Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Fastest Declining Industries in the US by Revenue Growth (%) in 2023
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View a list of the Top 25 fastest declining industries2023-2024 Revenue Growth: -19.5%
Iron and steel manufacturers melt and refine iron ore into pig iron, which is processed into steel and shaped in various shapes for downstream construction- and manufacturing-related industries. Manufacturers are directly affected by the fluctuating price of steel, which has become more volatile since the beginning of COVID-19. As input prices are highly volatile, the average profit margin varies yearly. COVID resulted in losses across multiple downstream markets, including vehicles, construction and containers, as consumer confidence fell. Some trends have spilled over to 2023, as inflationary fears placed pressure on consumers and companies.
Revenue for manufacturers follows a variety of factors,... Learn More
2023-2024 Revenue Growth: -15.4%
Operators in the Natural Gas Distribution industry are generally responsible for either maintaining natural gas distribution systems that connect residential, industrial and commercial users downstream a citygate or arranging sales to end markets over industry-specific networks. The industry has largely benefited from the enormous outburst of natural gas availability that has occurred in the United States since the early 2000s as a result of the growing prevalence of advanced drilling techniques employed by upstream producers in the Oil Drilling and Gas Extraction industry (IBISWorld report 21111). Natural gas is used to generate electricity, produce useful thermal output and as an... Learn More
2023-2024 Revenue Growth: -14.7%
Digitalization has deteriorated demand for traditional paper products. Demand for paper products has fallen as individuals, retailers, other wholesalers and corporate clients have adopted digital technology to perform tasks more efficiently and at a lower cost, reducing the need for paper. Moreover, as sales have moved online, wholesalers have been further cut out of the paper supply chain as more customers purchase directly from superstores and manufacturers. As the COVID-19 pandemic accelerated the economy's movement away from paper, revenue will decline at a CAGR of 21.8% 4.3% to $5.6 billion over the five years to 2023, including a 18.1% decline... Learn More
2023-2024 Revenue Growth: -13.5%
Sewer and pipeline rehabilitation comprises companies that repair sewers, sewer lines, septic systems, water mains, storage tanks, wells and related facilities using trenchless techniques and other methods. In the late 2010s, soaring GDP growth boosted corporate profit and wages, causing state and local tax revenue to soar. Tax receipts gave governments more funds to rehabilitate sewers and pipelines, boosting revenue. When COVID-19 hit, contractors had to follow strict mask-wearing and social distancing guidelines to reduce the spread of the virus. It was much harder for employees to do their work under these conditions, causing productivity and revenue to fall in... Learn More
2023-2024 Revenue Growth: -11.8%
The industry grew following consistent housing starts and increased home sales. Nonetheless, the recession caused by COVID-19 halted economic production, decreasing demand for commercial real estate and construction activity. Interest rates dropped following the shutdown of the economy, which encouraged home sales and housing starts; this ultimately dampened revenue loss in 2020. Still, the Federal Reserve increased interest rates substantially in 2023 to combat inflation, which has increased the cost of mortgages and reduced demand for real estate by making financing much more expensive. So industry-wide revenue has decreased at a CAGR of 1.3% over the past five years –... Learn More
2023-2024 Revenue Growth: -11.7%
The Semiconductor Machinery Manufacturing industry sells the equipment necessary to manipulate silicon on an atomic level and produce computer chips. Following oscillating consumer sentiment, projected outcomes for the tiny semiconductor machinery manufacturing industry reversed multiple times in a year. Although operators were damaged by employee lockdowns across Asia in the early days of COVID-19, raw income was boosted throughout the pandemic, increasing 25.6% in 2020 alone due to the unprecedented demand for electronics. Trends continued in 2021, driven by improving economic conditions and record prices for semiconductor components combined with federal government support to mitigate the global chip shortage. Semiconductor... Learn More
2023-2024 Revenue Growth: -11.1%
The Oil Drilling and Gas Extraction Industry includes companies that profit from extracting and selling fossil fuels. Producers have experienced a high degree of volatility in recent years. Steady growth was ripped away when COVID-19 halted the economy, as restrictions limited the need for oil and gas. The conflict in Ukraine added to the uncertainty, as the reliance on Russian oil and gas was distributed between domestic producers and other sources. Although, as the economy recovered demand shot up quicker than supply could match, causing prices to surge and generate substantial returns. Revenue has grown at a CAGR of 10.6%... Learn More
2023-2024 Revenue Growth: -10.9%
Over the past five years, chicken egg producers have had to contend with severe revenue volatility. While per capita egg consumption has remained stable, a severe drought across most of the United States pushed the price of feed upward. This, combined with lingering challenges from supply chain bottlenecks and highly pathogenic avian influenza (HPAI), have pushed the price of eggs upward. Widespread inflation in 2022 also contributed to surging egg prices, and while the industry benefited from an upswing in revenue that year, price spikes set the stage for plummeting prices in 2023. As a result, industry-wide revenue has dropped... Learn More
2023-2024 Revenue Growth: -10.6%
The Prefabricated Home Manufacturing industry produces modular and manufactured homes that are low-cost substitutes for conventional, site-built units. The industry caters to first-time homeowners, retirees and low-income consumers. Rising home prices during the period priced more buyers out of the traditional housing market and raised demand for prefabricated homes. Plummeting interest rates amid the COVID-19 pandemic and the health risks associated with the virus boosted demand for prefabricated homes as consumers fled congested urban areas and took advantage of the low-interest rates. Low-interest rates have also increased competition from the conventional housing market, mitigating revenue growth. As interest rates climb... Learn More
2023-2024 Revenue Growth: -9.8%
The PTFE (Teflon) coating manufacturing industry produces polytetrafluoroethylene (PTFE), a synthetic chemical formed entirely of carbon and fluorine. The PTFE polymer is nonstick and nonreactive, with low friction and high thermal resistance. As a result, it can be highly desirable in various applications, including automotive lubrication and cookware coating. PTFE also has excellent electrical insulation properties, making it ideal for insulating cable, wires and circuit boards. However, the rising price of PTFE has constrained demand and revenue. In addition, the COVID-19 pandemic further hindered industry revenue through limited downstream demand and increased operating costs. Over the five years to 2023,... Learn More
Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Riskiest Industries in the US in 2023
VIEW ARTICLEBased on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Least Risky Industries in the US in 2023
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