Cutlery and Hand tools Global Market Report 2024

The cutlery and hand tools market size has grown strongly in recent years. It will grow from $163.15 billion in 2023 to $172.43 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth observed in the historical period can be attributed to factors such as construction and infrastructure development, increased demand from the automotive industry, trends in home improvement, innovations in tool design, and consumer preferences emphasizing quality and durability.

The cutlery and hand tools market size is expected to see steady growth in the next few years. It will grow to $209.03 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The anticipated growth in the forecast period can be attributed to the rise of e-commerce in the retail sector, a heightened focus on ergonomics and user comfort, the emergence of smart and connected tools, a shift towards sustainable manufacturing practices, and the growing culture of do-it-yourself (DIY) and home improvement. Major trends expected in the forecast period include the utilization of eco-friendly materials, the incorporation of advanced materials for enhanced durability, ergonomic design principles, integration of smart technologies, emphasis on customization and personalization, and the incorporation of hygiene and anti-microbial properties.

The anticipated growth in the cutlery and hand tool manufacturing market is driven by rapid advancements in wireless technology and miniaturization. This involves designing smaller components for equipment, fostering innovation in the industry. Additionally, the adoption of technologies such as 3D printing, artificial intelligence, and big data analytics during the manufacturing process is enhancing productivity, reducing operating costs, and improving profit margins. For instance, internet traffic is projected to triple from earlier in 2022, with the share of IoT devices expected to increase by 28% by 2025, providing companies with opportunities to expand production and diversify their product portfolios.

The increasing interest in home improvement projects is set to contribute to the growth of the cutlery and hand tools market. Home improvement, involving enhancements and renovations to residential properties, creates a demand for a variety of hand tools such as hammers, screwdrivers, pliers, wrenches, and measuring tools. The rising trend of DIY projects for home enhancement, as reported by Angi in January 2022, where homeowners spent significant amounts on their largest improvement projects, is driving the demand for essential hand tools. Renovation tasks in kitchens and bathrooms were the costliest, indicating a growing market for tools in the home improvement sector.

The supply chain operations of the cutlery and hand tool manufacturing market are expected to be influenced by the launch of new products and overall market growth. The uncertainty regarding the ability of raw material suppliers to meet market demand poses a significant limitation. Lack of supply chain visibility can lead to long delays and unproductive downtime in manufacturing facilities, impacting the industry's growth. According to a KPMG survey, only 17% of companies have complete visibility of their suppliers, highlighting the challenges in managing the supply chain effectively.

The global demand for metal additive manufacturing is on the rise, particularly in countries such as Germany, Japan, China, and India. This is attributed to consumer preferences for lightweight, faster, and fuel-efficient automobiles, driving the need for metal additive manufacturing. The technology involves 3D printing to manufacture final products by stacking layers of material, contributing to seamless appearances. Investments in metal additive manufacturing technology are leading to process improvements and reduced production costs in related manufacturing industries.

Major companies in the cutlery and hand tools market are concentrating on product innovation, introducing battery-operated hand tools to cater to larger customer bases, boost sales, and increase revenue. Battery-operated hand tools, powered by rechargeable or disposable batteries, offer portability without the need for traditional power sources. For example, Signode Industrial Group LLC launched the BPT steel strapping hand tool in February 2022. This battery-operated tool is suitable for various steel strapping applications, offering high tension force for heavy-duty stationary or mobile tasks. With the capability to operate for up to 500 cycles on a single battery charge, the tool ensures continuous, uninterrupted operation and mobility throughout the plant. Intelligent features, including visual and audio indications, contribute to electronically controlled and repeatable strapping operations.

Major companies operating in the cutlery and hand tools market report are The Procter & Gamble Company, Stanley Black & Decker Inc., Atlas Copco AB, Techtronic Industries Co. Ltd., Snap-on Inc., Griffon Corporation, Kennametal Inc., Apex Tool Group, Fiskars Group, Blount International Inc., Lifetime Brands Inc., Klein Tools Inc., Hultafors Group, The DeWalt Industrial Tool Company, Acme United Corporation, Zwilling J. A. Henckels AG, Leatherman Tool Group Inc., Wüsthof, Vaughan & Bushnell Manufacturing Co., Irwin Industrial Tools, Channellock Inc., Buck Knives Inc., The Benchmade Knife Company, Estwing Manufacturing Company, Brüder Mannesmann AG, SOG Specialty Knives Inc., Spyderco Inc., Victorinox Swiss Army Inc., Cold Steel Inc., Columbia River Knife & Tool Inc., A mora knife.

The Asia-Pacific was the largest region in the cutlery and hand tools market in 2023. Western Europe was the second-largest region in the cutlery and hand tools market. The regions covered in the cutlery and hand tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cutlery and hand tools market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The primary types of cutlery and hand tools include metal kitchen cookware, utensils, cutlery, flatware, saw blades, and general hand tools. Utensils specifically pertain to cookware used in the cooking process. Sales channels for these tools include online sales, direct sales by companies, and other distribution channels. Cutlery and hand tools find applications in both households and commercial settings.

The cutlery and hand tools market research report is one of a series of new reports that provides cutlery and hand tools market statistics, including cutlery and hand tools industry global market size, regional shares, competitors with a cutlery and hand tools market share, detailed cutlery and hand tools market segments, market trends and opportunities, and any further data you may need to thrive in the cutlery and hand tools industry. This cutlery and hand tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cutlery and hand tools market consists of sales of bakeware, measuring cups, and knives. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.