Even worse, more manufacturers are confirming that the shortage could last "for at least another year", catalyzed by sharp post-pandemic demand for automobiles and electronics.
Flex, the world's third-biggest electronics contract manufacturer, offered up the "gloomiest" forecast for the crisis yet to FT this week. The company has more than 100 sites in 30 countries and works with major names like Dyson and HP.
Lynn Torrel, Flex's chief procurement and supply chain officer, told FT: "With such strong demand, the expectation is mid to late-2022 depending on the commodity. Some are expecting [shortages to continue] into 2023."
Revathi Advaithi, chief executive of Flex added that the shortage has prompted the company's multinational customers to "take a far more serious look at restructuring their supply chains than the trade war between the US and China ever did".