How Is the Structural Wood Screws Market Expected To Grow Through 2023-2032?
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Structural Wood Screws Market Projections
- 2023 Projections: The global structural wood screws market is set to rise from $4.34 billion in 2022 to $4.56 billion in 2023, marking a Compound Annual Growth Rate (CAGR) of 4.98%. But what’s even more exciting is the future: by 2027, this market is projected to reach $5.61 billion, with a CAGR of 5.35%.
Foundation of Growth: Construction and Furniture Industries
A substantial driving force behind the growth of structural wood screws is the thriving construction and furniture industries. These sectors encompass a wide array of activities related to creating, designing, manufacturing, and installing structures, buildings, furniture, and fixtures. Structural wood screws are the unsung heroes, ensuring superior structural integrity and secure, durable connections for wood-based structures and furniture.
- Construction Boom: According to the U.S. Census Bureau, construction spending was estimated at $1,925.6 billion in May 2023, a 0.9% increase from the previous month, and 2.4% higher than May 2022. This is a testament to the robust construction industry.
- Wood Demand Soars: In Finland, the Natural Resources Institute reports that the use of roundwood increased by 9% in 2021 compared to the previous year, reaching a total of 85.2 million cubic meters. This trend indicates significant demand for wood in various applications.
Market Leaders: The Driving Force
Major players in the structural wood screws market include Lowe’s Companies Inc., SFS Group AG, Simpson Strong Tie Co. Inc., and many others. These companies are spearheading innovation and growth in the industry.
- Fastening the Future: Technological advancements in structural wood screws are transforming the market. For instance, FastenMaster Inc. has introduced the VersaLOK structural wood screw, combining speed and ease of installation with the strength of a ½-inch lag bolt. These screws are designed to meet code requirements and provide optimal holding force.
The Screw Evolution: Market Dynamics
The market offers a diverse range of products, with structural wood screws available in different materials, distribution channels, and applications. From carbon steel to stainless steel, online marketplaces to hardware stores, and applications in construction, furniture, and crafts, consumers have a wide array of choices.
- Market Segmentation: The market is categorized by type (carbon steel and stainless steel), distribution channels (online marketplaces, hardware stores, and other distribution channels), and applications (construction, furniture and crafts, and other applications).
Global Outlook: The Trendsetter in Asia-Pacific
While Asia-Pacific dominated the structural wood screws market in 2022, the industry is experiencing exciting developments globally. These versatile screws are not just driving the market; they are also setting trends for the future.
View More On The Structural Wood Screws Market Report 2023 – https://www.thebusinessresearchcompany.com/report/structural-wood-screws-global-market-report
Request A Sample Of The Global Structural Wood Screws Market Report 2023:
The Structural Wood Screws Global Market Report 2023 provides comprehensive insights on the structural wood screws market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the structural wood screws market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
View More Related Reports –
Learn More About The Business Research Company
The Business Research Company has published over 7000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Follow us on:
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model