Major companies in the cutlery and hand tools market include Snap-on Inc; Stanley Black & Decker Inc; Brüder Mannesmann AG and Acme United Corporation.
The global cutlery and hand tools market is expected to grow from $139.58 billion in 2020 to $154.23 billion in 2021 at a compound annual growth rate (CAGR) of 10.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $201.39 billion in 2025 at a CAGR of 7%.
The cutlery and hand tools market consists of sales of cutlery and hand tools by entities (organizations, sole traders and partnerships) that are engaged in one or more of the following: manufacturing metal kitchen cookware (except those produced by casting (e.g., cast iron skillets) or stamped without further fabrication), utensils, and/or nonprecious and precious plated metal cutlery and flatware; manufacturing saw blades, all types (including those for power sawing machines); and manufacturing nonpowered hand and edge tools. The cutlery and hand tools market is segmented into metal kitchen cookware, utensil, cutlery, and flatware; and saw blade and hand tool.
Asia Pacific was the largest region in the global cutlery and hand tools market, accounting for 42% of the market in 2020. Western Europe was the second largest region accounting for 29% of the global cutlery and hand tools market. Africa was the smallest region in the global cutlery and hand tools market.
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 polishing for a seamless appearance. In 2016, according to KPMG report, 26% executives of the global metal companies say they have already introduced 3D printing technologies for metal additive manufacturing, and 27% of them said they have plans to invest more in the future. Increased investment in metal additive manufacturing technology is further leading to process improvements, lower productions costs in allied manufacturing industries.
The launch of new products and market growth is expected to affect the supply chain operations of the the cutlery and hand tool manufacturing market, during the forecast period. A major limitation is the uncertainty over raw material suppliers’ ability to meet market demand. Going forward, long delays and unproductive downtime in manufacturing facilities due to lack of supply chain visibility will continue to be a key challenge for metal and mineral manufacturers. According to a KPMG survey, only 17% companies have ‘complete visibility’ of their suppliers. Poor supply will result in inability to meet market demand and will restrain the industry’s growth.
Rapid advances in wireless technology and miniaturization (which refers to designing smaller components for equipment) is 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 a global survey by the Economist Intelligence Unit in 2018, about 90% of corporate executives felt that artificial intelligence (AI) will have a positive impact on company’s growth and 86% of respondents considered that AI will help improve productivity. Lower operating costs lead to higher margins, this allows companies to expand production and increase product portfolio, thus driving the market going forward.
Our reports have been used by over 10K customers, including:
300 pages •
By The Business Research Company
• Feb 2021
Major companies in the machinery leasing market include United Rental; Sunbelt Rental; Blueline Rental; H&E Equiment Services and Home Depot Rentals. The global machinery leasing market is expected to grow from $316.22 billion in 2020 to $342.66 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The growth is mainly due...
300 pages •
By The Business Research Company
• Jan 2021
Major companies in the finished wood products market include LIXIL Group; JELD-WEN Inc; Masonite International Corporation; Pella Corporation and Stora Enso Oyj. The global finished wood products market is expected to grow from $251.38 billion in 2020 to $265.61 billion in 2021 at a compound annual growth rate (CAGR) of 5.7%. The growth...
KEY FINDINGS The global digital ink market growth is projected to evolve at a CAGR of 5.60% in terms of revenue and 4.72% in terms of volume, during the forecast period, 2021-2028. The growing demand for 3D printing, the rising demand from packaging inks, and the developing printing methods, are driving the global market...
300 pages •
By Future Market Insight Global & Consulting Pvt Ltd
• Nov 2020
A recent market study published on the bamboo products market offers global industry analysis for 2015-2019 & opportunity assessment for 2020-2030. The study offers a comprehensive assessment of the most important market dynamics. After conducting a thorough research on the historical, as well as current growth parameters, the growth prospects...
The global industrial services market is expected to be valued at USD 33.6 billion in 2020 and is expected to reach USD 44.1 billion by 2025, at a CAGR of 5.6% between 2020 and 2025. The growth of the industrial services market is attributed to the growing need for operational excellence, increasing demand for maintenance-as-a-service, and...
The global dental 3D printing market is projected to reach USD 6.5billion by 2025 from USD 1.8billion in 2020, at a CAGR of 28.8% during the forecast period. The dental 3D printing medical devices market is primarily driven by factors such as the high incidence of dental caries and other dental diseases, rising demand for cosmetic dentistry,...
The global plastic additives market reached a value of US$ 46.2 Billion in 2020. A plastic additive is a chemical compound that is added to polymers to improve the chemical and physical properties of plastic products. It acts as a catalyst or filler to improve the strength to weight ratio, luster, durability, corrosion resistance and heat...
196 pages •
By Mind Commerce Publishing
• Feb 2021
Overview This report provides multi-dimensional analysis of the 3D Printing market including hardware manufacturers, service providers, application providers, software providers, raw material providers, and communities. The report also assesses the market impact of intellectual property, different technologies and strategies,...
3D Printing Market Report Overview 3D Printing market size outlook report provides comprehensive coverage of market landscape including strategic growth areas, unique insights, and major trends across 3D Printing market types and applications. It is a focused study on 3D Printing market space including global and regional eight-year forecasts...
Healthcare 3D Printing Market Report Overview Healthcare 3D Printing market size outlook report provides comprehensive coverage of market landscape including strategic growth areas, unique insights, and major trends across Healthcare 3D Printing market types and applications. It is a focused study on Healthcare 3D Printing market space...
Health Provider Density
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.