Based on the expert analysis and our database of 70+ Global industries, IBISWorld presents a list of the Fastest Growing Industries by Imports Global in 2024
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View a list of the Top 25 fastest growing industries by importsGrowth in Imports for 2024: 9.6%
Explosive growth in biotechnology in recent years can't be understated. What's fueling this rapid growth varies, as biotech's applications range from healthcare and agriculture to energy. COVID-19 brought more attention to biotechnology, as biotech companies were central to vaccine development and reopening the economy. Biotech's potential to develop vaccines shifted the industry's trajectory, with investment reaching unprecedented levels globally and spurring more start-up activity than ever. Sky-high investment began settling in 2022, as higher interest rates moved risk-averse investors away from early-stage companies into established companies with a higher likelihood of return. Investor uncertainty continued into 2023, with high interest... Learn More
Growth in Imports for 2024: 8.2%
The digitization of the global economy and expanding internet usage have reduced demand for newsprint and other traditional paper products, curbing growth for the Global Paper and Pulp Mills industry over the past five years. Still, mills have benefited from expanding developing economies in Asia and South America. Over the past five years, consumer spending and online retail growth have supported demand for packaging paper, offsetting declines from traditional paper segments. Revenue has stagnated over the past five years, staying at an estimated $492.1 billion in 2023. Inflationary pressures will push revenue down by an estimated 2.2% in 2023 alone.
While... Learn More
Growth in Imports for 2024: 7.2%
Coal mined by global coal mining companies plays a vital role in the world's ability to generate electricity and manufacture steel. Coal's position in global electricity markets stems from its relative accessibility, affordability and distribution across the globe. The world's largest coal producers are China, the United States and India, with these countries expected to retain their positions for the foreseeable future. Global coal mining revenue is a function of global production of coal mined products alongside global coal prices, with prices being closely tied to global economic conditions. Over the five years to 2023, prices of thermal and coking... Learn More
Growth in Imports for 2024: 4.3%
Revenue for the Global Auto Parts and Accessories Manufacturing industry has decreased at a CAGR of 6.3% over the past five years – including stagnating in 2023 alone – and is expected to total $1.9 trillion in 2023, when profit is set to drop to 5.3%. The auto parts aftermarket has helped generate revenue as average vehicle ages have increased. Demand for this segment tends to rise with the number of vehicles in use, and therefore, as more individuals take to the roads, demand for replacement parts increases.
The problems with the global supply chain due to COVID-19 deeply affected industry... Learn More
Growth in Imports for 2024: 4.2%
The Global Military Shipbuilding and Submarines industry has continued to expand amid rising geopolitical tensions. The US, other Western governments and Asian countries continue to be the largest markets for military shipbuilders. Despite the pandemic's effects, revenue has remained steady, as contracts were already placed beforehand.
The United States, the largest market for the industry, has increased spending on shipbuilding and conversion as it has sought to maintain its ability to project power abroad, protect trade lanes and defend allies. Meanwhile, some of the biggest surges in naval expenditures have come from developing nations (China, Russia, India and East Asian countries).... Learn More
Growth in Imports for 2024: 4.1%
Global cosmetic manufacturers faced troubles during the period. This industry provides a wide array of products; a good deal of these products are non-discretionary, which partly shielded manufacturers from major disruptions seen in 2020 during COVID-19. However, product lines like fragrances, parts of skincare and makeup are fully discretionary. As the disruptions ran their course, consumers spent less and remained at home to stop the spread of the virus. Because of this, demand for discretionary products plummeted, leaving a huge glut in demand within the market. In more recent years, a return of consumer spending and disposable income has led... Learn More
Growth in Imports for 2024: 3.5%
Global apparel manufacturers have benefited from strengthening consumer spending in developed economies combined with rapidly growing emerging economies in recent years. However, sudden changes in how consumers shopped worldwide following the COVID-19 pandemic shifted its trajectory. Dips in global consumer spending and lockdowns dropped production at factories. Even as economies reopened, bottlenecks and supply chain woes punctured footwear production globally, while rising costs for everything from cotton to crude oil shot up production costs. Uneven economic recoveries, recession concerns and inflation continue to strain performance despite surging consumer demand. In all, industry-wide revenue has been declining at a CAGR of... Learn More
Growth in Imports for 2024: 3.2%
Over the current period, consumer electronics manufacturers have faced declines. The outbreak of COVID-19 lowered consumer spending, manufacturing output and trade volumes in 2020. Many of the largest manufacturers have faced declines as competition from one another and smaller manufacturers has increased. Overall, industry-wide revenue has been falling at a CAGR of 0.3% over the past five years and is expected to total $1.6 trillion in 2023, when revenue will jump by an estimated 2.6% and profit will dip to 3.5%.
Semiconductor shortages have negatively impacted consumer electronics manufacturers, leading to climbing smartphone prices. Higher smartphone prices and only incremental... Learn More
Growth in Imports for 2024: 3.0%
The Global Heavy-Duty Truck Manufacturing industry has experienced an eventful time over the past five years. Governments across the globe have imposed new regulations aimed at reducing truck emissions. Truck prices typically increase when new standards are introduced due to higher research and development costs to make truck emissions compliant. Truck buyers are aware of this trend, and when legislation change is announced, buyers tend to purchase vehicles in anticipation of rising prices once the new law is implemented.
Despite rising regulations, the industry grew before the pandemic due to growth in emerging economies such as China and India. But the... Learn More
Growth in Imports for 2024: 2.6%
Global car and automobile manufacturers benefited from strong consumer, business and government spending on passenger vehicles amid stable macroeconomic growth and historically low interest rates before the pandemic. Significant technological improvements, particularly regarding hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, have also spurred global demand from the growing middle class. Even so, the pandemic led to a monumental slowdown, slashing vehicle demand. As a result, automaker revenue contracted at an expected CAGR of 2.3% to $2.6 trillion through the current period, despite a 1.6% jump in 2023 as the economy heats up.
Aluminum... Learn More
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