According to a new report published by Allied Market Research, titled, “North America Structural Wood Screws Market by Type, Business Channel, Application and Region: Country Opportunity Analysis and Industry Forecast, 2023–2032,” The North America structural wood screws market size was valued at $588.2 million in 2020 and is projected to reach $1002.2 million by 2032, registering a CAGR of 4.4% from 2023 to 2032.
The North America structural wood screws market for construction has witnessed a surge largely owing to increased utilization of wood in residential buildings along with some commercial buildings. Structural wood screws find extensive use in connecting and joining various wooden construction elements or affixing wood to other materials. Known for their length, durability, and broad threads, these screws create robust joints between different structural components, ensuring a secure connection and minimizing the possibility of slippage. In addition, their versatility extends to applications beyond construction, encompassing furniture making, crafting, interior and exterior design, and even in assembling wooden shipping containers.
Commonly used materials for making structural wood screws are stainless steel and carbon steel. Out of these, the stainless steel segment accounted for a higher market share in terms of revenue owing to high strength of stainless steel and its corrosion resisting capability. Moreover, the carbon steel segment is anticipated to dominate the North America structural wood screws market for construction forecast by growing with a higher CAGR, attributed to its relatively lower cost than the stainless steel structural wood screws.
Furthermore, structural wood screws are used in various applications including roofing, walls, internal flooring, decking, framing, and others. Among these, the framing segment dominated the North America structural wood screws market share for construction in terms of revenue generated in 2020. On the other hand, decking segment is anticipated to grow with the highest CAGR during the forecast period. Growth in construction which is largely attributed to the increase in population and high rate of urbanization in various parts of North America.
Moreover, North America structural wood screws market for construction is also bifurcated on the basis of business channel which includes; in- tore, and online. Out of these two segments, the in store segment accounted for a higher revenue share in 2020, and the online segment is expected to grow with a higher CAGR during the forecast period. Items purchased from a physical store can be properly inspected before buying, thereby ensuring the appropriate quality of the structural wood screws. Moreover, the main benefit of buying structural wood screws via online mode is the availability of a large variety of screws.
The market is mainly driven by the rise in demand for wood in construction, growth in trend of home renovation and improvements, and superiority of structural wood screws. However, factors such as fluctuating cost of raw materials required to make structural wood screws are anticipated to restrain the North America structural wood screws market for construction growth. Contrarily, the rise in demand for sustainability in construction is expected to increase the adoption of wood; thereby, providing opportunities to the North America structural wood screws market growth for construction.
In 2020, the U.S. dominated the North America structural wood screws market for construction share, in terms of revenue, and Mexico is anticipated to grow with the highest CAGR during the forecast period.
However, various businesses in the North America structural wood screws market for construction are expected to witness a slow growth rate in the coming year, owing to the economic slowdown driven by the Ukraine-Russia war. The inflation has already led to higher prices of materials in construction sector, leading to low demand for structural wood screws.
The major players in the structural wood screws, such as Simpson Manufacturing Co., Inc. (Simpson Strong-Tie Company, Inc.), Screw Products, Inc., Fischer Group, Steel Partners Holdings L.P. (OMG, Inc.), Illinois Tool Works Inc. (GRK Fasteners), Trifast plc (TR Fastening), Altenloh, Brinck & Co US, Inc., National Nail Corp. (Camo Fasteners), Berkshire Hathaway Inc. (MiTek Industries Inc.), and EJOT Holding GmbH and Co. KG.
Key findings of the study
- The report provides an extensive analysis of the current and emerging North America structural wood screws market trends for construction and dynamics.
- Depending on the type, the stainless steel segment dominated the North America structural wood screws market for construction, in terms of revenue in 2020.
- By application, the framing segment accounted for a higher revenue share of the market share in 2020.
- By business type, the in-store segment dominated the North America structural wood screws market for construction, in terms of revenue in 2020.
- Mexico is projected to register the highest growth rate in the coming years.
- The key players within the North America structural wood screws market Analysis for construction are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the structural wood screws industry.
- The report provides an extensive analysis of the current trends and emerging opportunities in the market.
- In-depth North America structural wood screws market forecast for construction analysis is conducted by constructing estimations for the key segments between 2023 and 2032.