South Korea Construction Anchors Market Size & Outlook
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South Korea construction anchors market highlights
- The South Korea construction anchors market generated a revenue of USD 51.8 million in 2023 and is expected to reach USD 66.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 3.5% from 2024 to 2030.
- In terms of segment, mechanical was the largest revenue generating product in 2023.
- Chemical is the most lucrative product segment registering the fastest growth during the forecast period.
Construction anchors market data book summary
| Market revenue in 2023 | USD 51.8 million |
| Market revenue in 2030 | USD 66.0 million |
| Growth rate | 3.5% (CAGR from 2023 to 2030) |
| Largest segment | Mechanical |
| Fastest growing segment | Chemical |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Hangers, Mechanical, Chemical, Nail-in, Wall, Others (drywall plugs, drywall screws, and insulation anchors) |
| Key market players worldwide | Hilti Group, Stanley Black & Decker, Illinois Tool Works Inc, Wurth Group, Fischer Group of Companies, MKT Fastening LLC, SFS Group AG, Friulsider, Ceas, Sika AG |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.7% of the global construction anchors market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China construction anchors market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 133.4 million by 2030.
Mechanical was the largest segment with a revenue share of 38.61% in 2023. Horizon Databook has segmented the South Korea construction anchors market based on hangers, mechanical, chemical, nail-in, wall, others (drywall plugs, drywall screws, and insulation anchors) covering the revenue growth of each sub-segment from 2018 to 2030.
The construction industry in South Korea witnessed a slowdown in 2020 owing to economic instability and fluctuations in the availability of raw materials caused by the covid-19 pandemic. According to the International Monetary Fund (IMF), the economic growth forecast of the country for 2023 is 1.5%, which is lesser than the 2.5% forecast released by it for the same year in April 2022.
The dive in the economic growth of South Korea can be attributed to the rising housing interest rates due to inflation and escalating geopolitical tensions between China and the U.S., along with persistent inflation and surged reliance of manufacturers on exports of goods.
However, the construction industry in South Korea has regained its momentum owing to surging government initiatives for the development of the public sector in the country. Favorable policies by the Government of South Korea for the development of its commercial sector, coupled with ongoing industrial development in the country, are expected to have a positive impact on the growth of construction anchors market in South Korea over the projected period.
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Construction Anchors Market Scope
Construction Anchors Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Ceas | View profile | 11-50 | Milano, Lombardia, Italy, Europe | http://www.ceas.it |
| Friulsider | View profile | 101-250 | San Giovanni Al Natisone, Friuli-Venezia Giulia, Italy, Europe | https://www.friulsider.com |
| Fischer Group of Companies | View profile | 251-500 | Germany, Georgia, United States, North America | https://www.fischer.group/en/ |
| Wurth Group | View profile | 10001+ | Künzelsau, Baden-Wurttemberg, Germany, Europe | https://www.wuerth.de/web/de/awkg/kontakt/kontakt.php |
| MKT Fastening LLC | View profile | 11-50 | Lonoke, Arkansas, United States, North America | https://www.mktfastening.com/ |
| Hilti Group | View profile | 10001+ | Schaan, Schaan, Liechtenstein, Europe | https://www.hilti.group/content/hilti/CP/XX/en.html |
| SFS Group AG | View profile | 13198 | Rosenbergsaustrasse 8, Heerbrugg, Switzerland, 9435 | https://www.sfs.com |
| Sika AG | View profile | 33547 | Zugerstrasse 50, Baar, Switzerland, 6340 | https://www.sika.com |
| Illinois Tool Works Inc | View profile | 45000 | 155 Harlem Avenue, Glenview, IL, United States, 60025 | https://www.itw.com |
| Stanley Black & Decker | View profile | 50500 | 1000 Stanley Drive, New Britain, CT, United States, 06053 | https://www.stanleyblackanddecker.com |
South Korea construction anchors market size, by mechanical, 2018-2030 (US$M)
South Korea Construction Anchors Market Outlook Share, 2023 & 2030 (US$M)
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