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Non-Sparking Tools Market - Global Outlook & Forecast 2023-2028

TO BE PUBLISHED : Sep 2023 | Pages : 263

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THE GLOBAL NON-SPARKING TOOLS MARKET IS EXPECTED TO REACH USD 595.07 MILLION BY 2028 FROM USD 480 MILLION IN 2022, GROWING AT A CAGR OF 3.65% DURING THE FORECAST PERIOD.

The Non-Sparking Tools Market Size, Share, & Trends Analysis Report By

  • Raw Materials: Copper Alloys, Brass, Bronze, and Others
  • Product Type: General Purpose Tools, Striking and cutting Tools, Digging Tools, and Other Tools
  • End-users: Industrial (Automotive Industry, Oil & Gas Industry, Mining Industry, Aerospace Industry, Petro-Chemical & Chemical Industry, Explosive & Ammunition Manufacturing, and Other Industries), Construction, and Residential
  • Distribution Channel: Offline and Online
  • Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast 2023–2028.

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Most Exhaustive Report

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263 Pages

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82 Tables

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101 Charts

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5 Regions

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18 Countries

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12 Companies

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5 Market Segment

NON-SPARKING TOOLS MARKET REPORT SCOPE

Report Attribute Details
Market Size (2028) USD 595.07 Million
Market Size (2022) USD 480 Million
CAGR (2022-2028) 3.65%
Base Year 2022
Forecast Year 2023-2028
Market Segments Raw Materials, Product Type, End-users, Distribution Channel, and Geography
Geographic Analysis North America, Europe, APAC, Latin America, and Middle East & Africa
KEY PLAYERS AMPCO Metal, Stanley Black & Decker, W.W. Grainger Inc, and Snap On

MARKET OVERVIEW

The global non-sparking tools market was valued at USD 480 million in 2022 and is expected to reach USD 595.07 million by 2028, growing at a CAGR of 3.65% during the forecast period. The market is gaining importance due to the increasing risk of accidents and the quality and safety regulations being implemented across various industries such as automotive, pharmaceutical, aerospace, manufacturing, and mining, among many others.

Increasing industrialization worldwide and application in residential and construction sectors primarily drive the non-sparking tools market. Non-sparking tools have various household applications, such as digging, cutting, loosening, or tightening bolts and nuts for other DIY projects. Hence, such reasons are propelling the growth of the non-sparking tools market during the forecast period. Furthermore, the manufacturing process of many industries needs to be carried out in a safe and secure environment, for example, the oil and gas extraction units, petroleum refineries, advanced aerospace equipment manufacturing, and mining industry, among many others, due to the products being sensitive towards particulates and can cause explosions in the surrounding atmosphere. Hence, such processes would require non-sparking tools to ensure that the process is controlled and does not affect the quality of the products. Furthermore, the growth of the non-sparking tools market is also driven by its requirement for research and development activities in the pharmaceutical, mining, automotive, and petroleum refineries, among many others, in the forecasted period.

The rapid growth of industries and the adoption of innovative tools have paved the way for the growth of machines like non-sparking tools in the North American region. North America is the largest economy and home to two developed countries - the U.S. and Canada- and a highly promising market for non-sparking tools. Moreover, the region is home to several large industries, including the automobile, construction, aerospace, electronics, and packaging. With the increasing applications of technology and increasing purchasing power of the people, the North American non-sparking tools market is expected to grow significantly in terms of domestic, commercial, and industrial sectors during the forecast period.

MARKET TRENDS & DRIVERS

Developing Pharmaceutical Sector
The pharmaceutical industry plays a very important role in the well-being of humans. In Europe, people are expected to live 30 years longer than 100 years ago. Since producing these medicines would require safe environments, using non-sparking tools becomes very important. Hence will propel the growth of the non-sparking tools market. Pharmaceutical industries are also working at developing vaccines for various conditions, such as Alzheimer’s dementia, among many others. Developing medicines for these would require non-sparking tools in the manufacturing facilities.

Rising Usage of Industrial Tools in Manufacturing Industries
In the manufacturing industry, non-sparking tools are quite significant. Non-sparking tools are essential to the global industries of general machinery, automobiles, aviation and aerospace, energy, medical, rail transit, and oil & gas, mining, and others. Moreover, non-sparking tools are one of the major components of the oil & gas and mining industry.

Consistent Growth in the Construction Industry
The construction market is expected to grow to USD 15.21 trillion by 2030, and countries like the U.S., China, and India contribute more than 55% of this global growth. The world is witnessing new developments and market trends in the construction industry. Technological transformation is a major factor influencing the growth, and significant changes have been deployed throughout the industry, from design to installations. While building projects are becoming more complex, stringent policies governing employee safety, advanced precision tools, energy efficiency, and productivity are some of the major concerns. Further, the growing population, the rising demand for public construction activities, and rising investments in renewables and telecommunications are expected to fuel the growth in the construction industry during the forecast period, stimulating the growth of the global non-sparking tools market.

SEGMENTATION INSIGHTS

INSIGHTS BY RAW MATERIALS
Copper and its alloys are the most widely used raw material to manufacture non-sparking tools, as copper is a malleable metal that can be shaped into any tool. Copper being malleable allows it to be shaped into any form and gives it flexibility. Such reasons are having a positive impact on the non-sparking tools that are made with copper alloys across the globe. Due to such factors, the copper alloy segment will dominate the global non-sparking tools market during the forecast period.

INSIGHTS BY PRODUCT TYPE
Non-sparking tools are a subset of handheld tools, and the unique selling point of these tools is that they do not create sparks and are very handy in workplaces that can be hazardous. The global non-sparking tools market by product type segments as general purpose, striking & cutting, digging, and other tools. The general purpose tools accounted for the largest share of the industry in 2022. Further, striking and cutting tools also have a significant share in the market. Striking tools are used in various applications like residential, automotive, construction, and household activities where these tools do not require any power to operate; hence, these are manually operated and easy to maintain, widely used by professionals and homeowners as these tools are easy to handle and less expensive than power tools and can be used in hazardous environments as well.

INSIGHTS BY END-USERS
The global non-sparking tools market by end-users includes industrial, construction, and residential segments. The Industrial segment held the largest industry share in 2022. Non-sparking tools are used across various industries such as electronics, automobiles, aerospace, construction, and medical. The automotive, electronics and aerospace industries use non-sparking tools while manufacturing airplanes, automobiles, and electronic products, as multiple parts of these industries are produced in environments where caution needs to be taken. Moreover, in the aeronautic industry, products such as screwdrivers, hammers, pliers, and sockets have various applications during the connection of two plates, assembly of parts that will be installed, and installation of sensitive parts such as radars, autopilot consoles, and many other parts. Furthermore, these tools are preferred as they do not produce any spark during usage and do not damage the installed components. Such reasons propel the growth of the global non-sparking tools market in the industrial segment during the forecasted period.

INSIGHTS BY DISTRIBUTION CHANNEL
The offline distribution channel has the highest global non-sparking tools market share and is projected to continue its dominance during the forecast period. Factors such as the broader reach in areas that lack better connectivity and high consumer trust associated with touching and experiencing the quality of products are driving the growth of this segment. Further, one of the prime modes of equipment sales globally is through dealers and distributors in the offline segment. They play a major role in offering products to potential customers. These dealers and distributors sell non-sparking tools from original equipment manufacturers.

GEOGRAPHICAL ANALYSIS

APAC accounted for the largest global non-sparking tools market share, accounting for over 31% in 2022. The APAC region, home to several industries, including manufacturing, services, automobiles, and electrical industries, consequently increases the need for industrial tools, specifically non-sparking tools, with applications in multiple industries. Furthermore, the growth of the non-sparking tools market is driven by the fact that countries like China, Japan, and India have a commendable market share in the global pharmaceutical sector. Further, the manufacturing industry in the Middle Eastern region is witnessing a significant change driven by rapid technological development. The oil and gas industry contributes about 40% of the UAE’s GDP. Rising consumer confidence and low-interest rate in countries such as Brazil is supporting the growth of the automotive sector in the region. Mexico and Argentina also contributed to the growth of automotive sectors and maintained their position as the largest automotive in the Latin American region. Such factors have helped propel the growth of the non-sparking tools market in the respective regions during the forecasted period.

COMPETITIVE LANDSCAPE

The global non-sparking tools market is highly fragmented, with many local and international players. Stanley Black & Decker, AMPCO, W.W. Grainer, Snap-On, and Gedore Werkzeugfavrik GMBH & Co.KG are a few prominent players alongside numerous domestic tool manufacturers that specialize in manufacturing non-sparking tools based on local demands and regulations. Many other players offer products with similar specifications, such as length, width, and cutting techniques, at low prices, which will likely intensify the price war among vendors in the non-sparking tools market during the forecast period.

The presence of diversified global and regional vendors characterizes the market. As international players increase their footprint in the non-sparking tools market, regional vendors will likely find it increasingly difficult to compete with them. A rise in product expansions and M&As is expected to exacerbate industry competitiveness further. The competition is also based on features such as durability, safety, lifespan, tool performance, price, and customization. Vendors must develop new patented designs and ergonomics to keep pace with existing market competition and innovations to retain a competitive advantage. In addition, improving global economic conditions will fuel the growth of the tools market, making it an attractive time to launch new products with their accessories.

Frequently Asked Questions

How big is the non-sparking tools market?

The global non-sparking tools market size was valued at USD 480 million in 2022 and is expected to reach USD 595.07 million by 2028.

What is the growth rate of the global non-sparking tools market?

The global non-sparking tools market share is expected to grow at a CAGR of 3.65% from 2022 to 2028.

Which region dominates the global non-sparking tools market share?

APAC held the largest global non-sparking tools market share, accounting for over 31% of global revenue in 2022.

What are the significant trends in the non-sparking tools industry?

Consistent growth in the construction industry, a robust increase in new construction and remodeling in the residential sector, and the developing pharmaceutical sector are significant trends in the non-sparking tools industry.

Who are the key players in the global non-sparking tools market?

AMPCO Metal, Stanley Black & Decker, W.W. Grainger Inc., and Snap On are the key players in the global non-sparking tools market.

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The global non-sparking tools market size is expected to grow at a CAGR of approximately 3.65% from 2022 to 2028.

The following factors are likely to contribute to the growth of the non-sparking tools market during the forecast period:

  • Rising Manufacturing Industry in The Asian Region
  • Rising Usage of Cutting Tools in General Manufacturing Industries

Base Year: 2022

Forecast Year: 2023-2028

The report considers the present scenario of the global non-sparking tools market and its market dynamics for 2023−2028. It covers a detailed overview of several market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes leading companies and several other prominent companies operating in the market.

Key Company Profiles

  • AMPCO Metal
    • Business Overview
    • Product Offerings
    • Key Strategies
    • Key Strengths
    • Key Opportunities
  • Stanley Black & Decker
  • W.W. Grainger Inc
  • Snap On

Other Prominent Vendors

  • GEDORE Werkzeugfabrik GmbH & Co. KG
    • Business Overview
    • Product Offerings
  • PAHWA METALTECH
  • Eastman Cast and Forge Ltd.
  • Cangzhou Marine Special Explosin-Proof Tools Manufacturing Co.Ltd.
  • Saunders Midwest LLC
  • Intercon USA Inc
  • ACB
  • EGA Group

Segmentation By Raw Materials

  • Copper Alloys
  • Brass
  • Bronze
  • Others

Segmentation By Product Type

  • General Purpose Tools
  • Striking & Cutting Tools
  • Digging Tools
  • Other Tools

Segmentation By End-users

  • Industrial
    • Automotive Industry
    • Oil & Gas Industry
    • Mining Industry
    • Aerospace Industry
    • Petro-Chemical & Chemical Industry
    • Explosive & Ammunition Manufacturing
    • Other Industries
  • Construction
  • Residential

Segmentation by Distribution Channel

  • Offline
  • Online

Segmentation by Geography

  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Italy
    • Spain
  • APAC
    • China
    • India
    • Japan
    • South Korea
    • Australia
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • UAE
  • Latin America
    • Brazil
    • Mexico
    • Argentina

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