Chicago, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, U.S. hand tools market to grow at a CAGR of around 4% during 2022-2027. The construction industry in the United States is one of the largest in the world, with an annual expenditure of more than $1.2 trillion. Construction projects are underway in all major parts of the country, creating high growth potential for the construction industry and its related industries during the forecast period. The demand for hand tools, such as hand file tools, is heavily influenced by the construction and renovation industry, as well as the country's growing construction activities. This is expected to boost the demand for US hand tools.
U.S. Hand File Tools Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $96.28 Million | |
| MARKET SIZE (2021) | $77.34 Million | |
| CAGR (2022-2027) | 3.72% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | File Type, Machinist Files, Saw Files, Application, and Grades of Cut | |
| GEOGRAPHIC ANALYSIS | The U.S. (California, Michigan, Oregon, Alabama, and Washington) | |
| PARTICIPANT COVERAGE | 3 Key Vendors and 16 Other Prominent Vendors | |
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The market for hand files is anticipated to grow in the next years due to the rising number of industries and manufacturing facilities. It is challenging to produce a part or component in the automotive industry without hand files since it might be challenging to work on handicrafts without file equipment. For instance, it's imperative to use the proper file with the appropriate form, size, and coarseness to get the required results. Renovations of properties are gaining popularity as developed nations with higher disposable income and emerging nations see an increase in the demand for hand files.
In 2019, North America also accounted for 52.2% of global aerospace parts manufacturing. This was further fueled by the fact that there has been an increase in the purchasing power of people. Hence, there has been an upgradation in the choice of travel demand. This has also been fueled ever since low-cost carriers were introduced by airline companies. This implies that the need to manufacture aircraft is only going to surge. This scenario is expected to remain consistent throughout the forecast period owing to the rising air traffic in the region. The new aircraft building with precision parts will use hand tools, such as files, to enhance overall productivity. It is expected to increase the market growth of hand file tools.
Also, there has been a growth in the number of individuals who engage in Do It Yourself (DIY) activities that need many hand tools, such as files, which are one of the most important tools for shaping, scraping, and precisely finishing the article. When the pandemic situation improved and people wanted to see a change in their surroundings, demand for interior design increased, eventually surging demand for hand tools, and filing equipment in the market.
Key Highlights
- The machinist files segment has the biggest market share of about 47.12% of all other categories of hand file tools.
- The US market for saw-type hand file tools was estimated to be worth $22.43 in 2021 and is expected to grow at a CAGR of 4.56% and reach $29.32 million by 2027.
- The saw type files segment has the 2nd biggest market share of about 29% of all other categories of hand file tools.
- Hand file tools can be categorized into metalwork and woodwork files. Though the files do not differ much in appearance, there are still distinct features separating the woodwork files from metalwork files.
- Metalwork occupies the larger share of about 68.12%, and woodwork files occupy about 31.88% when it comes to the application of hand file tools.
Key Vendors
- Stanley Black & Decker
- Snap On Incorporated
- Apex Tool Group (ATG)
Other Prominent Vendors
- Wruth
- ICS Cutting Tools
- Zoro UK
- Remax Tools
- Falcon Tool Company
- WoodWorld of Texas
- Ampco Safety Tools
- Western States Hardware, Inc.
- Intercon USA Inc.
- DME Company
- Genius Tools USA
- Warrensville File & Knife
- AVEN SAFETY TOOLS
- com
- Federal File Co.
- McKeever/Wiltshire File Company
Market Segmentation
File Type
- Machinist Files
- Saw Files
- Others
Machinist Files
- Flat & Hand Files
- Round Files
- Half Round Files
- Square Files
- Triangular Files
- Others
Saw Files
- Taper Files
- Chainsaw File
- Mill File
- Others
Application
- Metal Work
- Woodwork
Grades of Cut
- Bastard Cut
- Second Cut
- Smooth Cut
Region
- The U.S.
- California
- Michigan
- Oregon
- Alabama
- Washington
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