Cutlery And Hand Tools Global Market Report 2021: COVID 19 Impact and Recovery to 2030
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.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Cutlery And Hand Tools Global Market Report 2021: COVID 19 Impact and Recovery to 2030” – https://www.reportlinker.com/p06009803/?utm_source=GNW
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.
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