PUBLISHER: Allied Market Research | PRODUCT CODE: 1298332
PUBLISHER: Allied Market Research | PRODUCT CODE: 1298332
The global structural wood screws market size was valued at $4,225.8 million in 2021 and is projected to reach $6,818.3 million by 2031, registering a CAGR of 4.9% from 2022 to 2031. Structural wood screws are specialized screws used in heavy or critical applications such as for joining wood structural members in a wood frame construction as well as for other application such as decking, installing drywalls, false ceiling, and other applications including furniture and interior and exterior designing. 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.
An increase in the number timber-based construction projects around the world is driving the need for structural wood screws. The rise in number of such projects is directly proportional to the rise in population and urbanization. According to the United Nations, the expected population in 2050 is going to be over 9.5 billion, which is 1.5 billion more than that of in 2023. Moreover, demand for furniture is also anticipated to increase with the surge in number of households and offices, which is a result of increasing urbanization.
Furthermore, the structural wood screws market witnessed a halt due to the COVID-19 pandemic, which led to a short-term decline in the market growth. However, the market is expected to fully recover by the end of 2023 owing to the decrease in number of COVID-19 cases.
Moreover, wood is considered a sustainable building material owing to its various eco-friendly features such as bio-degradability, recyclability, and others. Thus, rise in adoption of wood is anticipated to provide lucrative growth opportunities to the key players in the market.
The structural wood screws market is segmented on the basis of type, application, business type, and region. By type, the market is categorized into carbon steel, and stainless steel. By application, it is divided into construction, furniture and craft, and others. By business type, the market is classified 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).
Key companies profiled in the structural wood screws market report: include 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.