Some industries, including major sources of finances and jobs are rapidly declining. Worldwide, the decline of manufacturing is still continuing and some industries are expected to collapse in the next ten years.
Here we will highlight ten dying industries that are expected to decline further in the next decade. In fact, there are more industries on decline and most of them are related to the manufacturing sector – from computers to fashion products, manufacturing companies won’t be here for long.
10. Miscellaneous manufacturing – The industry that makes mirrors, umbrellas, or artificial flowers is expected to decline steadily and the number of employed people will decrease. The industry was damaged by the recession, as consumers stopped buying such types of goods.
9. Textile mills – Outsourcing textile mills and textile production mills to foreign countries like China is cheaper. Employees in cheaper countries are paid lower wages than workers in the developed countries. In fact, this trend is not new – it has been here for several decades now. During the next 10 years, the industry is predicted to go down, with workforce continuing to shrink.
8. Hardware manufacturing – It will probably collapse in the next ten years. The reason for the decline is that hardware products are mainly used for further manufacturing of cars and furniture – items which are not selling very well, due to the recession. And imported from China hardware goods come at low prices.
7. Print publishing – Publishers of books, newspapers, and periodicals will experience a huge decline mainly caused by the success of e-books, e-media, and mobile devices. Smartphones, tablets, e-books, and the Internet are believed to nearly destroy print publishing in ten years. Why would readers pay for a print edition, when they can get everything for free on the web? The decline in one decade could be one third or one fourth from the current levels.
6. Spring and wire product manufacturing – This industry is expected to drop by 24.8% in the following 10 years. Outsourcing abroad is cheaper for many companies. The other factor damaging the sector is the shrinking demand, as well as the slowing auto manufacturing.
5. Computer and peripheral manufacturing – Despite the growing PC and tablet demand, manufacturing in the developed countries is less attractive, as facilities in Asia are cheaper. There is still production of high-end goods, but mass-produced PCs and tablets are made in plants abroad. The whole industry is predicted to collapse by 25.2% in the coming decade.
4. Postal service – The outlook for the postal service is also quite negative. The main reasons are the worldwide and nationwide use of the email, as well as the low revenues.
3. Communications equipment manufacturing – The industry will decline by 28.2% in the next decade, following a trend that is present for over twenty years. Although product design and innovation are local, company plants are moved to countries like Mexico or China, just like computer manufacturing.
2. Leather manufacturing – The market is extremely weak, especially in the past several years, as most consumers of leather are located in the North countries.
1. Apparel manufacturing – At first look, the collapse of this industry seems illogical – after all we all wear clothes. Most companies cut their costs by outsourcing overseas, where workers get lower salaries. This is why many brands are still cheap. Apparel manufacturing will nearly disappear from the developed countries with an estimated decline of 57.9% for ten years. The data for the numbers of people employed is shocking.
While some industries are destined to collapse, others are expected to boom in the next decade. The fastest-growing industries include home health care services, facilities support services (security guards or janitors), construction, software publishing, and others.
