The 10 Global Fastest Declining Industries
1. Global Iron Ore Mining
2023-2024 Revenue Growth: -8.9%
Global iron ore mining performance has been strong through the end of 2023. Industry revenue is a function of global demand conditions and volatility in the world price of iron ore throughout the period has led to several years of double-digit rises. Global iron ore mining revenue has been surging at a CAGR of 8.1% over the past five years and is expected to total $305.1 billion in 2023, when revenue will fall by an estimated 7.1% This five-year overall growth can be mainly attributed to the recovering demand trends after the peak of the COVID-19 pandemic.
2. Global Coal Mining
2023-2024 Revenue Growth: -8.5%
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.
3. Global Newspaper Publishing
2023-2024 Revenue Growth: -2.8%
Global newspaper publishers are highly susceptive to macroeconomic trends, as consumers tend to reduce subscriptions during volatile periods and advertisers tend to withdraw or limit spending when times are uncertain. Still, regardless of economic performance, global newspaper publishers have experienced decades or near-steady declines, as consumers increasingly obtain news from other media outlets, including television and streaming shows, online video platforms, podcasts, radio and online-only newspapers. As a result, over the past five years, revenue has been declining at a CAGR of 4.6% and is expected to reach $84.5 billion in 2023, when revenue is estimated to fall 2.2%.
4. Global Magazine Publishing
2023-2024 Revenue Growth: -2.7%
The industry has struggled to adapt to the challenges and opportunities presented by digital disruption and economic shifts in recent years. The proliferation of new forms of media, with many available online and for free, has threatened the traditional position of magazines. In addition to competition from online media, industry operators have struggled to adopt successful digital monetization strategies. Magazine circulation has remained relatively steady, and newsstand sales have declined in developed economies, leaving publishers to sell heavily discounted subscriptions to bolster their audience and maintain value for advertisers.
5. Global Computer Hardware Manufacturing
2023-2024 Revenue Growth: -1.1%
Global computer hardware manufacturers produce a diverse range of products, including desktop and laptop personal computers (PCs), computer peripherals and storage devices. Through the current period, competing trends have defined performance. Growing competition from tablet devices and mobile phones has eroded demand for traditional PCs worldwide, culminating in declining PC shipments despite robust demand during the pandemic. Price competition has also limited manufacturers’ potential. Industry revenue has been contracting at a CAGR of 1.2% over the past five years, and is expected to reach $274.1 billion in 2023.
6. Global Life & Health Insurance Carriers
2023-2024 Revenue Growth: -0.2%
The industry has decreased over the five years to 2023 despite the growth of global demand for insurance products. The industry provides essential risk management services to downstream consumers and is a vital part of the financial sector, particularly concerning the industry’s massive asset holdings. Industry operators protect individuals from current, immediate and long-term illness, injury and death costs. By merging various risks, life and health insurers protect a fraction of the potential loss. The role of life and health insurers has become increasingly important as the global population has aged.
7. Global Automobile Engine & Parts Manufacturing
2023-2024 Revenue Growth: 0.7%
Revenue for the Global Automobile Engine and Parts Manufacturing industry, which produces motor vehicle engines and other engine parts such as valves, crankshafts, camshafts, fuel injectors and pistons, is expected to grow an annualized 1.9% to $375.4 billion over the five years to 2022. Ultimately, the industry is tethered to that of global car production, thus leaving operators vulnerable to a myriad of macroeconomic and political factors that affect the automotive sector in aggregate. During most of the period, an emphasis on engine efficiency and economic growth supported industry expansion.
8. Global Soft Drink & Bottled Water Manufacturing
2023-2024 Revenue Growth: 0.7%
The Global Soft Drink and Bottled Water Manufacturing industry has experienced obstacles stemming from mature markets, leading to an overall contraction. Due to growing health concerns, consumers in both North America and Europe have curbed their intake of sugary beverages, such as carbonated soft drinks, fruit juices and traditional sports drinks. Bottled water consumption has also wavered in recent years due to concerns over the environmental footprint of plastic bottles. Nonetheless, the strengthening economies of the BRIC nations, which include Brazil, Russia, India and China.
9. Global Paper & Pulp Mills
2023-2024 Revenue Growth: 0.8%
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.
10. Global Commercial Printing
2023-2024 Revenue Growth: 0.9%
Over the five years to 2022, revenue for the Global Commercial Printing industry has endured a contraction, with poor performance in the world’s developed markets counteracted by growth in developing markets, though ultimately not enough to offset the industry’s trend of decline. Developed markets have contended with high levels of market saturation and an increased preference among consumers for digital media, which has cut into demand for publishing, a key downstream industry for printers. Further, online adoption and new technologies such as smartphones and tablet devices have constrained potential gains and diminished profitability.
Source from IBISWorld