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

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

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

MARKET TRENDS & DRIVERS

Developing Pharmaceutical Sector

The pharmaceutical industry plays a significant 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 significant 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 transition, and significant changes have been deployed throughout the industry, from design to installation. 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 development 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 device. 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.

Segmentation By Raw Materials

• Copper Alloys
• Brass
• Bronze
• Others

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.

Segmentation By Product Type

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

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, cars, and electronic products, as multiple parts of these industries are produced in environments where caution needs to be taken. Moreover, in the aeronautic sector, 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 components such as radars, autopilot consoles, and many other factors.

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

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 feature. They play a significant role in offering products to potential customers. These dealers and distributors sell non-sparking tools from original equipment manufacturers.

Segmentation by Distribution Channel

• Offline
• Online

GEOGRAPHICAL ANALYSIS

APAC accounted for the most significant 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 drives, 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.

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

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. This will likely intensify the price war among vendors in the non-sparking tools market during the forecast period.

Key Company Profiles

• AMPCO Metal
• Stanley Black & Decker
• W.W. Grainger Inc
• Snap On

Other Prominent Vendors

• GEDORE Werkzeugfabrik GmbH & Co. KG
• 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

KEY QUESTIONS ANSWERED:

1. How big is the non-sparking tools market?

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

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

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

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