Central to a new product development program (NPD) is the budget, and exploring economic efficiencies often leads to a debate between offshoring and reshoring.
In most instances, overseas costs are particularly attractive compared to domestic production of custom injection-molded components for consumer applications.
However, in light of the coronavirus (COVID-19), the world is functioning within a new normal. Bottom line decisions are no longer black-and-white as the pandemic complicates — and often upends — supply chains, adding project time and cost. Quickly, the offshore injection molding "bargain" becomes a candidate for reshoring.
The diversity in consumer and industrial applications is vast, but offering a wide array of products that keep pace with – but don’t differentiate you from – the competition doesn’t necessarily translate to sustained success.