Tool Bags Market To Expand with Significant CAGR During 2022-2031

Tool Bags Market Outlook 2031

The global tool bags market was valued at US$ 515.2 Mn in 2021
It is estimated to grow at a CAGR of 5.1% from 2022 to 2031
The global tool bags market is expected to reach US$ 842.8 Mn by the end of 2031

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Analysts' Viewpoint on the Tool Bags Market

Demand for tool bags is rising across the globe due to their lightweight properties, large storage capacity, and versatility. Polyester and nylon are popular materials used in the manufacture of tool storage bags owing to their durability, cost-effectiveness, and moisture resistance. Demand for tool bags is increasing among individual customers and the industrial sector. Fabric tool bags commonly feature polyvinyl chloride (PVC) coating on one or both sides for additional waterproofing. As a result, the adoption of PVC is increasing in small-size tool bags, pouches, zippers, etc. Tool bag manufacturers are striving to reach a wide base of customers through various distribution channels.

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Overview of Tool Bags Market

Tool bag is an essential equipment for electricians, plumbers, carpenters, technicians, and other maintenance workers. Tool bags are used to store and carry tools, making it easy to have everything in one place. They can be either open or zipped, depending on the nature of the task. Key players operating in the market are continuously introducing new bags with additional features such as wide pockets for convenient storage, thermoformed cushioned EVA back pad, and waterproof polypropylene plastic base with telescoping LED lighted handle. These features are designed to help workers perform their tasks efficiently in all working environments. The global tool bags market is primarily driven by the addition of convenient features, and growth of end-use industries and the home improvement market.

Increase in DIY and Home Improvement Projects to Fuel Demand for Tool Bags

Demand for tool bags has been rising among the millennial population due to the growth in DIY projects trend. Around 73% of millennials are inclined toward DIY projects. The number of DIY home improvement projects has increased in countries such as the U.S., Germany, Japan, Canada, Great Britain, and France. Rise in home renovation activities in developing countries is also driving the market for tool bags. Increase in consumer interest in gardening, carpentry, and small-scale home or vehicle repair activities is also expected to fuel the market.

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Growth of Construction Industry to Drive Global Tool Bags Market

The global construction industry is expected to grow by US$ 4 Trn between 2020 and 2030. China, India, the U.S., and Indonesia are projected to account for 60% of the overall growth. Rise in population and increase in disposable income of the people are boosting the demand for residential and commercial buildings. Various housing policies, low interest on loans, and increasing population are key factors driving the residential segment. Rise in sale of new homes coupled with increase in renovation of existing properties is anticipated to boost the tool bags market during the forecast period.

Rise in Demand for Lightweight and Versatile Tote Tool Bags to Create Lucrative Opportunities for Manufacturers

Tool bags are light weight and possess an increased storage capacity. They are also versatile and available in different sizes and shapes. Tote bags are available in open top and close top designs. This provides customers an additional option to make a choice depending on their tools and frequency of usage. Open tote bags provide easy accessibility of tools; hence, they are significantly popular in the tool bags market. Tote bags have extra space to manage tools, while pooches, tool cases, and messenger bags are compact for small tools. Consequently, demand for tote bags is high. Demand for tool bags and tool storage bags is expected to rise in the near future due to the growth of the end-use market.

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Growth in Trend of DIY Activities to Propel Individual End-user Segment

Increase in number of residential renovation projects and significant growth of the construction industry have created employment opportunities for technicians and professionals. Electricians, carpenters, plumbers, HVAC workers, mechanics, welders, and other general contractors are highly dependent on tool bags for their daily activities. Demand for their services is increasing not only from the residential segment but also from commercial & industrial segments. Urbanization is also expected to generate growth opportunities for these technicians and professionals. Rise in trend of DIY is anticipated to fuel the demand for tool bags in the residential segment.

Key players operating in the global tool bags market are Milwaukee Electric Tool Corporation, Klein Tools, Inc., Stanley Black & Decker, Inc., Custom Leathercraft Manufacturing LLC, Carhartt, Inc., Sortimo International GmbH, IRONLAND, Veto Pro Pac LLC., Bucket Boss, and Quanzhou Journey Bags Co., Ltd.

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