PUBLISHER: The Business Research Company | PRODUCT CODE: 1428309
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428309
Structural wood screws are specialized fasteners designed for construction and woodworking projects, providing a secure and durable connection between wooden components. These screws are engineered to offer high strength and stability when joining timber, plywood, and other wood materials.
The main types of structural wood screws include carbon steel and stainless steel. Carbon steel screws are primarily composed of iron and carbon. Often, these screws are coated or treated to improve their corrosion resistance, especially when used in outdoor or moisture-prone environments. These screws are available through various distribution channels, including online marketplaces, hardware stores, and others, and find applications in construction, furniture and crafts, and various other woodworking projects.
The structural wood screws market research report is one of a series of new reports from The Business Research Company that provides structural wood screws market statistics, including structural wood screws industry global market size, regional shares, competitors with a structural wood screws market share, detailed structural wood screws market segments, market trends and opportunities, and any further data you may need to thrive in the structural wood screws industry. This structural wood screws market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The structural wood screws market size has grown strongly in recent years. It will grow from $4.56 billion in 2023 to $4.8 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed in the historical period can be attributed to the expansion of the furniture industry, increased construction activities in various regions, rising investments in the global construction industry, emphasis on effective pricing strategies by manufacturers, and intense competition leading to low product differentiation.
The structural wood screws market size is expected to see strong growth in the next few years. It will grow to $6 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The anticipated growth in the forecast period can be attributed to booming government investments, increased investments in commercial constructions such as hotels, hospitals, and educational institutions, a rise in the adoption of structural wood screws in new residential projects, and changing consumer lifestyles. Key trends expected in the forecast period include innovations in screw technology, product customization, the launch of heavy-duty wood screws, innovative designs, and partnerships and collaborations within the industry.
The anticipated growth in the construction and furniture industries is poised to drive the expansion of the structural wood screws market. These industries encompass a wide range of activities related to the creation, design, manufacture, and installation of structures, buildings, furniture, and fixtures. Structural wood screws play a crucial role in these sectors, offering superior structural integrity and secure, durable connections for wood-based structures and furniture. As of July 2023, the U.S. Census Bureau reported an expected annual rate of construction spending in May 2023 at $1,925.6 billion, indicating a 0.9% increase from the April estimate and a 2.4% rise from May 2022. Additionally, data from December 2022, provided by the Natural Resources Institute Finland (Luke), indicated a 9% increase in total round wood use in Finland in 2021, reaching 85.2 million cubic meters. This growth in the construction and furniture industries is a driving force behind the expansion of the structural wood screws market.
The growth of the structural wood screws market is further propelled by government initiatives supporting the wood products economy. These initiatives, involving policies, programs, and actions by government authorities, create an environment conducive to the market's growth by influencing the availability, quality, and demand for wood materials. In April 2023, the United States Department of Agriculture announced the allocation of nearly $34 million from President Biden's Bipartisan Infrastructure Law to support projects enhancing the wood products economy and promoting sustainable forest management practices. This investment aims to foster economic growth and environmental stewardship in the forestry sector, contributing to the growth of the structural wood screws market.
A notable trend in the structural wood screws market is the adoption of technological advancements by major companies to sustain their market positions. In January 2023, FastenMaster Inc., a U.S.-based structural wood screws manufacturing company, introduced the VersaLOK structural wood screw. This heavy-duty screw, designed for a range of interior and exterior wood-to-wood applications, combines the speed and ease of installation with the strength of a ½-inch lag bolt. Featuring a TORX tap drive system and a flat head for flush installation, VersaLOK fasteners are IBC/IRC code compliant, ACQ approved, and equipped with FastenMaster's exclusive ProjectLife coating for guaranteed durability throughout the project.
Major companies in the structural wood screws market are also launching innovative products, such as a four-layer coating system, to enhance profitability. This coating system, applied in four distinct layers, provides exceptional corrosion resistance and durability. In January 2023, CAMO Fasteners introduced high-performance structural screws with PROTECH ULTRA 4 Coating, surpassing industry standards with twice the tested durability. Engineered for fast starts without pre-drilling, these screws ensure smooth driving and robust holding, making them suitable for various interior and exterior applications.
In April 2022, LindFast Solutions Group, a U.S.-based master distributor of specialty fasteners, acquired Fasteners And Fittings Inc. This acquisition allows LindFast Solutions Group to enhance its supply chain capabilities, serving more customers efficiently. Fasteners And Fittings Inc., based in Canada, is a manufacturing company specializing in the production of structural wood screws.
Major companies operating in the structural wood screws market report are Lowes Companies Inc., SFS Group AG, Simpson Strong Tie Co. Inc., Hillman Group Inc., Fischer International, EJOT, FORCH GmbH & Co.KG., primesource building products Inc., KYOCERA SENCO Industrial Tools Inc., Mitek Systems Inc., Dresselhaus, Rothoblaas SRL, Fastenmaster Inc., Kreg Tool Company, SPAX International GmbH & Co. KG, FastCap LLC, Fast-Rite International Inc., Euro Tech Holdings, GRK Fasteners, Schmid Schrauben Hainfeld GmbH, Ford Fasteners Inc., CAMO Fasteners, K.L. Jack & Co., Friulsider S.p.A., TR Fastenings Limited.
Asia-Pacific was the largest region in the structural wood screws market in 2023. It is expected to be the fastest-growing region in the forecast period. The regions covered in the structural wood screws market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the structural wood screws market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The structural wood screws market consists of sales of connector screws, truss plate screws, flat-head structural screws, hex-head structural screws, multi-ply truss screws, and cross-laminated timber screws. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Structural Wood Screws Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on structural wood screws market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for structural wood screws ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The structural wood screws market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.