Global Utility Knives Market Size Driven by 5.98% CAGR, Aiming for $5.87 Billion by 2030 | Cutting-Edge Tools

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[229 + Pages Report] According to a market research study published by Zion Market Research, the demand analysis of Global Utility Knives Market size & share revenue was valued at around USD 3.69 billion in 2022 and is estimated to grow about USD 5.87 billion by 2030, at a CAGR of approximately 5.98% between 2023 and 2030. The key market players are listed in the report with their sales, revenues and strategies are Irwin Industrial Tools, Olfa Corporation, Xingwei Cutting-Tools, Snap-on Incorporated, Slice Inc., Klein Tools, Apex Tool Group, Würth Group, Tajima Tool Corporation, Martor KG, Alltrade Tools LLC, Channel lock, Great Star., and others.

Houston, TX, Sept. 01, 2023 (GLOBE NEWSWIRE) — Zion Market Research has published a new research report titled “Utility Knives Market By Application (Commercial And Residential), By Sales Channel (Specialty Stores, Hypermarkets/Supermarkets, Convenience Stores, Online Retailers, And Others), By Type (Retractable Knives, Snap-Off Knives, And Fixed-Blade Knives), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global Utility Knives Market size & share in terms of revenue was valued at USD 3.69 billion in 2022 and it is expected to surpass around USD 5.87 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.98% during the forecast period 2023 to 2030.”

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What are Utility Knives? How big is the Utility Knives Industry?

Report Overview:

The global utility knives market size was worth around USD 3.69 billion in 2022 and is predicted to grow to around USD 5.87 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.98% between 2023 and 2030.

One end of a tool that has a blade that can be replaced and is sharp and capable of cutting is called a utility knife. It is put to use in manual labour that is routine or broad in nature. Utility knives can be utilised for a wide variety of tasks and are typically utilised on a daily basis by a number of people, either for personal reasons or as an essential component of a trade, such as in the case of carpentry, opening packages and boxes, home repair work, and gardening. The ultimate use goes well beyond the completion of activities of this nature because it is one of the instruments that is utilised most frequently in day-to-day life by a large number of individuals all over the world.

Depending on where you are in the world, utility knives may go by a variety of various names. For instance, a utility knife is known as a Japanese knife in Switzerland and Israel, whereas it is named a Stanley knife in Austria, Germany, Australia, and the United Kingdom. However, there are some kinds of these cutting instruments that can do severe damage if they are not handled or used properly and while the majority of utility knives cannot be used as aggressive or offensive weapons, there are other forms of these cutting tools that can. This holds true in particular for knives that have blades that are both longer and sharper. These knives have been employed in a variety of untoward activities over the course of their existence. In the future years, it is anticipated that the global market would expand at a rate that is consistent.

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Global Utility Knives Market: Growth Factors

Altering the product’s appearance and enhancing its safety features in order to drive market expansion

It is anticipated that the global market for utility knives would expand as a result of changes in the design of the blades themselves. Specifically, producers are working to improve the safety aspects of their knives without reducing the functionality of their products. Knives designed specifically for utility cutting tasks are common in a variety of professional and consumer contexts. For example, one of the most typical functions is to cut open a package. These knives have blades that are so keen that they can easily cut through difficult materials like cardboard and rope or a cord.

It is possible to cut thin metal with a knife if the blade is sharp enough and the proper safety precautions are taken when using it. It is recommended that only adults use it in home applications, but when it is used in a commercial setting, workers or users need to ensure that safety gear is worn when using the product because utility knives can do severe damage. In residential applications, it is recommended that only adults use it. As a direct consequence of it, manufacturers have upgraded product design, with a primary emphasis on improving product safety.

For instance, in June of 2022, OLFA Corporation, a market-leading manufacturer of utility cutting tools, introduced the SK-16 Quick Change Concealed Blade Safety Knife with model number 1140922. The structure and design of the knife are centred on providing a secure application while still being simple to operate. The SK-16 has a blade that may be safely touched and does not require the blade to be expanded or retracted. The user only needs to pull through the material for the cutting to take place. In addition, manufacturers are concentrating on product weight, size, and knife material in order to get a higher rate of sale.

The increasing demand for customised knives is expected to drive up market revenue.

A increasing number of customers are interested in purchasing knives with their own names or initials on them. The design and logo of the knife can be customised, as can the elements of the product itself, such as the shape and size of the blade. Users of the utility knife on a consistent basis like to emboss either their name or an icon that represents them on the instrument. The increasing number of businesses that offer these types of services has led to an increase in the demand for utility knives that are used solely as accessories. Additionally, as a weapon of self-defense, these knives are carried by individuals of both sexes. People carry these instruments for protection because the prevalence of crime has been on the rise in a number of countries in recent years. For example, in the year 2017, female commuters in the Metro system of the Indian capital of Delhi were given permission to carry knives with blades no longer than 10 centimetres. In light of the rising number of assaults and other violent crimes committed against women in Delhi, the announcement was made.

The rising number of inappropriate uses of utility knives is a barrier to market expansion.

Because of the rise in the number of instances in which utility knives have been used for illegal activities such as robbery and theft, the global market for utility knives is expected to encounter growth limits in the near future. For example, a report titled “Knife Robbery and Crime in the Richest Areas of London” was distributed by The National News in May of 2023. This study stated that these types of crimes were prevalent in the wealthiest parts of London. It is strongly recommended that visitors to these places avoid wearing valuable items such as watches and jewellery while they are there. In a similar vein, a study that was published not too long ago found that substance misuse, experiences of violence, and preexisting problems related to mental health were some of the most common risk factors connected with crimes committed with knives and other sharp objects. People have better access to many types of utility knives, which can be a substantial threat if they are used with malicious intent. This is in contrast to the fact that some other weapons, such as firearm attachments, tasers, and swords may require licencing depending on the jurisdiction. Utility knives, on the other hand, are readily available.

Utility Knife Market: Emergence of Higher Growth prospects Expansion of sales channels via the internet may be the catalyst for the emergence of higher growth prospects.

The increasing sales revenue that has been seen through e-commerce or other online sales platforms is an opportunity for businesses and participants in the utility knives market to profit. A significant number of people in every region of the world have developed a compulsive need to spend a lot of time shopping online. This may include high-priced items as well as ordinary products that are used frequently, such as utility knives. Taking advantage of the expanding market of people who shop online can help generate additional sources of revenue as internet use becomes increasingly widespread. Establishing a high product value may be dependent on a number of different facets of a company’s operations, such as providing exceptional customer service, offering a varied product selection, and ensuring prompt delivery.

In addition, utility knives have evolved into an important component of a wide variety of do-it-yourself (DIY) undertakings, from straightforward craft endeavours to complex home improvement endeavours. It is anticipated that the increased availability of information on how to carry out these chores through social media platforms will lead to an increase in demand for utility knives that are uncomplicated but efficient.

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Report Scope

Report Attribute Details
Market Size in 2022 USD 3.69 billion
Projected Market Size in 2030 USD 5.87 billion
CAGR Growth Rate 5.98% CAGR
Base Year 2022
Forecast Years 2023-2030
Key Market Players Irwin Industrial Tools, Olfa Corporation, Xingwei Cutting-Tools, Snap-on Incorporated, Slice Inc., Klein Tools, Apex Tool Group, Würth Group, Tajima Tool Corporation, Martor KG, Alltrade Tools LLC, Channel lock, Great Star., and others.
Key Segment By Application, By Sales Channel, By Type, and By Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options Request customized purchase options to meet your research needs. Explore purchase options

Utility Knives Market: Segmentation Analysis

The market for utility knives around the world may be broken down into four distinct categories: by application, by sales channel, by type, and by location.

The global market can be broken down into commercial and residential divisions, depending on the application. The business sector experienced the most rapid expansion, and this growth rate is expected to be maintained throughout the time covered by the forecast. Applications across a wide variety of sectors, including the automobile industry, retail, construction, carpentry, the food industry, and others, are included in this market segment. Utility knives are available at an affordable price and deliver efficient performance. It is expected that the demand for effective cutting tools will pick up speed as the end-user verticals continue to see growth. It is anticipated that the global market for carpentry would reach 100 billion USD by the year 2027.

The specialised stores, hypermarkets/supermarkets, convenience stores, internet retailers, and other types of businesses that sell goods and services make up the different divisions of the utility knife industry.

The global market for knives can be broken down into three categories, namely snap-off knives, retractable knives, and fixed-blade knives. The CAGR that was recorded as being the greatest was achieved by snap-off knives that have replaceable blades. These kind of blades do not need to be sharpened by hand because once a particular segment of the blade becomes dull, it automatically snaps off in a predetermined location. The primary driver of segmental expansion in the arts and crafts business is the increasing adoption of practises like these variations. According to some studies, hand lacerations account for about 70 percent of all knife-related accidents.

The global Utility Knives market is segmented as follows:

By Application

  • Commercial
  • Residential

By Sales Channel

  • Specialty Stores
  • Hypermarkets/Supermarkets
  • Convenience Stores
  • Online Retailers
  • Others

By Type

Browse the full “Utility Knives Market By Application (Commercial And Residential), By Sales Channel (Specialty Stores, Hypermarkets/Supermarkets, Convenience Stores, Online Retailers, And Others), By Type (Retractable Knives, Snap-Off Knives, And Fixed-Blade Knives), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030″ Report At https://www.zionmarketresearch.com/report/utility-knives-market

Competitive Landscape

Some of the main competitors dominating the global Utility Knives market include – 

  • Irwin Industrial Tools
  • Olfa Corporation
  • Xingwei Cutting-Tools
  • Snap-on Incorporated
  • Slice Inc.
  • Klein Tools
  • Apex Tool Group
  • Würth Group
  • Tajima Tool Corporation
  • Martor KG
  • Alltrade Tools LLC
  • Channel lock
  • Great Star.

 Key Insights from Primary Research:

  • According to the analysis shared by our research forecaster, the Utility Knives market is likely to expand at a CAGR of around 5.98% during the forecast period (2023-2030).                                            
  • In terms of revenue, the Utility Knives market size was valued at around US$ 3.69 billion in 2022 and is projected to reach US$ 5.87 billion by 2030.
  • The utility knives market is projected to grow at a significant rate due to the changing knife designs and improved safety features.
  • Based on application segmentation, the commercial was predicted to show maximum market share in the year 2022.
  • Based on type segmentation, snap-off knives was the leading type in 2022.
  • On the basis of region, North America was the leading revenue generator in 2022

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Key questions answered in this report:

  • What is the market size and growth rate forecast for Utility Knives industry?
  • What are the main driving factors propelling the Utility Knives Market forward?
  • What are the leading companies in the Utility Knives Industry?
  • What segments does the Utility Knives Market cover?
  • How can I receive a free copy of the Utility Knives Market sample report and company profiles?

Key Offerings:

  • Market Size & Forecast by Revenue | 2023−2030
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis By Application, By Sales Channel, By Type, and By Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America to continue as the highest revenue generator

The global utility knives market is likely to be dominated by North America during the forecast period. Countries such as the US and Canada have shown exceptional sales of utility knives in several industries including food & beverages and construction. The rise in demand for efficient and modern-age utility knives in these verticals along with the growing innovation strategies adopted by manufacturers could result in higher regional growth. Utility knife producers are focusing not only on the design of the product but also on safety features. In March 2022, Milwaukee Tool launched 3 new knives in its existing range of highly popular hand-cutting products. One of the products is the Flashback 6 in 1 utility knife. The product allows reduced downtime and comes with a belt clip for safe and easy storage. The existence of laws and rules related to workplace safety and strict implementation guidelines has played a crucial role in ascertaining that employees are safe when working with tools that can cause serious physical damage.

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

To know an additional revised 2023 list of market players, request a brochure of the report: https://www.zionmarketresearch.com/requestbrochure/utility-knives-market

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