Structural Wood Screws Market Growth, Business Prospects, Top Players and Forecast by 2031
Structural Wood Screws Market Expected to Reach $6.8 Billion by 2031
PORTLAND, OR, UNITED STATES, May 2, 2023 /EINPresswire.com/ — The structural wood screws market size was valued at $4.2 billion in 2021, and is estimated to reach $6.8 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031.
The structural wood screws market has witnessed a surge largely owing to increased utilization of wood in residential buildings along with some commercial buildings. Structural wood screws are widely used for attaching and joining two wooden construction elements or for attaching wood with other elements. Structural wood screws are long, durable, and have wider threads, leading to a strong joint between the two structural elements, and eliminating the risk of any slippage. Furthermore, these screws are also used in other applications such as in making furniture, craft, interior and exterior designing, shipping containers made of wood, and others.
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Top Players:
Simpson Manufacturing Co., Inc. (Simpson Strong-Tie Company, Inc.), Steel Partners Holdings L.P. (OMG, Inc.), Trifast plc (TR Fastening), National Nail Corp.(Camo Fasteners), EJOT Holding GmbH and Co. KG, ALTENLOH, BRINCK and CO US, Inc., Berkshire Hathaway Inc. (MiTek Industries Inc.), Fischer Group, Illinois Tool Works Inc. (GRK Fasteners), E.u.r.o.Tec GmbH
Driving Factors:
The market is mainly driven by the rise in demand for wood in construction, high demand for wooden furniture, and superiority of structural wood screws. However, factors such as fluctuating cost of raw materials required to make structural wood screws is anticipated to restrain the structural wood screws market growth. Contrarily, the rise in demand for sustainability in construction is expected to increase the adoption of wood; thereby, providing growth opportunities to the structural wood screws market.
Segmentatn Based On:
Type –
Carbon Steel
Stainless Steel
Application –
Construction
Furniture and Crafts
Others
By Region –
North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Rest of Europe)
Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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However, various businesses in the structural wood screws market had to stop their business in countries such as China, Vietnam, Germany, France, and the U.S., during the pandemic. This break directly impacted the structural wood screws industry. In addition, the lack of manpower and lockdowns constricted the supply of raw materials for the construction of various structural wood screws; and negatively influenced the growth of the structural wood screws market. However, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly, owing to the introduction of vaccinations. However, the spontaneous growth of COVID-19 cases in China at the end of 2022 was an event of concern for the entire world.
Key findings of the study
• The report provides an extensive analysis of the current and emerging structural wood screws market trends and dynamics.
• Depending on the type, the stainless steel segment dominated the structural wood screws market, in terms of revenue in 2021.
• By application, the construction segment accounted for a higher revenue share of the market share in 2021.
• By business type, the in-store segment dominated the structural wood screws market, in terms of revenue in 2021.
• Asia-Pacific is projected to register the highest growth rate in the coming years.
• The key players within the structural wood screws market are profiled in this report, and their strategies are analyzed thoroughly, which help
understand competitive outlook of the structural wood screws industry.
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David Correa
Allied Analytics LLP
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