DUBLIN–(BUSINESS WIRE)–The “Hacksaw Blades Market – Forecasts from 2021 to 2026” report has been added to ResearchAndMarkets.com’s offering.
The hacksaw blades market is projected to grow at a CAGR of 4.19% to reach US$836.484 million by 2026, from US$627.589 million in 2019.
These blades are being used in several end-user industries such as construction, automotive, furniture, and others. Cost-effectiveness and affordability are considered as the key driving factor for market growth.
Driving Factors
In addition, the flourishing furniture industry owing to the increasing disposable income of the people and the rapid urbanization will propel the market growth as hacksaw blades are actively used to craft the furniture.
Moreover, the growing sawmill production will contribute to the market growth of hacksaw blades as they are widely used in this industry to cut down logs. According to the Western Wood Products Association, 2021, the United States sawmill production as a percent of practical capacity for January 2021 improved to 91% from 87% in the same month in 2020.
The Canadian sawmill production as a percent of practical capacity went up to 85% in January 2021, up from 70% in January 2020. Furthermore, the increasing investment in infrastructure, construction, and automation sector will increase the demand for hacksaw blades which widens ups the market growth opportunities in the near future.
Geographical Segmentation
Geographically, Asia Pacific will be the fastest-growing market region owing to the increasing investment in infrastructure and other sectors. Also, the surging number of medium and small industries in countries such as India and China will further bolster the market growth of the hacksaw blades market during the forecast period.
The North American region holds a significant market share owing to flourishing industries and the presence of key market players in the region. Also, the European region is anticipated to grow at a high CAGR due to the availability of superior quality hacksaw blades in the region.
Growth Factors
Increasing industrialization in countries
The major key driver of the hacksaw blades market is the increasing industrialization in several countries, especially in emerging economies of the Asia Pacific region.
The growing industrialization has led to a surge in the number of industries such as furniture, construction, sawmill production, automotive, and others. which in turn will accelerate the demand for hacksaws during the forecast period. In countries such as China, India, Brazil, and Russia, there has been a constant surge in the number of industries which will further propel the market demand in the coming years.
Restraints
High costs
The costs of raw materials required to make the hacksaw blades may restraint the market growth. The hacksaws are specialized made which need to be with precision and should be of good quality else they can break which could harm the user.
The cost of the raw materials required to make these blades is thus high, which increases the final product cost owing to which many small and medium companies might not be able to afford it. Also, the hacksaw blades are often blunt and the teeth of the blade break, which further is an additional expense.
Companies Mentioned
- Apex Tool Group
- Klein Tools
- Disston Company, Inc.
- Lenox Corporation
- Fein
- L. S. Starrett Company
- Stanley Black & Decker
- Blackhawk Industrial
- Milwaukee Hand Trucks- Gleason Industrial Products Inc.
Segmentation:
By Blade Type
- Regular Blade
- Raker Blade
- Wavy Blade
By Material Type
- Aluminum Alloy
- Brass
- Copper
- Steel
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- UK
- Germany
- France
- Spain
- Middle East and Africa
- Saudi Arabia
- Israel
- Asia Pacific
- Japan
- China
- India
- Indonesia
- Taiwan
- Thailand
For more information about this report visit https://www.researchandmarkets.com/r/idzzqm
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