The Business Research Company’s Cutlery And Hand Tools Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON, UK, August 23, 2021 /EINPresswire.com/ — Metal additive manufacturing is an emerging trend in the cutlery and hand tools market. The demand for metal additive manufacturing is growing worldwide, especially in countries such as Germany, Japan, China, and India. 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 global metal companies said they had already introduced 3D printing technologies for metal additive manufacturing, and 27% of them said they had 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 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 major players covered in the global cutlery and hand tools market are Snap-on Inc, Stanley Black & Decker Inc, Brüder Mannesmann AG, Acme United Corporation.
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The global cutlery and hand tools market is expected to grow from $1.40 trillion in 2020 to $1.54 trillion 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 $2.01 trillion in 2025 at a CAGR of 7%.
The cutlery and hand tools market are segmented into metal kitchen cookware, utensil, cutlery, and flatware; saw blade and hand tool, and segmented by application into household, commercial.
Cutlery And Hand Tools Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides cutlery and hand tools market overview, forecast cutlery and hand tools market size and growth for the whole market, cutlery and hand tools market segments, and geographies, cutlery and hand tools market trends, cutlery and hand tools market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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