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Cutlery And Hand Tools Market Trends, Growth And Forecast Report 2033
Cutlery And Hand Tools Market Trends
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According to The Business Research Company's, The cutlery and hand tools market size has grown strongly in recent years. It will grow from $163.15 billion in 2023 to $172.43 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to construction and infrastructure development, automotive industry demand, home improvement trends, innovation in tool design, consumer preferences for quality and durability.
The cutlery and hand tools market size is expected to see steady growth in the next few years. It will grow to $209.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to rise of e-commerce in retail, focus on ergonomics and user comfort, smart and connected tools, sustainable manufacturing practices, diy and home improvement culture. Major trends in the forecast period include eco-friendly materials, advanced materials for durability, ergonomic design, integration of smart technologies, customization and personalization, hygiene and anti-microbial properties.
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Market Drivers and Trends:
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) are expected to drive innovation in cutlery and hand tool manufacturing, thus driving the market during the forecast period. Furthermore, technologies such as 3D printing, artificial intelligence, and big data analytics are being used during the manufacturing process, resulting in higher productivity, lower operating costs, and higher margins. For instance, according to the Compass, the internet traffic is projected to three times from earlier in 2022 and the share of IoT devices is expected to rise 28% by 2025. This allows companies to expand production and increase product portfolio, thus driving the market going forward.
The demand for metal additive manufacturing is growing worldwide, especially in countries such as Germany, Japan, China, and India. This is primarily due to increasing consumer demand for lightweight, faster, and fuel-efficient automobiles, which drive the demand for metal additive manufacturing. Metal additive manufacturing is a 3D printing technology used to manufacture the final product by stacking layers of material and then being polished for a seamless appearance. For instance, in September 2022, according to a report published by Facts.Net, an online facts collection site, currently, Fused Deposition Modelling (FDM) accounts for 48% of all 3D printers in use, making it the most popular type of 3D printing. Increased investment in metal additive manufacturing technology is further leading to process improvements, lower productions costs in allied manufacturing industries.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
The Procter & Gamble Company, Stanley Black & Decker Inc., Atlas Copco AB, Techtronic Industries Co. Ltd., Snap-on Inc., Griffon Corporation, Kennametal Inc., Apex Tool Group, Fiskars Group, Blount International Inc., Lifetime Brands Inc., Klein Tools Inc., Hultafors Group, The DeWalt Industrial Tool Company, Acme United Corporation, Zwilling J. A. Henckels AG, Leatherman Tool Group Inc., Wüsthof, Vaughan & Bushnell Manufacturing Co., Irwin Industrial Tools, Channellock Inc., Buck Knives Inc., The Benchmade Knife Company, Estwing Manufacturing Company, Brüder Mannesmann AG, SOG Specialty Knives Inc., Spyderco Inc., Victorinox Swiss Army Inc., Cold Steel Inc., Columbia River Knife & Tool Inc., A mora knife
Cutlery And Hand Tools Market 2024 Key Insights:
• The cutlery and hand tools market size is expected to see steady growth in the next few years. It will grow to $209.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.
• Introduction To Technological Advances In Cutlery And Hand Tool Manufacturing
• Transformative Role Of Metal Additive Manufacturing
• The Asia-Pacific was the largest region in the cutlery and hand tools market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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