the company’s reputation and competitiveness.
Sandvik Coromant’s new brand promise of Manufacturing Wellness is a multifaceted approach which aims to drive sustainable progress through impactful partnerships. Manufacturing Wellness is a relentless pursuit for improvement, made up of eight habits found in successful and resilient manufacturing companies.
Sustainability and eliminating waste are the third and fourth habits of this mindset, which allows us to drive sustainable progress towards a better tomorrow for people, industry and society at large. Another one of our eight habits that make up this movement is embracing new technology.
Sandvik Coromant aims to deliver a strong understanding about the value that technology adoption can have. Adopting advanced technology allows manufacturing companies to enhance efficiency, elevate product standards, minimise costs and remain at the forefront of a competitive landscape.
In doing so, they stand better prepared to anticipate and face challenges as and when they arrive. Through the integration of new technological solutions, manufacturers can optimise their operations, embrace automation and maintain a leading position in a swiftly changing sector.
Read more here at page 18
What You Missed:
Chinese Enterprises Also Eye Manufacturing Opportunities In The Philippines
More Factories Relocate From China To Malaysia Over Restrictions
LG-Hyundai Electric Car Battery Factory To Open On 3 July 2024
Chinese Automakers Double Down On Presence In Thailand
Hitachi Industrial Equipment Systems’ ML Predictive Diagnosis Service For Air Compressors
TSMC Sees Annual Sales Growth To Reach 10% In Semiconductor Industry
Vietnam Versus Malaysia For Semiconductor Design Hub Crown
Vietnam Sluggish Auto Sales Hit Major Motorshow
Motional Flies Solo After Aptiv’s Curtain Call
Tesla Fired Its Supercharger Division – A Shocking Yet Brilliant Move
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!
CONNECT WITH US: LinkedIn, Facebook, Twitter
Letter to the Editor
Do you have an opinion about this story? Do you have some thoughts you’d like to share with our readers? APMEN News would love to hear from you!
Email your letter to the Editorial Team at [email protected]
