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A53724 | Pages: 258 | Charts: 56 | Tables: 120 |
The Global Structural Wood Screws Market Size was valued at $4.2 billion in 2021, and is projected to reach $6.8 billion by 2031, growing at a CAGR of 4.9% from 2022 to 2031. Structural wood screws are heavy-duty screws that are mainly used in building and construction projects. These screws are typically longer in length and are made with high-strength steel. It incorporates a special thread design that provides enhanced holding power and greatly reduces any risk of slippage. Commonly, these are used for attaching structural elements including beams, joists, and others.
The construction and infrastructure sector is witnessing a significant upsurge with the growing population and urbanization across the globe. The developments in construction are positively affecting the structural wood screws market. According to the United Nations projections, at the end of 2022, the global population reached 8 billion and is expected to increase to 9.7 billion in 2050. Countries in Asian and African continents are expected to play an instrumental in the global population surge and increasing urbanization.
Structural wood screws have higher shear and tensile strength, leading to a stronger connection between wood and wood or wood and other materials. In addition, the widely used materials used for manufacturing these screws are stainless steel and carbon steel which are known for their high strength. Moreover, structural wood screws do not require a pre-drilled hole, these screws can directly be drilled into the wood, making it quick to work with. Furthermore, structural wood screws provide higher aesthetics, as it can be countersunk or hidden into the wood surface. Moreover, these screws are used in various applications such as in framing, decking, and others including furniture and interior and exterior designing.
Moreover, wood has been utilized in construction for thousands of years, owing to its various benefits. Wood is an eco-friendly construction material, it can be sustainably sourced from the forest, it is bio-degradable, and can easily be recycled or repurposed in other applications, eventually greatly reducing its carbon footprint. Furthermore, wood is also strong and durable; however, not as strong as steel and durable, thus it is widely used in small-scale construction such as one- or two-story buildings. In addition, wood is light in weight.
Moreover, if adequately treated, wood is resistant to fire, and pests, and does not easily rot. The increasing demand for wood in construction is greatly improving the structural wood screws market outlook. For instance, about 1/3rd of the lumber used in the U.S. is utilized in the construction sector. Moreover, according to the USDA Forest Service in Forestry, if the GDP of the U.S. remain above 2.0% the demand for wood is anticipated to increase for expected growing number of houses. In addition, the U.S. Bureau of Labor Statistics (BLS) projects the economy to grow by 2.1% each year, on average, from 2021 to 2031. These two factors combined indicate a rising demand for wood in construction in the coming years.
However, fluctuating cost of raw materials required to manufacture structural wood screws is anticipated to restrain the structural wood screws market growth during the forecast period.
Moreover, rise in concerns over climate change is greatly influencing the construction industry is a major structural wood screws market opportunity. Governments in various countries are encouraging the use of wood in construction to reduce the carbon footprint of the construction sector; countries such as Germany, Nordic countries, France, Canada, and the U.S. are among the top such countries.
The demand for structural wood screws decreased in 2020, owing to low demand from different industries due to lockdowns imposed by the government of many countries. The COVID-19 pandemic shut-down the construction industry all across the world, leading to a halt in demand for structural wood screws construction. This hampered the growth of the structural wood screws market significantly during the pandemic.
The major demand for structural wood screws was previously noticed from major countries including the U.S., Germany, Italy, France, and developing countries having large population such as India, and China. These countries were badly affected by the spread of coronavirus, thereby halting demand for structural wood screws. However, owing to the introduction of various vaccines, the severity of the COVID-19 pandemic has significantly reduced. This has led to the full-fledged reopening of businesses involved in the structural wood screws market, and also led to increased activities in the construction sector.
Furthermore, it has been more than two and a half years since the outbreak of this pandemic, and many companies have already shown notable signs of recovery. Contrarily, as of the beginning of 2023, the number of COVID-19 infection cases surged again, especially in China, this brought negative sentiments in the market, which may have a negative impact on the structural wood screws market for a short duration. Thus, businesses involved in structural wood screws manufacturing must focus on protecting their workforce, operations, and supply chains to respond to such crises and find new ways of working.
The structural wood screws market is segmented on the basis of type, application, business type, and region. By type, the market is bifurcated into carbon steel and stainless steel. By application it is categorized into construction, furniture and craft, and others. By business type, the market is bifurcated into in-store and online. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
[TYPEGRAPH]
The structural wood screws market is divided into carbon steel, and stainless steel. In 2021, the stainless steel segment generated the largest revenue share, and the carbon steel segment is expected to dominate the structural wood screws market forecast by growing with a higher CAGR. The stainless steel structural wood screws are widely used owing to a greater balance of stainless steel between hardness and mailability. Moreover, stainless steel screws do not corrode, making them applicable in regions having high humidity levels.
Furthermore, carbon steel structural wood screws are relatively cheaper than stainless steel ones, which is positively influencing the growth of carbon steel structural wood screws. In addition to this, structural wood screws made with carbon steel can corrode easily; thus, they are coated with zinc or other protective material to prevent corrosion.
[APPLICATIONGRAPH]
The structural wood screws market is classified into construction, furniture and craft, and others. The new construction segment accounted for a larger share of the market in terms of revenue in 2021. Moreover, the furniture and craft segment is anticipated to grow with a higher CAGR during the forecast period. The high demand for structural wood screws by the construction segment is attributed to rising in population and increasing urban population especially in the Asia-Pacific. Furthermore, wood is historically being used for making furniture and craft items owing to its durability, and premium appearance.
[BUSINESSCHANNELGRAPH]
The structural wood screws market is categorized into in-store and online. Among these, the in-store segment accounted for a larger structural wood screws market share in terms of revenue in 2021. Moreover, the online segment is anticipated to grow with a higher CAGR during the forecast period. Buying any item including structural wood screws from a physical store allows the buyer to properly inspect the goods before buying; thereby ensuring high quality of the product. In addition, there is no lead time between placing an order and receiving it, making the entire transaction fairly easy, simple and quick. Such factors have been instrumental in growth of the in-store segment. Moreover, the online mode allows the buyer to choose from a wide variety, which is very difficult to accumulate in a physical store.
[REGIONGRAPH]
The structural wood screws market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific accounted for the largest market share; and the same segment region is anticipated to grow with the highest CAGR during the forecast period. The higher market share of Asia-Pacific is attributed to various factors such as increasing disposable income, high urbanization, and increasing construction activities. Moreover, high economic growth potential of Asia-Pacific is also anticipated to drive demand for construction including wood-based construction. In addition, builders are also utilizing wood in construction to achieve the sustainable goals set out by the governments.
For instance, the government of China is encouraging the utilization of wood in rooftop extensions, curtain walls, tourist facilities, schools, hospitals and other official buildings. Such factors are expected to drive growth of the structural wood screws market. Furthermore, in 2021, Europe accounted for second largest revenue share of the market. Between 2000 and 2015, the total built-up area of Europe increased by about 20%, indicating an increasing demand for construction. In addition to this, governments in various countries in Europe such as Germany, and France initiated different policies that encourage the use of wood in construction; thereby, driving the growth of structural wood screws market.
For instance, the government in France has mandated that public buildings financed by the government must contain at least 50% wood or other organic materials like hemp or straw by 2022. In addition, According to a report by the Association of Woodworking and Construction Industries in Italy, the wood construction sector in 2019 showed a 2.3% increase in production. Additionally, 3,300 wooden units were built in Italy in 2019. This indicates positively increasing trend of utilization of wood in construction. Such factors are expected to drive the market growth.
Competitive analysis and profiles of the major players in the structural wood screws, such as Simpson Manufacturing Co., Inc. (Simpson Strong-Tie Company, Inc.), E.u.r.o.Tec GmbH, 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.
The report provides an extensive analysis of the current and emerging structural wood screws market trends and dynamics.
In-depth structural wood screws market analysis is conducted by constructing market estimations for key market segments between 2021 and 2031.
Extensive analysis of the structural wood screws market is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
The structural wood screws market forecast analysis from 2022 to 2031 is included in the report.
The key players within the structural wood screws market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the structural wood screws industry.
Key Market Segments
Key Market Players