Structural Wood Screws Market Upsurge to Reach $6.8 bn by 2031 | Growing at a CAGR of 4.9%

According to a new report published by Allied Market Research, titled, 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.

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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.

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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.

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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, DE. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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