FastenersAsia July 2023

Industry news

Structural wood screws market to reach $6.8bn Allied Market Research has published an analysis and forecast report into the structural wood screws market. The report breaks down the market into various segments, including type (carbon steel, stainless steel), application (construction, furniture and crafts, others) and business channel (in store, online). including the USA, Germany, Italy and France, and developing countries with large populations such as India and China. These countries were badly affected by the spread of the coronavirus, thereby halting the demand for structural wood screws.

The in-store segment accounted for the largest share in 2021, contributing to more than four-fifths of the market, and is projected to maintain its position during the forecast period. Items purchased from a physical store can be inspected before buying, ensuring the appropriate quality of the structural wood screws. In addition, the lead-time from placing an order and receiving it is effectively zero, making physical stores a preference when deadlines are close. However, the online segment is expected to have the largest CAGR (5.7 per cent) from 2022 to 2031. The main benefits of buying structural wood screws online are a wider range of products and the ability to order larger consignments than are possible from a store with limited inventory. The Asia-Pacific region held the highest market share in terms of revenue in 2021, accounting for more than half of the global market, and is likely to dominate the market during the forecast period, with a CAGR of 5.6 per cent from 2022 to 2031. The construction and home renovation sector in countries such as Indonesia, Singapore and Malaysia is experiencing significant growth, owing to an increase in population and a rise in tourism. Allied Market Research www.alliedmarketresearch.com Nylon is expected to remain the domi- nant material type, while composites are set to be the fastest growing during the same period. Nylon has features such as high tensile strength, electrical insulation and corrosion resistance, as well as being lightweight and versatile. In terms of regions, North America is expected to remain the largest market for aircraft plastic fasteners during the forecast period. The region has the presence of a large number of major OEMs as well as raw material suppliers. Asia-Pacific is likely to grow at the fastest pace in the market over the next five years, driven by an expected rebound in aircraft deliveries to meet the rising air passenger travel, especially in China and India. Research And Markets www.researchandmarkets.com

Following the introduction of various vaccines, the severity of the pandemic has significantly reduced, leading to the full reopening of businesses involved in the structural wood screws market, and also to increased activities in the construction sector. Based on type, the stainless steel segment held the highest market share in 2021, accounting for more than three-quarters of the global structural wood screws market, and is estimated to maintain its leading status throughout the forecast period. Structural wood screws that are made with stainless steel are desirable for woodworking applications in construction as well as the furniture industry. With high tensile strength and corrosion resistance, they are utilised where humidity levels are high. However, the carbon steel segment is projected to have the highest CAGR (5.6 per cent) from 2022 to 2031, owing to the material’s high strength and durability, and the fact that carbon steel structural wood screws are cheaper than stainless steel equivalents.

According to the report, the global structural wood screws industry generated $4.2bn in 2021, and is anticipated to generate $6.8bn by 2031, with a CAGR of 4.9 per cent from 2022 to 2031. The growth of the global structural wood screws market is driven by a growing pop ulation, urbanisation and the expansion of the construction and infrastructure sector. However, the fluctuating cost of raw ma terials required to manufacture structural wood screws is anticipated to restrain the market growth. The rise in concerns over climate change is also influencing the construction industry, presenting new opportunities in coming years. The outbreak of the Covid-19 pandemic had a negative impact on the market, owing to low demand for structural wood screws from different industries during the lockdowns imposed in many countries. The major demand for structural wood screws was previously from countries

Aircraft plastic fasteners market research report Research And Markets has released a report titled “Aircraft plastic fasteners market size, share, trend, forecast, com- petitive analysis, and growth opportunity: 2022-2027”. to suffer a decline again in 2021. The expected recovery in air passenger travel coupled with order backlogs of aircraft OEMs and retrofitting plans of older aircraft is likely to boost future demand for plastic fasteners.

The report states that the aircraft plastic fasteners market is likely to rebound at a CAGR of 14.4 per cent in the long run, to reach $150mn in 2027. The market is quite aligned with the organic growth of the aircraft industry. The pandemic led to a great decline in the aircraft industry across regions. The impact of this was registered across the supply chain, including all lev els of components. Aircraft plastic fasten ers, a relatively small but unique market, could not escape this trend and witnessed a decline of 41 per cent in 2020. The industry was expecting to commence its recovery in 2021, but the temporary suspension of Boeing 787 deliveries and the postponement of refurbishment orders by several airlines led the industry

Based on the aircraft type, the market is segmented into commercial aircraft, regional aircraft, helicopter, military aircraft and general aviation. With the highest share of plastic fasteners, the commercial aircraft segment is expected to remain the largest and fastest growing during the forecast period. An expected recovery in air travel is pushing airframers to increase the production rate of key programmes by both aircraft giants – Boeing and Airbus. According to the latest Airbus commercial aircraft outlook for 2022-2041, in the next 20 years, 39,490 commercial aircraft are likely to be delivered, of which 80 per cent would be narrow-body.

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July 2023