Dublin, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The "Global Non-sparking Tools Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global non-sparking tools market is poised for significant growth, with a projected market value of $595.07 million by 2028, up from $480 million in 2022, representing a robust CAGR of 3.65% during the forecast period.
Market Trends and Drivers
Developing Pharmaceutical Sector: The pharmaceutical industry's role in human well-being is expanding, necessitating safe environments for the production of medicines. Non-sparking tools are crucial in pharmaceutical manufacturing, particularly for the development of vaccines and medicines, enhancing market growth.
Rising Usage of Industrial Tools in Manufacturing Industries: Non-sparking tools are essential in various industries, including general machinery, automobiles, aviation, energy, medical, rail transit, and oil & gas. They are a significant component of the oil & gas and mining sectors.
Consistent Growth in the Construction Industry: The construction market is expected to reach $15.21 trillion by 2030, with countries like the U.S., China, and India contributing over 55% of this growth. The construction industry's advancements, driven by technological transformation, population growth, and increased demand for public construction activities, will drive the non-sparking tools market.
Insights by Raw Materials
Copper and its alloys are the most widely used raw materials for manufacturing non-sparking tools due to their malleability, allowing them to be shaped into various forms. Copper alloys, in particular, will dominate the market during the forecast period.
Segmentation by Raw Materials
- Copper Alloys
- Brass
- Bronze
- Others
Insights by Product Type
Non-sparking tools are categorized as general purpose, striking & cutting, digging, and other tools. General-purpose tools held the largest market share in 2022, with striking and cutting tools also contributing significantly.
Segmentation by Product Type
- General Purpose Tools
- Striking & Cutting Tools
- Digging Tools
- Other Tools
Insights by End-Users
The industrial segment was the largest end-user in 2022, with non-sparking tools used across various industries, including electronics, automobiles, aerospace, construction, and medical.
Segmentation by End-Users
- Industrial
- Construction
- Residential
Insights by Distribution Channel
Offline distribution channels are expected to continue their dominance during the forecast period, with a broader reach and high consumer trust associated with experiencing product quality.
Segmentation by Distribution Channel
- Offline
- Online
Geographical Analysis
The Asia-Pacific (APAC) region accounted for over 31% of the global non-sparking tools market in 2022, driven by its diverse industries and market share in the pharmaceutical sector. The Middle East is also experiencing significant growth, particularly in the oil and gas industry.
Segmentation by Geography
- North America (The U.S., Canada)
- Europe (The U.K., Germany, France, Italy, Spain)
- APAC (China, India, Japan, South Korea, Australia)
- Middle East & Africa (Saudi Arabia, South Africa, UAE)
- Latin America (Brazil, Mexico, Argentina)
Market Dynamics
Opportunities & Trends
- Consistent Growth in Construction Industry
- Robust Increase in New Construction & Remodeling in Residential Sector
- Growth in Pharmaceutical Sector
Growth Enablers
- Rise in Manufacturing Industry in Asia
- Rise in Usage of Industrial Tools in General Manufacturing Industries
Market Restraints
- Growth in Supply Chain & Raw Material Prices
- Decline in Economies Across the Globe
- Shortage of Labor
Competitive Landscape
The global non-sparking tools market is highly fragmented, with both local and international players. Prominent companies include AMPCO Metal, Stanley Black & Decker, W.W. Grainger Inc, and Snap-On, among others. Intense competition and a variety of offerings will likely drive price competition among vendors in the market.
Key Company Profiles
- AMPCO Metal
- Stanley Black & Decker
- W.W. Grainger Inc
- Snap On
Other Prominent Vendors
- GEDORE Werkzeugfabrik GmbH & Co. KG
- PAHWA METALTECH
- Eastman Cast and Forge Ltd.
- Cangzhou Marine Special Explosion-Proof Tools Manufacturing Co. Ltd.
- Saunders Midwest LLC
- Intercon USA Inc
- ACB
- EGA Group
Key Questions Answered:
1. How big is the non-sparking tools market?
2. What is the growth rate of the global non-sparking tools market?
3. Which region dominates the global non-sparking tools market share?
4. What are the significant trends in the non-sparking tools industry?
5. Who are the key players in the global non-sparking tools market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 252 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $480 Million |
| Forecasted Market Value (USD) by 2028 | $595.07 Million |
| Compound Annual Growth Rate | 3.6% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/fqvk9x
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