Asia-Pacific Leads the Global Non-Sparking Tools Market, Fueled by Pharmaceutical Sector

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Oct 18, 2023, 13:45 ET

DUBLIN, Oct. 18, 2023 /PRNewswire/ -- The "Global Non-sparking Tools Market - Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global non-sparking tools market is poised for significant growth, with a projected market value of $595.07 million by 2028, up from $480 million in 2022, representing a robust CAGR of 3.65% during the forecast period.

Market Trends and Drivers

Developing Pharmaceutical Sector: The pharmaceutical industry's role in human well-being is expanding, necessitating safe environments for the production of medicines. Non-sparking tools are crucial in pharmaceutical manufacturing, particularly for the development of vaccines and medicines, enhancing market growth.

Rising Usage of Industrial Tools in Manufacturing Industries: Non-sparking tools are essential in various industries, including general machinery, automobiles, aviation, energy, medical, rail transit, and oil & gas. They are a significant component of the oil & gas and mining sectors.

Consistent Growth in the Construction Industry: The construction market is expected to reach $15.21 trillion by 2030, with countries like the U.S., China, and India contributing over 55% of this growth. The construction industry's advancements, driven by technological transformation, population growth, and increased demand for public construction activities, will drive the non-sparking tools market.

Insights by Raw Materials

Copper and its alloys are the most widely used raw materials for manufacturing non-sparking tools due to their malleability, allowing them to be shaped into various forms. Copper alloys, in particular, will dominate the market during the forecast period.

Segmentation by Raw Materials

Copper Alloys
Brass
Bronze
Others

Insights by Product Type

Non-sparking tools are categorized as general purpose, striking & cutting, digging, and other tools. General-purpose tools held the largest market share in 2022, with striking and cutting tools also contributing significantly.

Segmentation by Product Type

General Purpose Tools
Striking & Cutting Tools
Digging Tools
Other Tools

Insights by End-Users

The industrial segment was the largest end-user in 2022, with non-sparking tools used across various industries, including electronics, automobiles, aerospace, construction, and medical.

Segmentation by End-Users

Industrial
Construction
Residential

Insights by Distribution Channel

Offline distribution channels are expected to continue their dominance during the forecast period, with a broader reach and high consumer trust associated with experiencing product quality.

Segmentation by Distribution Channel

Offline
Online

Geographical Analysis

The Asia-Pacific (APAC) region accounted for over 31% of the global non-sparking tools market in 2022, driven by its diverse industries and market share in the pharmaceutical sector. The Middle East is also experiencing significant growth, particularly in the oil and gas industry.

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)

Market Dynamics

Opportunities & Trends

Consistent Growth in Construction Industry
Robust Increase in New Construction & Remodeling in Residential Sector
Growth in Pharmaceutical Sector

Growth Enablers

Rise in Manufacturing Industry in Asia
Rise in Usage of Industrial Tools in General Manufacturing Industries

Market Restraints

Growth in Supply Chain & Raw Material Prices
Decline in Economies Across the Globe
Shortage of Labor

Competitive Landscape

The global non-sparking tools market is highly fragmented, with both local and international players. Prominent companies include AMPCO Metal, Stanley Black & Decker, W.W. Grainger Inc, and Snap-On, among others. Intense competition and a variety of offerings will likely drive price competition among vendors in the market.

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 Explosion-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?

For more information about this report visit https://www.researchandmarkets.com/r/wphdtl

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