The size of the worldwide tool box market is anticipated to reach US$ 6.8 billion and develop at a CAGR of 8.3% from 2022 to 2032. In 2022, its estimated worth is 4.5 billion US dollars. Sales of tool boxes are expected to increase in the next years due to the youthful population’s strong desire for various tool storage products as a result of the growing popularity of DIY trends.
A tool box, also known as a workbox, tool kit, or tool chest, is a container that is specifically made to hold and transport a large number of hardware and electrical tools. It varies depending on what the owner needs and is primarily comprised of plastic or metal.
Which are Some Prominent Drivers Spearheading Tool Boxes Market Growth?
The high demand for tool boxes made of steel backed by their ability to provide improved security and robust structure is anticipated to bode well for the market. But, the demand for aluminum boxes is likely to surge in the evaluation period as steel is subjected to rust. Unlike steel boxes, aluminum ones are lightweight.
The development of plastic tool boxes made with polyethylene is another major factor that is expected to drive the market. These are considered to be tough, rugged, and highly durable for regular usage. In addition, plastic boxes are corrosion resistant and very light in terms of weight.
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Key Learnings:
- Over the projection period, steel tool boxes will rule the market.
- Over the projection period, demand for tool boxes made of aluminium and plastic will increase.
- Over the course of the assessment period, demand in the automotive industry will continue to grow.
The market for tool boxes in North America has a lot of room to develop. - Major tool box manufacturers in Canada and the US are developing smart locking technologies that will help the market expand.
- The Asia Pacific tool box market would benefit from China and India’s expanding building industries.
Market Competition
Some of the leading players operating in the global tool boxes market include
- 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.
The global market is highly fragmented with the presence of a plethora of companies aiming to remain in the leading position. Majority of these companies are currently focusing on research and development activities. They are doing so to come up with state-of-the-art methods for the discovery of affordable, robust, and lightweight tool boxes to provide a high comfort level to customers. Meanwhile, some of the other key players are adopting attractive advertising strategies to gain new growth opportunities in this market.
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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
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
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The post Global Tool Boxes Market is projected to be valued at US$ 6.8 Bn by 2032. North America is anticipated to remain at the forefront in this market | Insights by FMI appeared first on Future Market Insights.
