3M’s Revenue by Segment (2017-2023)

This statistic highlights 3M’s Revenue by Segment from 2017 onwards, split across Consumer business, Health care, Safety, and Industrial, and Transportation, and electronics.

3M’s Revenue by segment

The business segments of 3M bring together common or related 3M technologies, allowing for more innovative product and service development and effective resource sharing. The four reportable segments are:

• Consumer business
• Health care
• Safety and Industrial
• Transportation and electronics.

(All figures in billion, except percentages)

3M’s total revenue grew from $8.53 billion in Q1 2020 to $9.48 million in Q1 2021, marking an 11.1% increase on a year-on-year basis. It also grew by 3.5% compared to $9.16 billion in the previous quarter.

The revenue from 3M is bifurcated into the following segments:

Consumer business

The revenue from consumer business stood at $1.37 billion in Q1 2021, which was an 8.7% increase when compared to Q1 2020, where it was $1.26 billion, but declined by 3.6% when compared to Q4 2020, where it was $1.43 billion.

Demand for Command adhesives, Filtrete air quality products, and Scotch Blue painter’s tape led to growth in the home improvement industry, and customer demand for packing and shipping products, as well as Scotch brand office tapes, drove growth in stationery and office supplies. Consumer demand for house cleaning products and solutions has driven continuous growth in the home care industry. This segment accounted for 14% of the total revenue.

Health care

3M’s health care segment generated $2.25 billion in Q1 2021 as compared to $2.10 billion generated in Q1 2020, marking a 6.9% increase on a year-on-year basis. This segment also saw a minor decline of 0.4% in revenue when compared to $2.26 billion earned in Q4 2020.  This segment contributed to 24% of the total revenue.

Higher dental industry activity, continued high demand for biopharma filtration solutions for COVID-related vaccine and therapeutic development and manufacturing, continued strong respirator demand, and improving hospital information technology investments drove growth, which was partially offset by year-over-year declines in elective healthcare procedure volumes. However, food safety sales fell in 2020, due to significant early COVID buy-ins in the foodservice industry.

Safety and Industrial

The revenue from 3M’s Safety and Industrial segment accounted for a majority share of 35% in Q1 2021, amounting to $3.33 billion. It had increased by 13.4% from $2.94 billion in Q1 2020 and by 6% from $3.14 billion in Q4 2020.

Personal safety, roofing granules, industrial adhesives and tapes, automotive aftermarket, electrical markets, and abrasives all saw an increase in revenue, while closure and masking systems saw a decrease. Continued pandemic-related respirator mask demand, improved general industrial manufacturing activity, and other end-market demand also contributed to the growth.

Transportation and Electronics

The revenue from the Transportation and electronics segment grew from $2.24 billion in Q1 2020 to $2.53 billion in Q1 2021, marking a 13.1% increase on a year-on-year basis. It also increased by 8.3% compared to Q4 2020, where it was $2.34 billion. This segment contributed to 27% of the total revenue.

Due to strong demand in the data center, semiconductor, interconnect and consumer electronics markets revenue increased from an electronic related business. Improvement in automotive and end-market activities and increase in car and light truck build led to a growth in automotive and aerospace solutions and advanced materials.

Company Overview

The 3M Company is an American multinational conglomerate based in Maplewood, Saint Paul, Minnesota.  Five businessmen William McGonagle, John Dwan, Danley Budd, Hermon Cable, and Henry Bryan established the 3M Company formerly known as, Minnesota Mining and Manufacturing Company as a mining operation in Two Harbour, Minnesota. It is ranked 95th in the Fortune 500 ranking of the top firms in the United States by total revenue.

3M’s success is dependent on its ability to recruit, maintain, develop, protect, and properly compensate its global workforce. As of December 2020, the company employs more than 95000 employees, with approximately 40000 employed in the United States alone.

The Company’s products are sold under a variety of trademarks and patents all over the world. The corporation produces about 60,000 products in the areas of health care, safety, industrial, transportation, and electronics, which are distributed under a variety of brands. General Electric, Honeywell, Emerson, and Corning are some of 3M’s top competitors.

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