Dublin, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The "Hand File Tools Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The global hand files market is characterized by low market concentration and high competition among the major players. The present scenario drives vendors to alter and refine their unique value propositions to achieve a strong market presence.
Currently, the hand tools market is highly fragmented and dominated by vendors such as Stanley Black & Decker, Snap-on, and numerous domestic tool manufacturers that manufacture hand tools per local demands and regulations.
However, these significant vendors have a global presence in three major regions, North America, APAC, and Europe, which are the major hot spots for the tools industry.
The market competition is expected to intensify further with an increase in product extensions, growth in tool innovations, and merger and acquisition activities, which widens the scope for utilizing a broader range of categories in the market. The global players are expected to grow inorganically by acquiring regional or local players in the future.
OPPORTUNITY & CHALLENGE ANALYSIS
INCREASE IN DEMAND FOR INTERIOR DEVELOPMENT
There has been a growth in the number of individuals who engage in DIY (Do it yourself) activities that need many hand tools, such as files, which are essential instruments for shaping, scraping, and precise finishing of the article.
When the pandemic situation improved and people wanted to see change around them, the demand for interior design increased, with surging demand for hand tools and filing equipment in the market. Fixing cupboards, repairing auto lights, plumbing, and patchwork are typical home DIY jobs. They all require a simple set of hand tools such as files, hammers, and pliers rather than expensive power equipment, thus boosting the market for hand files.
In the United States, most children and teenagers participate in intensive crafts. Crafting hobbies such as beading and jewelry, sewing, needle arts, wood crafts, and home decor are becoming increasingly popular, necessitating instruments such as file hammers and screwdrivers, thus driving the market for hand tools and meanwhile driving the market for hand files.
GROWTH IN THE AUTOMOTIVE SECTOR
Motor vehicles remained one of the vital hand tools consuming sectors. Looking at the sales outlook of smaller cap countries such as Finland, Austria, and others in Europe, there will be substantial sales in the region, eventually driving the market for hand files.
Therefore, the popularity of motor vehicles is driving the use of hand files in the region. Countries such as India, China, and Indonesia have seen rapid development in Asia over the past few years, underpinned by fast economic growth. They are the main countries supplementing demand in the automotive sector.
The growth in developing economies has played a significant role in the development of the automotive sector across the globe. Vendors have excellent chances to capitalize on the expanding demand for automotive vehicles in emerging markets.
Furthermore, as rivalry among multiple OEMs in developing economies heats up, suppliers have pushed for product differentiation. All these developments in the automotive sector will drive the consumption of machine tools in the region which would require hand tools such as files for efficient maintenance, thus driving the market for hand files.
ECONOMIC AND GEOPOLITICAL HINDRANCES
Most nations worldwide, notably Europe and North America, have experienced an economic downturn because of the COVID-19 epidemic.
Various limits established by numerous national governments to curb the virus's spread have increased the load on the world's already stressed and vulnerable health systems. However, in many nations, similar policies have negatively influenced economic growth. In addition, several nations have experienced a serious worldwide recession because of the global health crisis.
Industrial development is critical to a country's or region's economic progress. The recession caused a drop in industrial and commercial activity in 2020, influencing the hand tool industry. The industrial sector was under rigorous lockdown to combat the spread of COVID-19, which caused a significant drop in hand file demand.
Even if the situation has improved in certain nations, others, particularly India, continue to struggle. Worse, the Ukraine_ Russian war happened, further disturbing the hand files market.
REGIONAL ANALYSIS
The rising economic development, growth of industrial sectors, and increased demand for precision manufacturing tools have contributed to the growth of the global hand file tools market in recent years.
APAC and Latin America are still significantly relying on hand tools such as hand files, thereby boosting the market growth. Hand files are used in various industries and applications, including automobile, electronics, aerospace, construction, flooring and roofing, repair, maintenance, and several others. The rapid initialization of tool alternatives in the heavy tools segment and cost factors are expected to drive the market in the US and Europe over the next five years.
APAC was the largest market for hand file tools in 2021, accounting for a 31.52% share. APAC is home to several industries, including manufacturing, services, automobiles, and electrical. This consequently increases the need for a unique assortment of hand tools, including hand files with accuracy in performance.
While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Singapore dominates with its excellent construction facilities. Furthermore, the increasing purchasing power of consumers and rising DIY culture among younger consumers is driving the regional residential tools market, including hand file tools.
Key Vendors
- Stanley Black & Decker
- Snap On Incorporated
- Apex Tool Group
- JK Files India
Other Prominent Vendors
- Wruth
- Taparia Tools
- ICS Cutting Tools
- Zoro UK
- Faithfull Tools
- Remax Tools
- Falcon Tool Company
- Tsubosan
- WoodWorld of Texas
- Mitco
- TOPTUL TAIWAN
- SNA Europe
- CS UNITEC, INC.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of the Study
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Market at a Glance
7 Premium Insights
7.1 Report Overview
7.2 Impact of Covid-19 and Analysis
7.3 Opportunity & Challenge Analysis
7.4 Segment Analysis
7.5 Regional Analysis
7.6 Competitive Landscape
8 Introduction
8.1 Overview
8.2 Impact of Covid-19
9 Market Opportunities & Trends
9.1 Increased Demand for Precision Parts
9.2 Increase in Demand for Interior Development
9.3 Increase in Demand for Handicraft
9.4 Boom in Wood and Metal Work
10 Market Growth Enablers
10.1 High Demand from Countries With Expanding Manufacturing Sectors
10.2 Prolonged Dependency on Manual Labor in Emerging Economies
10.3 Growth in Automotive Sector
11 Market Restraints
11.1 Price Fluctuations of Raw Materials
11.2 Use Involves Safety Hazards
11.3 Low Economic Growth & Geopolitical Hindrances
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Five Forces Analysis
13 File Type
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
14 Machinist File
14.1 Market Snapshot & Growth Engine
14.2 Machinist File
14.3 Flat & Hand Files
14.4 Round Files
14.5 Half-Round Files
14.6 Square Files
14.7 Triangular Files
14.8 Other Machinist Files
15 Saw Files
15.1 Market Snapshot & Growth Engine
15.2 Saw Files
15.3 Taper Files
15.4 Chainsaw Files
15.5 Mill Files
15.6 Other Saw Files
16 Application
16.1 Market Snapshot & Growth Engine
16.2 Market Overview
16.3 Metal Work
16.4 Woodwork
17 Grades of Cut
17.1 Market Snapshot & Growth Engine
17.2 Market Overview
17.3 Bastard Cut
17.4 Second Cut
17.5 Smooth Cut
18 Geography
18.1 Market Snapshot & Growth Engine
18.2 Geographic Overview
For more information about this report visit https://www.researchandmarkets.com/r/f36lxp
