FastenersASIA May 2024

Industry news

European Springs announces leadership appointments

strategic expertise to lead the region’s growth initiatives. Sharing his insights on the direction in which he plans to steer the company’s growth and operations, Mr McSheehy said, “I’m excited to step up into my new role as business development director for continental Europe within the Lesjöfors Group. I’ll be overseeing operations across nine companies, with a key focus of my new role being to build stronger collaboration while maintaining local autonomy across our European operations, focusing on boosting sales and developing a more focused approach to digital marketing.” the responsibilities of managing director for European Springs & Pressings, with a focus on innovation and excellence, and elevating customer experience. Discussing his new role, Mr Wilby said, “Moving up from a production manager to managing director has been quite a journey and demonstrates how our Jason Wilby will take on different categories within the industry, such as bolts, nuts, washers and others, showcasing the breakdown of value sales. The ubiquity of fasteners in automobile design is emphasised, revealing their crucial role in vehicle assembly. “Removable” – one of the segments analysed in the report – is projected to record 4.6 per cent CAGR and reach $14.8bn by the end of the analysis period. Growth in the “Permanent” segment is estimated at 3.6 per cent CAGR for the next eight-year period. The report also looks at the complexity of fasteners, emphasising their deceptive simplicity. It discusses how modular manufacturing and production platforms have become the cornerstone of fastener demand, driving their importance in the automotive industry. Global market prospects and outlook are explored, with dynamic elements that have the potential to amplify the growth

European Springs is a major brand in the springs, pressings and wire forms industry, providing bespoke services and a stock catalogue of more than 12,000 items. The company, which is a member of the Lesjöfors Group, has announced two significant management changes. Stuart McSheehy will take the role of sales and business development director for Europe as part of the Lesjöfors Group, to use his industry knowledge and

Mr Hedvall with new managing director Jason Wilby

company values internal growth and efficiency. I’m really excited to tackle this new challenge and can’t wait to lead European Springs & Pressings to even greater heights.” Christoffer Hedvall, regional Lesjöfors vice president for Europe, commented, “We are confident in Stuart’s and Jason’s abilities to lead us to new heights of achievement, and welcome them in their new roles.” European Springs and Pressings Ltd www.europeansprings.com

Christoffer Hedvall, regional vice president for Europe (left), with Stuart McSheehy, sales and business development director for Europe

Global automotive fasteners strategic analysis report

of the automotive fasteners market. The Asia-Pacific region, as the largest auto production hub, dominates the global market, with around 55 per cent share in world automobile production. the industry is detailed, highlighting the diverse strategies employed to remain competitive. The automotive fasteners market in the USA was estimated at $3.1bn in 2022. China is forecast to reach a projected market size of $6.3bn by 2030, with a CAGR of 8.2 per cent over the analysis period 2022 to 2030. Among the other noteworthy markets are Japan and Canada, forecast to grow at 1.7 and 2.8 per cent, respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 2.4 per cent CAGR. Research And Markets www.researchandmarkets.com The competitive scenario in

The “Automotive fasteners – global strategic business report” has been added to Research And Markets’ portfolio. According to the report, the global market for automotive fasteners – estimated at $17.6bn in the year 2022 – is projected to reach a revised size of $24.4bn by 2030, growing at a CAGR of 4.1 per cent over the analysis period 2022-2030. The report reveals how automotive fastener manufacturers tackled the challenges posed by the pandemic, and provides an overview of the global key competitors’ percentage market share in 2022. The report starts with an introduction to automotive fasteners and their critical role in the automotive industry. It also looks into the various types of mechanical automotive fasteners and the importance of fastener finishing. A segmental overview highlights the

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May 2024