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.
Jason Sandefur, editor, Globalfastenernews.com
The US fastener market has started 2024 on stable footing, riding a recovery that began in the final quarter of 2023 – amid strong daily sales and higher bookings. In fact, the FIN Fastener Stock Index rose 44.3% in 2023, outperforming the technology heavy NASDAQ composite index that wowed Wall Street with 40% growth in 2023.
Top FINdex performers included construction fastener supplier Simpson Mfg (+120%) and specialty metals provider Carpenter Technology (+91%). The uptick in fastener business came through improved sales, employment and customer inventories, according to the Fastener Distributor Index (FDI). The growth appeared uneven however, with some fastener distributors seeing ‘brisk’ sales while others experienced more stabilisation than acceleration.
“The slowdown finally steadied,” one distributor reported to FDI. “Incoming orders are starting to pick up a bit. Inventory is arriving at the fastest pace in the past three years. Factories overseas are slow, and pricing is coming down, even for stainless.”
Looking forward, the consensus seems to be slow growth for the coming year. However, while inflation has eased, other factors continue to cloud the global economic forecast, led by upcoming presidential elections in the US and Taiwan, as well as shipping disruptions from the Israel-Hamas war.
Of course there are other variables that remain in play. For instance, the emergency landing of a new Boeing 737 MAX 9 aircraft in Portland, Oregon, on 5th January – after an exit panel blew off at 16,000 feet, rekindled questions about the fuselage assembly on the fourth generation of Boeing’s bestselling aircraft. The terrifying accident prompted the FAA to ground more than 170 Boeing 737 Max 9 aircraft for inspection, with each inspection taking 4 to 8 hours per aircraft.
Passenger photos and videos show clean metal brackets where the plug would be latched, with no visible breaks, deformations or tears in the metal to indicate hull failure. The airplane side mounts are also intact and undistorted, which suggests a fastener installation problem, but that is yet to be confirmed.
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
Will manages the content strategy across all platforms and is the guardian for the high editorial standards that the Magazine is renowned.
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