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80% of Small Manufacturers Impacted by COVID-19
Manufacturing Industry Optimism about future business drops 44%
The report also reveals that:
• 55% of small manufacturers anticipated a decline in their business in Q1, compared to just 24% who reported a decline in the 2H'19 report.
• 25% of small manufacturers plan on hiring this quarter, with 63% of manufacturers reporting that COVID-19 had an impact on hiring plans during the first quarter.
Xometry Partners are, however, more optimistic than the rest of the small manufacturing industry. 33% anticipated an increase in their business, and 43% of partners have recorded an improvement in business compared to the same time last year. 25% of external manufacturers anticipated an increase in their business, and 38% of the surveyed external manufacturers recorded an improvement in their business compared to the same time last year.
"The small and medium manufacturers are undoubtedly being affected by COVID-19," said Randy Altschuler, CEO of Xometry. "We've been inspired to see the efforts of manufacturers to help the nation through this challenge producing a wide range of critical projects. We are pleased to be bringing much-needed work to our partner manufacturers with additional helpful benefits such as delayed payments on tools and materials during this key time."
COVID has also impacted the industries that made up the largest share of Xometry partners' revenue in Q1. Those reporting Industrial Machinery and Automotive making up a large share of their business fell -51% and -50% respectively vs. Q3. Those reporting the Medical industry made up a large share of business increased by 39%, with Government and Defense up 32% vs. Q3 2019.
Xometry is the largest marketplace for custom manufacturing, connecting customers with optimal manufacturing solutions through proprietary AI algorithms. Xometry provides on-demand manufacturing and industrial supply materials to a diverse customer base, ranging from startups to Fortune 100 companies. Our global network of over 4,000 partner manufacturing facilities enables us to maintain consistently fast lead times while offering a broad array of capabilities, including CNC machining, 3D printing, sheet metal fabrication, injection molding, urethane casting, and Finishing Services. Xometry's customers include Bosch, BMW, Dell Technologies, and General Electric.