U.S. Manufacturing Industries Ranked by Materials-to-Shipments Ratio (2024)
U.S. Manufacturing Industries Ranked by Materials-to-Shipments Ratio (2024)
Petroleum and coal products had the highest materials-to-shipments ratio among U.S. manufacturing subsectors in 2024, at 81.24%. Transportation equipment followed at 64.87%, with primary metals at 62.22%.
The comparison covers all 21 three-digit manufacturing subsectors under the 2017 NAICS classification. It ranks total cost of materials as a percentage of shipment value, highest first. The underlying estimates come from one official source, the U.S. Census Bureau’s 2024 Annual Integrated Economic Survey (AIES), released September 3, 2026. Data were accessed October 30, 2026; this is a 2026 snapshot of 2024 figures.
Census reports the dollar amounts, not these percentages. StatRanker calculated all 21 ratios from the published estimates (status: calculated_value); no forecasts or modeled 2026 values are included. Material costs cover more than unprocessed raw materials.
Petroleum and coal products (NAICS 324). Highest ratio, not highest dollar expenditure.
Beverage and tobacco products (NAICS 312), the lowest of the 21 subsectors.
Ten durable and eleven nondurable subsectors, all measured in 2024.
$3.8096 trillion in materials costs divided by $6.9805 trillion in shipments.
What the Materials-to-Shipments Ratio Shows
For petroleum and coal products, an 81.24% ratio means that reported material costs were about $81.24 for every $100 in shipment value. The other $18.76 is not profit: wages, services and other expenses are outside this calculation.
The median of the 21 subsector ratios is 46.50%, while the ratio for U.S. manufacturing as a whole is 54.57%. The two figures answer different questions. The median gives each subsector one equal place; the national figure divides total materials costs by total shipments, so industries with more shipment dollars carry more weight.
The distinction also changes the leader. Transportation equipment reported $716.6 billion in material costs, above the $580.8 billion for petroleum and coal products. Petroleum ranks first here because its costs are higher relative to shipments, not because its dollar spending is the largest.
Top 10 Manufacturing Industries by Materials-to-Shipments Ratio
Highest 2024 ratios, not the largest total spending on materials
| Rank | Industry (NAICS) | Materials / shipments | Group / note |
|---|---|---|---|
| 1 | Petroleum and coal products (324) | 81.24% | Nondurable; 2024 Census AIES; calculated ratio. |
| 2 | Transportation equipment (336) | 64.87% | Durable; 2024 Census AIES; calculated ratio. |
| 3 | Primary metals (331) | 62.22% | Durable; 2024 Census AIES; calculated ratio. |
| 4 | Textile mills (313) | 58.24% | Nondurable; 2024 Census AIES; calculated ratio. |
| 5 | Food manufacturing (311) | 57.45% | Nondurable; 2024 Census AIES; calculated ratio. |
| 6 | Paper manufacturing (322) | 54.36% | Nondurable; 2024 Census AIES; calculated ratio. |
| 7 | Machinery manufacturing (333) | 50.20% | Durable; 2024 Census AIES; calculated ratio. |
| 8 | Plastics and rubber products (326) | 47.81% | Nondurable; 2024 Census AIES; calculated ratio. |
| 9 | Wood products (321) | 47.60% | Durable; 2024 Census AIES; calculated ratio. |
| 10 | Textile product mills (314) | 47.25% | Nondurable; 2024 Census AIES; calculated ratio. |
Census publishes the two dollar figures for each subsector. The percentages below were calculated from those figures, then rounded to two decimal places for display.
Top 20: Materials Cost as a Share of Shipments
The longest bar represents the 81.24% leader. Every other bar is scaled against it; the number beside each bar is the actual ratio, not that industry’s share of U.S. material spending.
The chart shows 20 subsectors. Beverage and tobacco products (NAICS 312) ranks 21st at 30.71% and appears in the full table.
How the Ranking Was Calculated
Materials-to-shipments ratio (%) = total cost of materials (EXPS_CSTMTOT_DVAL) ÷ value of shipments (RCPT_TOT_VAL) × 100. Both Census inputs are in thousands of U.S. dollars, so their units cancel.
Source and reporting year
The numeric source is the U.S. Census Bureau’s 2024 AIES manufacturing data, released September 3, 2026 and accessed October 30, 2026. Every row refers to calendar 2024. No estimates for 2025 or 2026 have been substituted.
Which industries are included
The table covers U.S. private-sector employer businesses in the 50 states and Washington, D.C. It uses the 21 three-digit manufacturing subsectors in 2017 NAICS (311–316, 321–327 and 331–339). No four-digit industries, individual companies or nonemployer businesses are mixed into the results.
What counts as materials cost
The Census total is broader than purchases of raw commodities. Manufacturing reporting covers materials, parts and supplies as well as items such as goods bought for resale without further manufacturing, contract work, purchased fuel and purchased electricity. The AIES tables report these components separately. The ratio should not be described as a raw-material-only share.
Published estimates versus calculations
Census supplies the materials and shipments estimates; StatRanker calculates the ratios. Every percentage has status calculated_value, not official_value. Industries are sorted by the unrounded ratio, with two decimals shown in the tables. No model, interpolation or forecast was used.
Cross-check against the U.S. total
The 21 rows sum to 3,809,599,065 in materials costs and 6,980,505,677 in shipments (both expressed in US$1,000). These match the reported manufacturing totals. Dividing the sums yields 54.57%; averaging the 21 percentages would answer a different question.
Uncertainty and limits
AIES figures are survey estimates and may be revised. All rows share the same year and industry level, and none uses a stale-year replacement. FRED republishes Census series and is used only as a cross-check, not as a second independent publisher. The ratio does not measure profit, value added, physical material quantities or inflation-adjusted costs.
Full Ranking: All 21 U.S. Manufacturing Subsectors
Search an industry or NAICS code, compare durable and nondurable groups, or reorder by value or name. The Top 10 and Top 20 options always refer to the original national ranks, even after sorting.
Materials cost as a percentage of shipments · United States · 2024 · NAICS 2017
| Rank | Industry (NAICS) | Materials / shipments | Source / method note |
|---|---|---|---|
| 1 | Petroleum and coal products (324) | 81.24% | Nondurable · Census AIES 2024 · calculated_value. M: 580,814,208; S: 714,967,586 (both US$1,000). Series AIES324TCMUS / AIES324RCTUS. |
| 2 | Transportation equipment (336) | 64.87% | Durable · Census AIES 2024 · calculated_value. M: 716,574,087; S: 1,104,575,408 (both US$1,000). Series AIES336TCMUS / AIES336RCTUS. |
| 3 | Primary metals (331) | 62.22% | Durable · Census AIES 2024 · calculated_value. M: 170,141,582; S: 273,443,199 (both US$1,000). Series AIES331TCMUS / AIES331RCTUS. |
| 4 | Textile mills (313) | 58.24% | Nondurable · Census AIES 2024 · calculated_value. M: 13,948,489; S: 23,949,792 (both US$1,000). Series AIES313TCMUS / AIES313RCTUS. |
| 5 | Food manufacturing (311) | 57.45% | Nondurable · Census AIES 2024 · calculated_value. M: 605,676,020; S: 1,054,261,701 (both US$1,000). Series AIES311TCMUS / AIES311RCTUS. |
| 6 | Paper manufacturing (322) | 54.36% | Nondurable · Census AIES 2024 · calculated_value. M: 115,294,520; S: 212,104,884 (both US$1,000). Series AIES322TCMUS / AIES322RCTUS. |
| 7 | Machinery manufacturing (333) | 50.20% | Durable · Census AIES 2024 · calculated_value. M: 237,904,461; S: 473,891,483 (both US$1,000). Series AIES333TCMUS / AIES333RCTUS. |
| 8 | Plastics and rubber products (326) | 47.81% | Nondurable · Census AIES 2024 · calculated_value. M: 137,640,074; S: 287,895,310 (both US$1,000). Series AIES326TCMUS / AIES326RCTUS. |
| 9 | Wood products (321) | 47.60% | Durable · Census AIES 2024 · calculated_value. M: 67,619,482; S: 142,044,209 (both US$1,000). Series AIES321TCMUS / AIES321RCTUS. |
| 10 | Textile product mills (314) | 47.25% | Nondurable · Census AIES 2024 · calculated_value. M: 10,414,034; S: 22,038,604 (both US$1,000). Series AIES314TCMUS / AIES314RCTUS. |
| 11 | Electrical equipment, appliance, and component manufacturing (335) | 46.50% | Durable · Census AIES 2024 · calculated_value. M: 90,677,750; S: 195,000,604 (both US$1,000). Series AIES335TCMUS / AIES335RCTUS. |
| 12 | Fabricated metal products (332) | 46.11% | Durable · Census AIES 2024 · calculated_value. M: 213,666,536; S: 463,416,695 (both US$1,000). Series AIES332TCMUS / AIES332RCTUS. |
| 13 | Computer and electronic products (334) | 45.59% | Durable · Census AIES 2024 · calculated_value. M: 175,714,145; S: 385,449,793 (both US$1,000). Series AIES334TCMUS / AIES334RCTUS. |
| 14 | Chemical manufacturing (325) | 43.90% | Nondurable · Census AIES 2024 · calculated_value. M: 403,074,019; S: 918,163,595 (both US$1,000). Series AIES325TCMUS / AIES325RCTUS. |
| 15 | Leather and allied products (316) | 43.88% | Nondurable · Census AIES 2024 · calculated_value. M: 2,189,658; S: 4,990,000 (both US$1,000). Series AIES316TCMUS / AIES316RCTUS. |
| 16 | Nonmetallic mineral products (327) | 43.31% | Durable · Census AIES 2024 · calculated_value. M: 75,941,391; S: 175,358,261 (both US$1,000). Series AIES327TCMUS / AIES327RCTUS. |
| 17 | Furniture and related products (337) | 42.34% | Durable · Census AIES 2024 · calculated_value. M: 36,128,073; S: 85,325,962 (both US$1,000). Series AIES337TCMUS / AIES337RCTUS. |
| 18 | Apparel manufacturing (315) | 41.20% | Nondurable · Census AIES 2024 · calculated_value. M: 4,139,005; S: 10,046,861 (both US$1,000). Series AIES315TCMUS / AIES315RCTUS. |
| 19 | Printing and related support (323) | 39.67% | Nondurable · Census AIES 2024 · calculated_value. M: 34,734,985; S: 87,562,588 (both US$1,000). Series AIES323TCMUS / AIES323RCTUS. |
| 20 | Miscellaneous manufacturing (339) | 37.39% | Durable · Census AIES 2024 · calculated_value. M: 61,869,292; S: 165,484,411 (both US$1,000). Series AIES339TCMUS / AIES339RCTUS. |
| 21 | Beverage and tobacco products (312) | 30.71% | Nondurable · Census AIES 2024 · calculated_value. M: 55,437,254; S: 180,534,731 (both US$1,000). Series AIES312TCMUS / AIES312RCTUS. |
No industries match the selected filters.
M = total cost of materials; S = value of shipments. Both are published Census estimates in thousands of U.S. dollars. The ratio is calculated as M ÷ S × 100; its status is calculated_value for every row. The series identifiers refer to Census data available through FRED.
Four Findings From the Industry Data
Key Insight
Petroleum and coal products (#1) stood at 81.24%, ahead of transportation equipment (#2) at 64.87% by 16.36 percentage points. The gap between transportation equipment and primary metals (#3) was much smaller, at 2.65 points.
Notable Pattern
The ratio for all U.S. manufacturing was 54.57%, but the median of the 21 subsectors was 46.50%—an 8.07-point difference. The national figure gives more weight to subsectors with larger shipment totals; the median does not.
Durable vs. Nondurable
The 11 nondurable subsectors had a combined ratio of 55.83%, compared with 53.30% for the 10 durable subsectors, a difference of 2.53 percentage points. Each group ratio uses its combined materials and shipments totals, not the average of its industry percentages.
Outlier
Transportation equipment ranked #2 by ratio but had the largest materials bill, at $716.6 billion. Petroleum and coal products ranked #1 by ratio with $580.8 billion in materials spending—a $135.8 billion difference in the opposite direction.
How to Read These Results
A higher ratio means more reported materials cost per dollar of shipments. It does not necessarily mean higher overall operating costs or lower efficiency. The estimates describe whole subsectors, not the expenses of an individual factory or manufacturer.
Materials costs are only part of the picture. Wages, depreciation, outside services and other expenses still matter, so subtracting a ratio from 100% will not produce a profit margin. The figures cannot tell us whether differences arise from production methods, product mix or purchased-component content.
Both parts of the ratio are measured in current dollars. Changes in input and selling prices can shift the percentage even if physical output changes little. And because every observation is for 2024, none should be read as an actual 2026 cost figure.
Frequently Asked Questions
Which manufacturing industry had the highest ratio in 2024?
Petroleum and coal products (NAICS 324), at 81.24%. Census estimated $580.8 billion in materials costs and about $715.0 billion in shipments for this subsector.
Which industry spent the most on materials in dollar terms?
Transportation equipment (NAICS 336), with $716.6 billion in reported materials costs. It ranks second in this percentage-based table because its materials-to-shipments ratio was 64.87%.
Do these figures describe manufacturing in 2026?
No. The source data are for 2024 and were released in September 2026. This is a 2026 snapshot of the latest verified figures used here, not a set of 2026 estimates or projections.
Does the Census publish the ranking itself?
No. Census publishes the dollar estimates for materials and shipments. StatRanker calculated each percentage by dividing materials by shipments and multiplying by 100.
Does “cost of materials” refer only to raw materials?
No. Census manufacturing reporting also covers parts, supplies and other material-related items, including resale without further processing, contract work, purchased fuels and electricity. It cannot isolate raw commodity purchases alone.
What does the 54.57% U.S. manufacturing ratio mean?
Combined materials costs of $3.8096 trillion divided by combined shipments of $6.9805 trillion. It is weighted by each industry’s shipment value, unlike the 46.50% median of the 21 industry ratios.
Can all 21 subsectors be compared on the same basis?
Yes. All use the same 2024 Census survey, the U.S. geography and three-digit 2017 NAICS categories. They remain broad industry aggregates, however, so the ratio is not a benchmark for every company in a subsector.
Is the remainder after materials costs the profit margin?
No. The ratio omits many other costs, including labor and services. Subtracting it from 100% does not calculate either gross profit or net profit.
Sources and Verification
The dollar inputs come from the U.S. Census Bureau. FRED displays the same Census observations and provides an additional way to check them; it is not an independent second source.
U.S. Census Bureau — AIES31BASIC01
Numeric source. The 2024 materials-cost and shipment-value estimates used to calculate the ratios for all 21 three-digit industries.
https://data.census.gov/table/AIESBASIC2024.AIES31BASIC01U.S. Census Bureau — AIES31BASIC03
Methodology and validation. Reports the materials-cost components and the nationwide manufacturing totals against which the 21 industry sums were checked.
https://data.census.gov/table/AIESBASIC2024.AIES31BASIC03U.S. Census Bureau — AIES Data Release
Methodology. Release timing, survey coverage and notes on the AIES estimates.
https://www.census.gov/newsroom/press-releases/2026/2024-aies-data-release.htmlU.S. Census API — Field Definitions
Methodology. Official definitions and units for EXPS_CSTMTOT_DVAL and RCPT_TOT_VAL.
https://api.census.gov/data/2024/aiesbasic/groups/AIES31BASIC01.htmlFRED — Census AIES Time Series
Validation, not an independent numeric source. Reproduces the Census AIES series. The petroleum and coal products links illustrate the materials and shipments fields.
https://fred.stlouisfed.org/series/AIES324TCMUShttps://fred.stlouisfed.org/series/AIES324RCTUSFederal Reserve — Industrial Group Classification
Category methodology. Used for durable and nondurable groupings, not for any numerical ratio.
https://www.federalreserve.gov/releases/g17/SandDesc/Tab1Notes.htm