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The rapidly changing landscape of the home furnishing industry and evolving trends in home décor are providing momentum to the global market for drywall screws. As consumers seek aesthetically appealing designs for their home spaces, spending on high-quality furnishing and décor products is rising. Increasing spending capacity of consumers due to the rise in per capita income will drive continuous innovation in the home décor and furnishing space, sparking new opportunities for manufacturers and suppliers of screws.
Drywall screws find extensive application in home furnishings, owing to their robust strength and grip. Common use-cases include holding wall hangings, washing basins, and fixing doors. They are also used to hold appliances and electronics, such as TVs and speakers, reliably. Characterized by high tensile strength, exceptional resistance, and lightweight, they are the go-to choice in most modern home décor applications.
Business Research Insights estimates the global market for drywall screws to rise at a CAGR of 8.04% from 2022 to 2027. In 2020, the market size was USD 2.24 billion. The Hillman Group, Grip-Rite, Triangle Fastener, SENCO, H. PAULIN, National Nail, ZYH YIN, and LUMEIJIA are among the notable names in this industry.
1. Ease of Installation Makes Drywall Screws the Preferred Choice in Various Applications
Drywall screws may be installed quickly and efficiently without the application of additional force, thereby reducing drilling-related damage. They offer a high degree of wear & tear resistance. These screws may be installed quickly and without causing any damage. Another additional advantage is that they have good penetration even through hard surfaces and can effectively hold wall-mountable furniture, appliances, and other home items.
Manufacturers strive to produce screws that are durable, have good grip, and successfully hold furniture. Companies are also using online retail channels to reach a larger audience and enhance their revenue prospects.
2. Evolving Trends in Home Furnishing Will Impact the Product Demand Positively
Wide-ranging applications in home furnishing and décor are creating new growth opportunities for the industry. Aesthetics are a top priority among homeowners these days and they are spending excessively on products and accessories that take the appearance of their living spaces to the next level.
Drywall screws can conveniently and effectively hold wall furniture, hangings, electrical appliances, washbasins, and other wall-mountable items. Their robust resistance to damage and environmental conditions increases their lifespan significantly. They are also used to fix door hinges and prevent them from squeaking.
Benefits and convenience are expanding the application of the screws in residential and commercial applications. Ongoing advancements in the home care space will give the industry considerable boost.
3. Evolving Home Décor Industry in Asia Pacific is Constantly Creating New Opportunities
Asia Pacific holds a prominent position in the market, led by a massive urban population base investing in latest home décor trends and designs. With robust economic growth over the past couple of decades, the disposable incomes of consumers have skyrocketed. Consequently, consumers are willing to spend heavily on latest designs, trends, and technologies pertaining to home furnishing. The proliferating trend of installing aesthetic furniture, appliances, and interiors in the living spaces will propel the regional market.
While local players look to expand their product offerings, international manufacturers are eyeing expansion opportunities into the booming Asia Pacific market. The local market is slated to generate tremendous momentum over the next few years.
4. Some Key Challenges and the Future of the Industry
One of the biggest challenges the industry has experienced in recent times is the sudden and rapid outbreak of the COVID-19 pandemic. The unprecedented situation created by the global pandemic not only affected manufacturing activity but also hampered supply chain and logistics significantly. Several major companies were seen halting production temporarily due to strict protocols and restrictions on movement and transportation. Lack of raw materials also created several roadblocks for manufacturers.
While the industry has recovered from the impacts of the COVID-19 pandemic, there still remain certain other challenges. These include high price and lack of availability in some parts of the world. High prices of drywall screws are affecting its sales across small construction and furnishing companies that are instead opting for cheaper alternatives.
To counter these challenges, the leading players are expanding their R&D capabilities. Major companies are emphasizing product improvement and innovation that could help bring down the cost of the product while enhancing efficiency and reliability. The use of advanced technology also helps make products that last much longer. Several notable players are slated to expand production capacity to cater to the rising consumer demand.
The expanding home décor industry, continuous consumer demand for better aesthetics, and never-ending technological advancements will augment the market in the years to come.