Insight

Welcome to the 2024 Janus Perspective, a unique feature that includes a wide cross section of global fastener business leaders. Named after the Roman God 'Janus' – who had the ability to look to the future and to the past, and was often depicted with having two faces – this feature brings together thought leaders from every facet of the industry, from around the world, to give us their retrospective on 2023, as well as prospects and challenges for 2024.

Fatih Uysal, chairperson

The primary challenge for the fastener industry in 2023 revolved around the political environment and how it continued to impact the global supply chain.

Consequently, production processes, product availability, and delivery times, were also influenced by economic uncertainties – such as inflation, currency depreciation and interest rates. All of which made it challenging for manufacturers to understand and predict demand fluctuations. Additionally, trade disputes, changes in government regulations, and geopolitical tensions, have adversely impacted the supply chain process.

Despite all these global challenges, we continued to gain new customers, carry out new projects, and maintain our current collaborations, thanks to our over 50 years of experience in the fastener industry. We were very proud to celebrate our 50^th year in the industry in 2023 and for the next 50 years we plan to continue with a dual identity as a Full Service Provider (FSP) and a trusted manufacturer. 

In fact, in addition to our in-house manufactured products, we are also able to offer a wide range of fasteners to meet all the needs of our valued customers. Plus, our comprehensive suite of services, including R&D, design, engineering, production, sourcing, supply chain management, and risk mitigation, position us as the ultimate ‘one stop solution’ for our clients. 

Through one of our companies, Norm Additive, we are even able to support our customers in enhancing structural parts – allowing for weight reduction and performance improvements while offering cost and supply speed advantages compared to traditional production methods. In 2024, we will continue to invest in additive manufacturing and increase our production capacity.

A key trend that has become an advantage for us is deglobalisation, with customers in Europe and neighbouring markets having redirected their preferences toward the Turkish market instead of Asian alternatives. This shift has proven especially beneficial for our automotive sector. On the other hand, the significant decline in prices, due to excess capacity in Asia, presents a challenging process for the distributors within our customer group.

In 2023 we also continued our machinery investments to modernise and increase production capacity. Thanks to our production capability, and hi-tech manufacturing processes, we have been able to reduce lead times and keep up with customer demands. In addition, as part of risk management, we have increased the diversity of our products and industries in which we operate.

To further support our customers, we are also excited to announce the successful establishment of our new Gölcük logistics centre in Turkey, which will serve as the central hub for managing Europe’s most extensive commercial vehicle program. This critical milestone signifies our commitment to serving our customers efficiently and effectively. With our dedicated and strengthened team, we are poised to make a mark with our professional FSP expertise in forthcoming projects.

Looking towards 2024, global economic growth is expected to be slower due to high interest rates, increased energy prices, geopolitical risk, as well as the wars in Ukraine and the Middle East. Also, the automotive industry is one of the sectors most seriously affected by disruptions in the supply chain. The biggest problem is instability, which will probably continue next year. However, there will be a significant increase in the adoption of electric vehicles and by 2030 55% of all cars sold in Europe are expected to be fully electric. From this perspective, in-line with the needs of the sector, we have concentrated on weight reduction R&D activities for our fasteners. This has enabled us to produce innovative products in different forms under the Hexlight® and Extremelight® brands. With the development of new and innovative products, more than 40 patents, utility models, and industrial design applications, we have been able to enhance our competitiveness in domestic and international markets.

In the coming years collaborative digital ecosystems with stakeholders will also be preferred over separate companies. The need to quickly implement innovations in business models, with redesigned supply chains, will increase. Corporate diversity, equity and
inclusion goals will take center stage in supply chains. An awareness of the sociological and environmental impacts of supply chains will increase in the context of sustainability. Implementing advanced technologies in supply chains will also be crucial for gaining a
competitive edge.

In addition to our manufacturing capabilities within Turkey, we have sales and logistics centres in nine countries and a robust logistics network. This means we are able to stand alongside our business partners to minimise potential risks in the supply chain.

In 2022, we expanded our operations by establishing a new sales centre in Canada and we strengthened our European presence by opening sales and logistics centers in Germany, Poland, Romania and France. In addition, we have started working towards building a production facility in the United States, which, when coupled with the sales centre in Canada, will enable us to access one of the world’s largest markets and grow faster.

Adapting quickly to uncertainties in the VUCA climate is possible only with an agile and resilient supply chain. In this context, we foresee that ‘real time’ and end-to-end integration among all stakeholders in our supply chains will continue to grow. Through technology
supported processes, it is possible to advance supply chain processes in the analysis of large datasets, prepare for possible scenarios and end-to-end traceability. 

As Norm Holding, we are continuing our innovative studies intensively to generate a solution that considers the requirements and current state in the industries within the frame of regulatory actions and sustainability.

In 2024 it will be a necessity to take bolder steps in the sustainability journey. With the increasing awareness of consumers, and the changing practices in international trade, monitoring and improving supply chains’ sociological and environmental repercussions will be the future megatrend.