Self-drilling Screws Market Size, Share & Trend Analysis Report By Material (Stainless Steel, Carbon Steel), By End-use (Residential, Industrial), By Region, And Segment Forecasts, 2023 - 2030

Self-drilling Screws Market Size, Share & Trend Analysis Report By Material (Stainless Steel, Carbon Steel), By End-use (Residential, Industrial), By Region, And Segment Forecasts, 2023 - 2030

Self-drilling Screws Market Growth & Trends

The global self-drilling screws market size is expected to reach USD 1.06 billion by 2030, displaying a CAGR of 5.4% from 2023 to 2030, according to a new report by Grand View Research. The growth can be attributed to a booming worldwide construction sector as a result of increased public and private investments in the creation of new infrastructures, residential spaces, and commercial spaces in India, China, and Mexico. The construction industry is a major consumer of these screws, which are gaining popularity due to their ease of installation.

The global construction industry is witnessing significant growth owing to the rising public and private investments in the development of infrastructure related to transport, residential spaces, and commercial buildings. Factors such as the growing global population, rising per capita income of people in countries such as the U.S., Mexico, India, and China, and ongoing urbanization are fueling the construction of residential and non-residential spaces worldwide. This, in turn, is expected to drive the global demand for self-drilling screws in the coming years.

According to Oxford Economics, the overall output of the global construction industry was USD 10.7 trillion in 2020. It is expected to witness a growth of approximately 42% in the coming years to reach the projected size of USD 15.2 trillion by 2030. According to the U.S. Census Bureau, the construction spending in the country in February 2023 was at a seasonally adjusted annual rate (SAAR) of USD 1,844.1 billion, witnessing an increase of 5.2% compared to the SAAR of USD 1,753.1 billion recorded in February 2022. This rate is expected to rise in the coming years, thereby driving the demand for self-drilling screws in the U.S. from 2023 to 2030.

In addition, the use of wood in construction applications is surging in countries across the world, owing to the prevailing trend of developing sustainable and green buildings. The utilization of wood in construction applications is cost-effective and results in low carbon emissions. Wood is easier to transport and handle than concrete and bricks owing to its lightweight. Wood processing is easy, which further results in the development of low-cost products. This reduces the overall budget of construction projects across the world.

The self-drilling screws industry is considered highly competitive on account of the presence of many large-scale manufacturers functioning at a regional or global level. The key players operating in the market include Hilti, Adolf Würth GmbH & Co. KG, EJOT, Goebel GmbH, Tycoons Worldwide Group (Thailand) Public Co., Ltd., and BDN Fasteners.

Self-drilling Screws Market Report Highlights

• Stainless steel material segment accounted for the largest revenue share of 65.5% in 2022. Self-drilling stainless steel screws are fasteners that are extensively used in the buildings and construction industries. The flourishing global construction industry is a major market growth driver as these screws are commonly used in metal roofing, siding, and framing applications. Ongoing infrastructure development projects related to bridges, highways, airports, and utilities along with the application in sheet metal fabrication and machinery production processes are contributing to the segment growth
• Bimetal stainless steel self-drilling screws are witnessing surged global demand in various applications. They are used for attaching metal components, body panels, and structural sections in the construction industry. The flourishing global renewable energy sector fuels the consumption of bimetal stainless steel self-drilling screws as they are used for the installation of solar panels and wind turbines in outdoor environments
• In terms of revenue, the residential end-use segment accounted for USD 279.8 million in 2022 and is expected to witness a CAGR of 5.2% over the forecast period. The residential sub-segment is inclusive of residential buildings, apartments, complexes, and small houses. The growth in the number of single-family houses in developing and developed economies such as China, India, and the U.S. is resulting in the growth of residential end-use
• The commercial end-use segment is anticipated to grow at a CAGR of 5.5% in terms of revenue over the forecast period. This growth can be attributed to the rising demand for commercial spaces such as offices, warehouses, hotels & restaurants, shopping malls, and supermarkets. Self-drilling screws are highly adopted in commercial construction as they possess various required characteristics including time-saving, cost-saving, ease in installation, reduction in the cracking of structure, and weather resistance. Therefore, the growing construction of commercial spaces across the world is expected to result in increased demand for self-drilling screws over the coming years
• Asia Pacific dominated the market, accounting for USD 277.9 million in 2022. The region's flourishing economic growth, increased construction activities, and rising awareness regarding eco-friendly insulating materials contributed to the growth. Rising investments by countries in IT parks are expected to create the demand for furniture and cladding in the commercial industry, thus creating demand for self-drilling screws in the region. Moreover, the region is one of the largest consumers of self-drilling screws in the world. Factors such as increasing investment in affordable housing, smart city construction, upgradation and construction of infrastructure, and investment in the tourism sector are expected to boost the demand for self-drilling screws over the forecast period
• The market for self-drilling screws exhibits high competition owing to the presence of established players in this industry. The competitors in the industry opt for various strategies such as product portfolio expansion, partnerships, and collaborations to gain market share in the industry

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