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An outlook on tarpaulins and truck covers’ market

Fecha de publicación: 08/08/2018

With information from State of the Industry 2018 – IFAI  By Jeffrey C. Rasmussen.

 

The market for truck tarps and covers is directly affected by the different goods that this said trucks have to move. As long as the economy is flowing properly, goods and trucks will flow through our roads at the required pace and depending on how different markets behave; during the year companies involved will be able to help them get their required goods safely.

According to the 2017 IFAI‘s survey, the respondents expect to be somewhat better in 2018 than they were in the past year, this in response to some market trends and developments that will be discussed on this blog.

The first one to address is construction market that last year reported some growth of 3.8% overall and focusing on residential construction the growth was higher to 10.4%. Following this trend there is an optimistic view to grow at least 5% more on the current year as the US economy is gradually improving, and thus increasing demand for lumber, and mesh tarps.

Growth in the U.S. transportation infrastructure construction market decreased 2.8 percent in 2017; but it is expected to rebound slightly in 2018 noting the above trends.

Another 2017 trend saw more and more tarpaulin and truck cover companies increasing prices due to higher demand and including tarp/truck cover repairs as an added value to their product, becoming important additional source of funds; this has helped them to counter the influence of price-cutting companies and increase profitability across the tarpaulin and truck cover market.

Consumers’ outlook for the U.S. economy in 2018 remains good, which was driven mostly from the improvements in the labor market in 2017 as well as from the recent U.S. tax reform bill passed in December of 2017 by Congress and President Trump. On that note economy could strengthen further in 2018, supported by strong consumer confidence and demand, as well as a low unemployment rate of 4.4 % in 2017, and foreseen to grow strong and steady after accounting for hurricanes and extreme weather, still many consumers remain conservative regarding their spending habits. Long-term job security continues to concern many people who struggle with how to make ends meet financially. Note that even with that natural concern consumer confidence in the U.S. economy remains at a 17-year high auguring good opportunities for businesses during the year.

 

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