Wood Screws Market Analysis By Key Players, Applications, Growth Trends, Region & Segment Forecast To 2018 - 2026
Wood screws are one of the most commonly used industrial fasteners. They are primarily used for wood-to-wood connection. These woodworking screws usually require pre-drilled holes. They are better suited for applications that involve plywood, lumber, and other wood materials. They can also be used to attach door hinges, locks, and other non-wood objects. All wood screws have destructive thread to hold the wood. There are several differences in varieties of wood screws. Wood screws are usually made of hardened steel. However, they are also available in brass and stainless steel. In addition, some wood screws have coating in order to prevent corrosion. They are commonly available with flat, oval and pan-shaped heads. If the fastener is supposed to remain exposed after assembly, wood screws are provided with decorative heads and finishes. This makes them an ideal choice among consumers.
One of the key factors driving the global wood screws market is rapidly increasing demand from the construction industry, as the development of residential and non-residential buildings continues at a rapid pace. The increasing government spending on infrastructure and manufacturing sectors is anticipated to drive the wood screws market during the forecast period. In addition, the property of wood screws to increase the durability of joined parts is expected to augment the market in the near future. The construction industry in Asia Pacific is projected to witness significant growth in the near future, due to rapid urbanization, growing population, and favorable government plans for infrastructure development in the region. Moreover, rapid development of the social infrastructure, hospitals, schools, and residential buildings in emerging economies is promoting the wood screws market growth. With the rapid economic growth, the construction industry in the Middle East & Africa and South America is expanding, thereby creating growth opportunities for manufacturers in these regions.
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The global wood screws market can be segmented based on material, application, distribution channel, and region. In terms of material, the global wood screws market can be categorized into carbon/hard steel, stainless steel, and brass. Based on application, the wood screws market can be classified into crafts and construction. In terms of distribution channel, the global wood screws market can be divided into hypermarkets/supermarkets, specialty stores, online channels, and others (including independent retailers, small vendors). Online channels is anticipated to be a rapidly expanding segment during the forecast period, as these channels provide a wide range of options and offer consumers more convenience compared to retail stores. Moreover, owing to the increasing popularity of online shopping, key players have started changing their retail strategies and adopting Omni-retail channels.
Based on region, the global wood screws market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is anticipated to dominate the global wood screws market from 2018 to 2026, followed by Europe and North America. The wood screws market in Asia Pacific is expected to expand rapidly between 2018 and 2026, due to economic growth, rising urbanization and industrialization, and increasing construction and manufacturing activities in the region. In addition, due to changing economic conditions of developing countries such as Brazil, the demand for wood screws in Latin America is expected to increase in the near future. Furthermore, increasing construction activities in Middle East & Africa are fueling the demand for wood screws in the region.
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Key players operating in the global wood screws market are KD FASTENERS, INC., Kwantex Research Inc., R.K. Steel Industries, Leland Industries Inc., Katsuhana Fasteners Corp., Komar Screw Corporation, American Bolt & Screw, Würth Group, and Pan American Screw LLC. Manufacturers are increasing their R&D capabilities to diversify their product range and are adopting manufacturing practices that ensure improved product quality. With increase in the demand for wood screws in the construction industry, the presence of local manufacturers is expected to increase competition and increase the introduction of several advanced products in the near future.
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The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
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