Structural Wood Screws Market Competitive And Growth Analysis 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Structural Wood Screws Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 in the historic period can be attributed to growth of the furniture industry, increased construction activities in various regions, rising investments in the global construction industry, emphasis on effective pricing strategies by manufacturers, 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 growth in the forecast period can be attributed to booming government investments, rising investments in commercial constructions like hotels, hospitals, and educational institutions, increased adoption of structural wood screws in new residential projects, changing consumer lifestyles. Major trends in the forecast period include innovations in screw technology, product customization, heavy-duty wood screws launch, innovative designs, partnerships and collaborations.

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Market Drivers and Trends:

The growth of the construction and furniture industries is expected to propel the growth of the structural wood screws market. The construction and furniture industries encompass various activities related to creating, designing, manufacturing, and installing structures, buildings, furniture, and fixtures. The construction and furniture industries include creating, designing, manufacturing, and installing structures, buildings, furniture, and fixtures. Structural wood screws in the construction and furniture industries are used for superior structural integrity, providing secure and durable connections for wood-based structures and furniture. For instance, in July 2023, according to the U.S. Census Bureau, a US-based government institution, the expected annual rate of construction spending in May 2023 was $1,925.6 billion, which was 0.9% higher than the April estimate of $1,909.0 billion. The May amount is 2.4% higher than the $1,880.9 billion May 2022 projection. Furthermore, in December 2022, according to the Natural Resources Institute Finland (Luke), a Finland-based government office, total round wood use in Finland in 2021 was 85.2 million cubic meters. Comparing the sum to the prior year, there was a 9% rise. Therefore, the growth of the construction and furniture industries is driving the growth of the structural wood screws market.

Technological advancements have emerged as a key trend gaining popularity in the structural wood screws market. Major companies operating in the structural wood screws market are focused on advancements in technology to sustain their position in the market. For instance, in January 2023, FastenMaster Inc., a US-based structural wood screws manufacturing company, launched the VersaLOK structural wood screw, a heavy-duty structural wood screw that can be used in a variety of interior and exterior wood-to-wood applications. The extremely versatile VersaLOK combines the speed and ease of installation of a LOK with the strength of a ½-inch lag bolt. The new fastener has a TORX tap drive system for stable, wobble-free installation and a flat head for flush installation. Additionally, powerful VerSaLOK fasteners are designed to deliver maximum strength and include a three-inch aggressive thread for improved holding force. In addition to being IBC/IRC code compliant (ICC-ES ESR-1078), VersaLOK fasteners are also ACQ approved and include FastenMaster's exclusive Pro­jectLife coating that is guaranteed for the duration of the project.

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Major Key Players of the Market:

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.

Structural Wood Screws Market 2024 Key Insights:

• 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%.
• Construction And Furniture Industries Fueling Structural Wood Screws Market Growth
• Technology Advances Propel Structural Wood Screws Market Growth
• Asia-Pacific was the largest region in the structural wood screws market in 2023

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