Global Shortages Still Pose a Deadly Threat to the Manufacturing Industry

Over the past two years, the manufacturing industry has been hit by a succession of unforeseen circumstances, starting with COVID, moving through global shortages, and now being impacted by Russia’s invasion of Ukraine. Each of these has shaped the world of logistics, impairing the easy movement of supplies across the world. 

The recent and continual tendency to disrupt the global supply chain has had huge consequences for the manufacturing industry, with its ability to process and produce being stunted over recent years. Toward the beginning of 2020, when the first major impacts of the pandemic were seen, production in leading countries plummeted, reaching almost ten-year lows. 

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Even with relative recovery from this low, the manufacturing industry as a whole is still struggling, with demand still exceeding production speed. Equally, there is still a fairly major materials shortage, putting further pressure on global manufacturing production lines.

How the Current Environment is Putting Pressure on Manufacturers 

When creating an optimum build within the world of manufacturing, there are several different necessities that need to line up to give factories the best possible output. Some of these factors are controllable by the manufacturers themselves, while some come from relying on global supply chains. 

Typically, there are four factors that contribute to an efficient manufacturing industry:

• Available resources
• Available demand
• Worker surplus
• Stable supply chain

 Let’s break down how each of these comes into play and is currently being challenged. 

Available Resources

At its core, the manufacturing industry is about transformation. The industry itself works as it converts raw materials into something else. Whether it be focusing on the production of electronics or the creation of food products, manufacturing takes available resources and transforms them into a working part, component, or whole, which can then be exported and sold. 

To reach this final product and the main target of production, the manufacturing industry must have a plethora of available resources to use. When this is not the case, the industry simply cannot produce at scale, harming its output and further creating delays in the supply chain as a whole. With the range of global events currently occurring, the availability of resources is relatively low. In fact, when looking at raw materials like lumber, the availability has reached an all-time low as the supply chain has been consistently frustrated over the past 18 months. 

Without available resources, manufacturing cannot create, derailing its high production and creating further problems down the line. 

Available Demand

During the peak of the COVID-19 pandemic, consumers were actually flocking to stores and attempting to stock up on products. Due to this, there was a surge in demand, with the manufacturing industry seeing a high in May of 2021 that marked the highest level since July 2008. While this was the case during this particular moment of the pandemic, the sentiment has not continued, with current demand now actually falling. 

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