The growing DIY culture in developed as well as developing economies is expected to generate demand for heat gun devices
The heat gun market size to reach USD 1.41 billion by 2024, growing at a CAGR of over 5% during the forecast period. The global heat gun market is expected to witness steady growth during the forecast period. Increasing industrialization across the world and the growing application of power tools in households and commercial segments are primarily driving the market. The industry is highly competitive with low concentration. However, the average price of these devices has been declining due to maturing technology and decreasing raw material prices. Vendors are introducing innovative features to increase product differentiation.
Heat gun devices are increasingly finding applications in the medical-surgical sector. They can be used for sanitizing medical equipment. Hence, the growth of the prosthetics and orthotics industry is expected to boost the demand for this equipment. Increasing incidences of road accidents, sports injuries, and the growing prevalence of osteosarcoma are likely to increase ortho surgeries, which, in turn, are expected to generate revenue opportunities for the heat gun market.
The growing popularity of “Do it Yourself” (DIY) projects, which involve amateurs and enthusiasts to modify, maintain, upgrade, and rebuild material possessions such as household appliances, is increasing the adoption of power tools, including heat gun devices. The use of power tools in the DIY process is highly popular in developed countries such as the US, the UK, and Germany. However, the trend is rapidly expanding to developing countries. With the growing disposable income, the young population is attracted to craftsmanship, thereby spending on tools and equipment for home improvement and DIY projects. Hence, the popularity of DIY culture in developed as well as developing economies is expected to generate demand for DIY tools.
HEAT GUN MARKET SEGMENTATION
This research report includes detailed segmentation by
- Product type
- Power type
HEAT GUN MARKET: PRODUCT TYPE
The global variable temperature segment generated approximately 50% of the revenue in 2018
The dominance of dual temperature equipment is high due to low price and high durability. The popularity of the DIY culture is a dominant driver for high market shares in the North American region. However, the trend is picking up in developing countries such as, China, India, the UAE, and Saudi Arabia, which is likely to drive the demand for such tools among consumers.
Further, these guns have widespread usage in the commercial and industrial sectors. Thus, the growing industrial sectors, such as automobile, electronics, constructions, flooring, and PVC roofing globally, is also expected to support the growth during the forecast period. The presence of highly diversified small-scale industries and businesses in the APAC region is primarily driving the market in APAC.
The global variable temperature segment dominates the market, generating approximately 50% of the revenue in 2018. However, the shares are expected to decline during the forecast period due to the growing demand for low-cost dual temperature settings. Variable temperature models have widespread usage in the packaging industry, desoldering, plastic welding, and various others. However, the price of these appliances is generally higher, which hamper their growth.
HEAT GUN MARKET: POWER TYPE
The market share of gas-powered devices are expected to decline by 2024
The electric-powered equipment is the most commonly used for industrial and household purposes. However, with the growing need to reduce carbon emissions, manufacturers prefer battery-powered models instead of fuel-powered engines. Battery-powered equipment is also more advantageous over electric equipment as they do not need cable trails, allowing the machine to be moved freely. Manufacturers are using lithium-ion batteries as they can last up to 3–5 years depending on the usage. They are also lightweight. Although cordless or battery-powered equipment forms a comparatively small segment, the demand is expected to rise due to the increasing application in households. The share of gas-powered ones is however, likely to decline by 2024. The growing environmental concerns and the increasing natural gas price result in the declining sale of gas-powered equipment, which is expected to be substituted by powerful electric and battery-powered machines.
HEAT GUN MARKET: APPLICATION
The increased application in renovations and remodeling is a major driver for the growth of the commercial appliances segment
One of the primary advantages of heat gun devices in the residential sector is safety as these tools are flameless. Moreover, the aging population and changing demographics have resulted in high demand for household tools and equipment. Hence, the growing number of households is expected to drive the demand for these devices for repairs and renovations. The predominance of DIY culture among American families is mainly supporting the demand for this equipment. They are used for several repairs and maintenance works such as paint removal, renovations, and refurbishing of furniture and other crafty works.
The commercial segment is expected to grow at a CAGR of over 5% during the period 2018–2024. The increased application for renovation and remodeling such as removal or glue-on coverings, building materials, removing wallpapers and various other surfaces is a major driver for the growth of the commercial appliances segment. The APAC region dominates the commercial segment. The existence of small-scale industries is primarily supporting the growth of the industry. These devices are used for all types of repair and maintenance works, thereby witnessing high demand in the commercial sector.
Owing to the widespread usage of heat gun equipment across several sectors, the growth of the industrial segment would boost the demand for it. The segment generates the highest revenue and dominates the market in 2018. Industrial heat gun devices are more powerful equipment, with high endurance and durability than other ones.
HEAT GUN MARKET: GEOGRAPHY
Manufacturers in Europe are introducing cordless and lightweight models to cater to the changing consumer preference in the region
APAC accounts for the largest market share in 2018. The region hosts several industries, including manufacturing, automobiles, and electrical, which, consequently, increase the need for power, especially heat gun devices. While Japan and South Korea are major manufacturers and exporters of electrical appliances and automobiles, Singapore offers excellent construction facilities.
North America constitutes the second-largest market. The presence of large-scale industries such as automobiles, construction, electronics, and aerospace is driving growth in the region. Further, these devices are also used for several household applications, including repairing, paint drying, and paint scraping. They are also comparatively safe and have a simpler operating procedure than other heavy instruments. Thus, residential or household usage is generating widespread demand in the North American region.
Europe is home to world-class manufacturing facilities. The UK, Germany, and France are the major markets in the region. Finland and Poland are expected to be promising regions due to the increasing purchasing and increased industrial growth. The growing popularity of DIY projects in Europe for home improvement is also expected to drive the demand. Manufacturers are also introducing cordless and lightweight tools to cater to the changing consumer preference in the region.
Brazil, Mexico, and Argentina are the largest markets in the Latin American region. However, the increasing infrastructural development in countries such as Peru, Chile, and Colombia, is expected to provide growth opportunities for the heat gun market during the forecast period. Middle-East & Africa accounted for the smallest share in 2018. The growing industrial and manufacturing sector in the region and the increasing adoption of DIY culture in the general population are expected to drive the demand during the forecast period.
KEY VENDOR ANALYSIS
The global heat gun market is characterized by low market concentration, with high competition among players. The present scenario is driving vendors to alter and refine their unique value proposition to achieve a strong presence. Currently, the market is moderately fragmented and is dominated by vendors such as, Stanley Black + Decker, Bosch and Steinel Group. All these major vendors have a global presence in three major geographical regions: North America, APAC, and Europe. However, there are other vendors providing products with similar specifications at low prices. This is likely to intensify the price war among vendors during the forecast period. The market confronts the threat of infiltration with low-quality products from Chinese vendors. Major vendors continually compete among themselves for the leading position, with occasional spurts of competition coming from other local vendors. The competition will be based solely in terms of features such as quality, quantity, technology, services, and price.
The Heat Gun market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market Segmentation by Product Types
- Variable Temperature
- Dual Temperature
By Power Type
- South Korea
- Latin America
- Middle East & Africa
- North America