Composites activity still contracting, but slower than previous month
Future business outlook has improved but most other measures have continued contraction or remain “flat.”
Gardner Business Index (GBI): Composites Fabricating for August 2024. Source (All Images) | Gardner Intelligence
The Gardner Business Index (GBI) is an indicator of the current state of composites fabricating considering survey responses regarding new orders, production, backlog, employment, exports, and supplier deliveries. Over 50 is expansion. Under 50 is contraction.
The August GBI shows the composites fabrication market is still contracting overall but a bit slower than the previous month — it is up almost 2 points from a fall of more than 4 the month prior. The index’s future business outlook is improving but is also slower than July’s numbers. Overall, most measures have slowed or stayed the same, but prices received are one metric where the index shows slightly faster growth.
New orders, production components, employment, backlog and supplier delivery accelerated contraction for the third month in a row, driving the majority of the index decline.
Employment accelerated contraction for the second consecutive month since March 2024, while exports were “flat,” and supplier deliveries continued to lengthen, though more slowly than in July.
The GBI Components Scorecard reports the monthly change rate of primary composites market factors contributing to the overall monthly index reading.
Reading the scorecard
Color indicates where a component value falls relative to 50 for the current month. Green indicates expansion; red indicates contraction.
Shade indicates a value’s distance from 50; the darker the shade, the further from 50.
Direction indicates a value’s change versus the previous time period. Pointing up is always better.
Future business as of August 2024.
The GBI Future Business Index is an indicator of the future state of the composites fabrication market considering industry respondents regarding their opinion of future business conditions for the next 12 months. Over 50 is expansion and under 50 is contraction.
The index remained positive but shows continued contraction indicating slower future growth expectations.
Find the latest composites fabrication market research and reporting at GardnerIntelligence.com
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