EuroWire July 2020

Corporate News

TR Formac expands presence in Thailand

to exchange information and initiate changes towards a low-carbon transport community. TR’s has over 359,000 square feet of factory space across Malaysia, Singapore and Taiwan, producing 525 million components per month. Thailand is the 13 th largest automotive parts exporter and the sixth largest commercial vehicle manufacturer in the world, and aims to become one of the top performers in the global automotive market, according to the Association of Southeast Asian Nations brie ng online report 2018. TR Formac manufactures and distributes a large range of industrial fasteners and associated components. PSEP (Power Steel & Electro-Plating) in Malaysia was acquired in 2011, and the Thailand o ce opened in 2013. Trifast plc www.trifast.com TR Formac www.trfastenings.com

in mind, and to collaborate with other companies, we decided to join the Electric Vehicle Association of Thailand (EVAT), which the Thai government was instrumental in launching. “There are three phases involving intensive R&D to enable the production of 1.2 million units by 2036, and 690 EV smart charging stations. All types of electri ed vehicles are on the agenda: battery, hybrid, plug-in and fuel cell. Moving into bigger premises facilitates our continued growth; it’s a key part of our strategic business development initiative to move us forwards.” EVAT was set up in 2015 by individuals from the private and public sectors to promote and support industrial manufacturing, research and develop- ment, and EV usage in Thailand. There has been recognition within the country, speci cally at government level, to strengthen the knowledge and global competitiveness of Thailand as an EV manufacturer. Supported by the Ministry of Energy and the Energy Regulatory Commission, EVAT enables members

TR Formac, part of Trifast plc with corporate headquarters in East Sussex, UK, has expanded its global presence by moving into larger premises in Prawet, Bangkok, Thailand, in response to strong growth across Asia and winning new business from global OEMs. The new facility provides around 3,000 square feet of space, enabling the company to trade more e ciently and to help strengthen its position in the growing electric vehicle (EV) market. Operations in Thailand are headed by country manager David Ng, who has witnessed the fast development of the automotive sector across the country. Chris Black, global director of automotive business development, will be supporting Mr Ng and the TR Formac team to increase their market share of the automotive EV sector, sharing his experience and knowledge with the Thailand team. Mr Ng commented, “There are huge growth opportunities in Thailand with key focuses on technology and innovation of electric vehicles. With this

Spring market worth $33.3bn by 2027 The global spring market size is expected to reach US$33.3bn by 2027, registering a CAGR of 4.5 per cent during the forecast period, according to a new report by Grand View Research, Inc.

computer-aided manufacturing (CAM) for countries that are not able to produce them. Increased demand for exports has spurred technological development and industrial production. In turn, the introduction of new industrial technologies, such as the use of 3D printers in manufacturing, has shaped the pattern of the manufacturing sector and increased the demand for springs for robotics as well as for manufactured products. Europe accounted for more than 25 per cent of the global revenue generated in the market in 2019. Rising government investments to boost electric vehicle production/sales are anticipated to promote regional growth over the coming years. In Asia Paci c, the market is expected to witness the fastest growth over the forecast period, owing to substantial growth of the manufacturing sector in countries such as China and India. However, the market is dependent on demand from end users such as automotive and manufacturing. The onset of a nancial crisis is expected to adversely impact market growth. Prices of raw materials such as metal and alloy have rapidly uctuated, hampering market growth, and the presence of a large number of domestic and international market participants has made the market highly competitive. The competitive environment in the market has forced vendors to sell products at low prices, which has impacted pro t margins and restricted further research and development. However, frequent adoption of new manufacturing methods and of customised products is expected to accelerate the growth of the spring market over the coming years. Grand View Research, Inc www.grandviewresearch.com

The market is expected to gain prominence over the forecast period owing to consistent growth in the demand for springs from industries such as automotive and transportation, agriculture and forestry, and construction. The adoption of heavy industrial machinery in developing countries to optimise the manufacturing process is also expected to drive the market. Helical springs are expected to be a key segment, exhibiting the highest CAGR over the forecast period. The primary factor for high growth is the extensive use of these springs in products and machinery in several end-use industries such as automotive and manufacturing. The automotive and transportation segment is expected to witness the highest growth by 2027. This growth is attributed to signi cant demand for springs from electric vehicle OEM manufacturers around the world. In 2019, the global electric vehicle eet exceeded 5mn units, up from 2mn in 2017. Being a crucial part of all electric vehicles, springs are expected to register considerable growth over the forecast period. In Asia Paci c, the spring market is projected to expand at a CAGR of over 3 per cent from 2020 to 2027, owing to increased demand for springs from manufacturing, automobile and transportation sectors in the region. Industrialisation and trade have strengthened each other. Trade has provided access to critical industrial inputs such as raw materials and updated technologies like robotics and

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July 2020