How is Brazilian fastener market?

A foundamental part of Brazil's GDP is the industrial sector, which represent 11.3% of the total GDP and is one of the key sectors where fasteners are concerned. Therefore, by monitoring the market involved within the industrial sector we can get a good understanding of the current situation whith the Brazilian fastener market.

Undoubtly the main market for fasteners within Brazil is the automotive sector, with around 30kg to 40kg of fasteners used per passenger car. Unfortunately, the current Brazilian car production is in stagnation, with only 3.359 million units produced in 2023, significantly down on 2.944 millions produced in 2019-according to stats from ANFAVEA ( the local Brazilian automotive manufacturers asssoication. )

In 2024 the association predicts a 4.7% rise, but there are no signs that the numbers will get anywhere near the 2019 figures. , at least not for the next three or four years. There are a multitude of reasons why there has been this slowdown, of course the Covid-10 pandamicw would have been a factor, bu the consideration has to also be given to the fact that the consumer behaviour is also changing-with the younger generation happier to use ride sharing Apps, rather than invest in a car. 

The automotive slowdown is also reflected in both bus and truck production. After reaching 193,480 units in 2022 the figures are predicted to not overcome 123,000 in 2023-a fall of 36%-bu with suggestions it could reach 160,000 in 2024 according to ANFAVEA.