Industry Trend No. 2: Manufacturing Globalization & Regionalization
With the development of logistic networks that can efficiently deliver raw materials and finished products to many parts of the world, manufacturing has become increasingly global. Being less constrained by borders, manufacturing is also becoming more regional than national in scope.
Moving forward in this globalized environment, there are opportunities to revitalize manufacturing through a network of key regional partners and suppliers, supporting innovation in products and processes as well as R&D. Building a regional support system is likely to become a key competitive advantage as regions compete to support and grow their global manufacturing sector, using a blend of domestic sourcing and foreign outsourcing.
In addition, with continued proactive manufacturing policy, global manufacturers can support regional economic growth and ensure the development of healthy and dynamic supply chain ecosystems.
To find out more, read about industry trend number 3.