Rising Demand for Woodwork Activities Boosts Hand Tools Industry Growth

The worldwide hand tools industry has garnered $21,854.1 million revenue in 2021, and it is expected to rise at a rate of 4.3% from 2021 to 2030, to generate $31,884.1 million revenue in 2030. Factors such as the rising construction, automotive, shipbuilding, and manufacturing sectors propel the industry growth.

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Furthermore, the increasing usage of hand tools in DIY and aerospace sector for various applications, such as hammering, sawing, drilling, and others boost the industry.

Rising DIY and woodwork activities, ascribed to expensive labor costs, and their unavailability are major trends in the industry. It facilitates them to increase investment in quality raw materials with saved labor costs. Moreover, the changing consumer lifestyles, and increasing creative and fun activities, with resource availability, such as DIY guides, video tutorials, and how-to articles encourage people to participate in such activities.

The aerospace category is projected to experience the fastest growth, of 4.6% from 2021 to 2030, in the industrial sector. The expansion of this sector is ascribed to growing air travel demand, technological advancements, increasing disposal income, and a surging number of space exploration projects. That is why, it creates high inspection demand, repair, and maintenance of aircraft structures, which fuels the requirement for industrial hand tools.

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The automotive sector is projected to rise massively in the near future, due to the rising usage of industrial hand tools in repairs, modifications, and irreplaceable servicing. In addition, the ease of use, and affordability boost their usage in garage modification, DIY projects, and others.

Therefore, the rising woodwork and DIY activities are projected to boost the demand for hand tools.

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