Structural Wood Screws Market Expected to Reach $6.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Structural Wood Screws Market," 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.  

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 structural wood screws market 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 construction, furniture and craft, and others. Among these, the construction segment dominated the structural wood screws market in terms of revenue generated in 2021. Growth in construction is largely attributed to increase in population and high rate of urbanization in various parts of the world such as in China, India, Vietnam, and others. Moreover, the growth in wood-based construction is attributed to the eco-friendly benefits of wood as a construction material.

Moreover, structural wood screws can be acquired via two business channels; in-store, and online. Out of these two segments, the in-store segment accounted for a higher revenue share in 2021, 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, 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.   

In 2021, Asia-Pacific dominated a the structural wood screws market share, in terms of revenue, and the same region is anticipated to grow with the highest CAGR during the forecast period, owing to increased investments for construction in countries such as India, Vietnam, and China. Moreover, various benefits associated with the wood construction also play a major role in driving the growth of the structural screws market. 

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.   

• The report provides an extensive analysis of the current trends and emerging opportunities in the market.    

• In-depth structural wood screws market analysis is conducted by constructing estimations for the key segments between 2022 and 2031.