NEWARK, Del, July 20, 2022 (GLOBE NEWSWIRE) -- According to a latest report by FMI, the global tool boxes market will reach a value of US$ 4.5 Bn in 2022 and is expected to grow to a size of US$ 6.8 Bn with a robust CAGR of 8.3% over the forecast period of 2022-2032. Increasing adoption of DIY trends and the ensuing need for tool storage products, especially from the younger consumers, is expected to boost the market over the forecast period.
Tool boxes are generally specially designed to store and carry a wide range of hardware and electrical tools. Primarily made out of metal or plastic, it is equipped with multiple compartments to help people organize small accessories and components. Currently, many automobile manufacturers are installing unique tool boxes in vehicles which are promoting the growth of the market.
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Rising demand for tool boxes made out of steel and aluminum is spearheading market expansion for tool boxes. Steel tool boxes provide a robust structure for storage and also enhance security. This boosts the demand for steel tool boxes. Additionally, aluminum tool boxes, unlike steel ones, are lightweight and rustproof. Plastic tool boxes, too, contribute to the growth of the market.
Plastic tool boxes are lightweight and corrosion resistant which propels the market growth for this segment. Overall, all these factors combine together to bolster the sales of tool boxes in the market.
“Rising demand for tool boxes from the automobile industry coupled with growing DIY trends will augment the sales of tool boxes in the global market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Steel tool boxes dominate the market over the forecast period.
- Demand for aluminum and plastic tool boxes will rise over the forecast period.
- Demand in the automobile sector will continue gaining traction over the assessment period.
- North America tool boxes market presents significant growth potential.
- Smart locking systems developed by major tool box manufacturers in Canada and the U.S. will contribute to market growth.
- Evolving construction sector in India and China will bolster the Asia Pacific tool boxes market.
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Competitive Landscape
Prokit's Industries, SAM Outillage, Stanley Black & Decker, Stahlwille, Huot Manufacturing, K-Tool International, Techtronic Industries, Apex Tools Group, Taparia, Griffon Corporation, and Snap-on Inc. among others are some of the manufacturers of tool boxes profiled in the full version of the report.
Key players in the global tool boxes market are investing in research and development activities to release state-of-the-art, affordable, lightweight, and robust tool boxes. Other market players are also employing strategic and appealing marketing methods to gain a competitive advantage.
More Insights into the Tool Boxes Market Report
In its latest report, FMI offers an unbiased analysis of the global tool boxes market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, growth, and scope, the market is segmented based on material (aluminum, steel, plastic), product type (hand-carry tool boxes, stationary tool boxes, truck mounted tool boxes, portable rolling tool boxes, upright roll-around tool boxes), end user (professional use, household) and region.
Tool Boxes Market Regional Analysis
According to the latest FMI report, the development of smart locking systems by major tool boxes manufacturers in Canada and the U.S is expected to propel the tool boxes market growth in North America. Rising DIY trends and the influence of social media such as DIY YouTube and Instagram videos will also boost the demand for tool boxes in this region.
Expanding construction sector in emerging economies like India and China will likely augment the sales of tool boxes in the Asia Pacific region. High demand for residential buildings is resulting in the growth of the construction sector. With the resultant expansion, the number of construction workers has also increased in these countries. Therefore, a rise in demand for tool boxes in the Asia Pacific region can be noticed.
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Key Segments Profiled in the Tool Boxes Industry Survey
By Material:
- Plastic
- Aluminum
- Steel
By Product Type:
- Hand-carry Tool Boxes
- Stationary Tool Boxes
- Truck Mounted Tool Boxes
- Portable Rolling Tool Boxes
- Upright Roll-around Tool Boxes
By End User:
- Professional Use
- Household
By Region:
- North America
- Latin America
- Western Europe
- Easter Europe
- APEJ
- Japan
- Middle East & Africa
Tool Boxes Market Segmentation Analysis
Steel tool boxes continue to dominate the global tool boxes market. Owing to the sturdy structure and improved security afforded by steel tool boxes, this segment continues to present substantial growth. However, demand for aluminum steel boxes is projected to surge over the forecast period. Aluminum tool boxes are lightweight and rust-proof. This bodes well for the aluminum tool boxes segment.
Plastic tool boxes will also witness a rise in sales due to beneficial properties like high durability, corrosion resistance, and lightweight.
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About FMI – Packaging
The Packaging unit of FMI presents a precise and accurate analysis of the packaging industry. This thorough research covers the manufacturing, production, retailing, and distribution of products to supply-demand-trade assessment, and relevant advancements occurring in the packaging industry. Our research studies serve as referencing market guidelines for packaging manufacturers, channel partners, and government bodies for developing – ‘The Way Forward’.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Impact of Covid-19
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Macro Factors and Forecast Factors
3.4. Value Chain Analysis
3.4.1. Profit Margin Analysis
3.4.2. Raw Material Suppliers
3.4.3. Manufacturers, Wholesalers and Distributors
3.4.4. End Users/ Customers
3.5. Regional Parent Market Outlook
3.6. Production and Consumption Statistics
3.7. Global Average Pricing Analysis Benchmark
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Download complimentary copy of Future Market Insights White Paper on Intelligent Packaging for Circular Economy published in collaboration with Graham Packaging and Avery Dennison
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