Written by Dominik Görts, President Industry Applications at NORMA Group, as part of our special 'taking stock of the 2020s' project...
The 2020s have been an exceptionally volatile decade. It began with a global pandemic that disrupted economies worldwide and, in some cases, led to literally empty shelves and severe supply chain disruptions. One conclusion is clear: companies had to fundamentally rethink their supply chains. As the industry gradually returned to modest but stable growth, supply and delivery networks became significantly more resilient. At NORMA Group, our international footprint had already led us to value a “local for local” production approach. The experience of Covid19 reinforced this strategy, which will remain essential given ongoing geopolitical challenges.
While the automotive industry – particularly in Europe – has faced challenges, the industrial segment of the fastener and joining technology market shows strong potential. The global fastener market is projected to grow up to 4% annually, reaching approximately USD 3.9 billion by 2030 (source: QYR Research). Against this backdrop, we at NORMA Group are sharpening our focus on our core business and aim to further tap into this growth. We thus plan to develop into an “Industrial Powerhouse,” emphasising distributor business as well as industrial, capital project, and infrastructure segments.
"Large infrastructure projects, such as high capacity data centres, will continue to drive demand for robust fastening solutions for cables, cooling lines, and related application"
From an industry perspective, home & industrial appliances, industrial machinery, pharma/biotech as well as agricultural and construction machinery remain a key pillar. Large infrastructure projects, such as high-capacity data centres, will continue to drive demand for robust fastening solutions for cables, cooling lines, and related applications. The new energy market is also expanding. Stationary energy storage systems, solar, and wind energy projects offer attractive opportunities to be expected with a 45% annual growth rate until 2030. However, market growth alone will not determine the industry’s future. It will also be about the way we do business. Digitisation is a decisive factor, going beyond a megatrend, with examples for higher requirements including increased self service for customers and real time shipment tracking.
Sustainability is another key driver. Stricter regulations and rising material costs push customers to seek more efficient and sustainable solutions. One visible trend is the shift from metal to plastic components, offering lower weight and reduced material costs.
While standard parts will remain the majority of our business, demand for customised solutions is rising. Digitisation enables faster and more flexible product development. Modular manufacturing and 3D printing for prototyping keep customised solutions economically viable, even for smaller volumes. This requires specific expertise, which is why NORMA Group continues to invest in engineering capacity and innovation.
Looking ahead, the second half of this decade will bring significant change but also substantial opportunities for growth. And if I may return to the metaphor of taking stock, I am confident that by 2030 the shelves for our industry will be well stocked.
There are more views and opinions in Torque Magazine's 'taking stock of the 2020s' project online.
