Plummeting manufacturing activity during the pandemic had a negative effect on the global pressure sensitive (PSA) tape industry in 2020, however, some markets avoided the significant declines seen in others.
A new Freedonia Group analysis projects global demand for bearings to rise 5.2% per year to $100 billion in 2025, with all bearing types expected to recover swiftly from 2020 lows.
Although moderate losses were seen in most markets due to reduced economic activity in 2020, food avoided losses, while pharmaceutical, mailing, and shipping labels all saw healthy gains.
As capital investment returns to growth following the COVID-19 pandemic, many firms will opt for smart products due to their ability to boost productivity.