North America Structural Wood Screws Market registering a CAGR of 4.4% from 2023 to 2032

The North America Structural Wood Screws Market has experienced significant growth in recent years, with its valuation reaching $588.19 million in 2020. Projections indicate that by 2032, the market will reach $1,002.21 million, growing at a compound annual growth rate (CAGR) of 4.4% from 2023 to 2032. Structural wood screws are heavy-duty fasteners designed for construction applications that involve timber. These screws, typically manufactured from high-strength steel, feature an extended length and specialized threading that enhances their grip, minimizes slippage, and ensures structural integrity. They are widely used in construction projects to secure critical components such as beams, joists, and other framing elements.

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Market Dynamics

Rising Demand for Timber in Construction

One of the primary drivers of the North American structural wood screws market is the increasing use of timber in construction. Wood is a preferred material for low-rise buildings, detached houses, and semi-detached homes due to its favorable strength-to-weight ratio. Timber structures offer durability and aesthetic appeal, making them a popular choice for architects and builders. Moreover, wood's high porosity makes it an excellent insulator, contributing to energy efficiency by maintaining indoor temperatures and reducing heating and cooling costs. Additionally, its sound absorption properties enhance acoustic comfort in residential and commercial spaces.

In the United States, the demand for lumber remains substantial, with approximately one-third of all lumber being utilized in construction. According to the U.S. Department of Agriculture (USDA) Forest Service, wood demand is expected to increase if GDP growth remains above 2.0%, further driving the need for structural wood screws in timber construction.

Regulatory Developments and Building Codes

The adoption of updated building codes has played a significant role in promoting wood-based construction. In January 2019, the International Code Council (ICC) approved new provisions allowing for the construction of tall timber buildings under the 2021 International Building Code (IBC). These regulations permit buildings of up to 18 stories using mass timber products, such as Cross-Laminated Timber (CLT). The inclusion of CLT and other engineered wood materials in mainstream construction is expected to drive market growth for structural wood screws.

Environmental Policies Supporting Timber Construction

Governments in North America have implemented policies aimed at reducing carbon emissions in industrial sectors, including construction. The construction industry accounts for over 38% of global greenhouse gas (GHG) emissions. To mitigate its environmental impact, policymakers are promoting the use of sustainable building materials like wood. As a renewable resource, timber has a lower carbon footprint than traditional construction materials such as steel and concrete. This shift toward eco-friendly construction methods has created opportunities for manufacturers and suppliers of structural wood screws.

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Challenges Facing the Market

Despite the positive outlook, the North American structural wood screws market faces several challenges. The COVID-19 pandemic initially caused disruptions in supply chains and reduced industrial activity, leading to lower demand. Although the situation has improved, new obstacles have emerged, primarily due to global inflation.

Rising inflation, fueled by the Ukraine-Russia conflict and the lingering effects of the pandemic, has led to volatility in raw material prices. Increased costs of steel and other essential materials have put pressure on construction firms, discouraging new projects. However, diplomatic efforts aimed at ending the conflict may help stabilize global markets and improve economic conditions, which could positively impact the structural wood screws industry.

Market Segmentation

The North American structural wood screws market is segmented based on type, application, business channel, and region.

By Type:

Carbon Steel Screws

High strength and durability

Used in construction and woodworking

More affordable than stainless steel

Prone to corrosion unless coated with protective materials like zinc

Stainless Steel Screws

Corrosion-resistant, making them ideal for humid environments

Higher strength-to-malleability ratio

More expensive than carbon steel screws

In 2020, the stainless steel segment accounted for the largest market share due to its superior durability and resistance to environmental factors. This segment is expected to continue its dominance throughout the forecast period.

By Application:

Framing (Largest segment)

Essential for structural integrity in residential and commercial buildings

Requires high-strength screws to support load-bearing components

Decking (Fastest-growing segment)

Increasing popularity of outdoor living spaces

Requires screws that provide stability and resistance to weather conditions

Roofing, Walls, and Internal Flooring

Used in various structural applications

Demand driven by renovation and remodeling projects

By Business Channel:

In-Store Purchases (Largest segment in 2020)

Consumers prefer inspecting products before purchasing

Immediate availability and no waiting time for delivery

Online Sales (Fastest-growing segment)

Expanding e-commerce platforms offer a wide range of products

Bulk purchasing options for contractors and industrial buyers

Online sales have gained traction due to convenience and competitive pricing. Major manufacturers, including FastenMaster and SFS Group USA, Inc., have increased their online presence to cater to this growing demand.

By Region:

United States (Largest market share)

High disposable income and urbanization driving construction activities

Government policies supporting timber-based construction

Canada

Growing preference for sustainable construction materials

Increasing investment in infrastructure projects

Mexico

Rapid population growth and economic expansion

Rising demand for residential and commercial construction

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Competitive Landscape

Several key players dominate the North American structural wood screws market. Major companies include:

Simpson Manufacturing Co., Inc. (Simpson Strong-Tie Company, Inc.)

Screw Products, Inc.

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.)

EJOT Holding GmbH and Co. KG

These companies employ various strategies, such as product innovation and market expansion, to strengthen their foothold. For example, in January 2023, FastenMaster launched VersaLOK, a high-strength structural wood screw designed for versatile applications, including angle bracing, retaining walls, and load-bearing connections. Such innovations continue to drive market growth and meet evolving industry demands.

Related Links

Cross Laminated Timber Market https://www.alliedmarketresearch.com/cross-laminated-timber-market-A11967

Smoke Detector Market https://www.alliedmarketresearch.com/smoke-detector-market

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