The hacksaw blades market is projected to grow at a CAGR of 4.19% to reach US$836.484 million by 2026, from US$627.589 million in 2019.
Hacksaw is a type of saw which is made largely for cutting metal. It is an effective tool that can be used for complicated and complex cutting tasks in various industries. These blades are being used in several end-user industries such as construction, automotive, furniture, etc. Cost-effectiveness and affordability are considered as the key driving factor for market growth.
In addition, the flourishing furniture industry owing to the increasing disposable income of the people and the rapid urbanization will propel the market growth as hacksaw blades are actively used to craft the furniture. Moreover, the growing sawmill production will contribute to the market growth of hacksaw blades as they are widely used in this industry to cut down logs. According to the Western Wood Products Association, 2021, the United States sawmill production as a percent of practical capacity for January 2021 improved to 91% from 87% in the same month in 2020. The Canadian sawmill production as a percent of practical capacity went up to 85% in January 2021, up from 70% in January 2020. Furthermore, the increasing investment in infrastructure, construction, and automation sector will increase the demand for hacksaw blades which widens ups the market growth opportunities in the near future.
hacksaw blades Market, US$ million, 2019 to 2026
Source: Knowledge Sourcing Intelligence Analysis
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.
hacksaw blades Market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
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, etc. 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.
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.
The Covid-19 pandemic negatively impacted the hacksaw blades market, as due to the lockdown and trade restrictions imposed by the governments, worldwide the business operations of many industries such as furniture, construction, sawmills, automotive, etc. were put to a halt which in turn declined the demand for hacksaw blades in 2020. However, with the ease of restrictions, the market is expected to rebound during the forecast period.
The market leaders for the hacksaw blades market consists of Apex Tool Group, Klein Tools, Disston Company, Inc., Lenox Corporation, Fein, L. S. Starrett Company, Stanley Black & Decker, Blackhawk Industrial, and Milwaukee Hand Trucks- Gleason Industrial Products Inc. The key players in the market implement growth strategies such as product launches, mergers, and acquisitions, etc. to gain a competitive advantage over their competitors. For instance, Blackhawk Industrial, an industrial products and equipment provider, acquired Reliance Supply, a distributor of industrial fasteners with a single location in Jacksonville, FL. This marks the seventh acquisition of the company since February 2020. The company has earlier acquired companies like ArgoDe Valle, Southern Tool and Machine, O’Fallon, Costa Mesa, among others.
|Market size value in 2019||US$627.589 million|
|Market size value in 2026||US$836.484 million|
|Growth Rate||CAGR of 4.19% from 2019 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Blade Type, Material Type, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||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.|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the hacksaw blades market?
A1. The global hacksaw blades market is projected to grow at a CAGR of 4.19% over the forecast period.
Q2. What will be the hacksaw blades market size by 2026?
A2. The hacksaw blades market is projected to reach a total market size of US$836.484 million in 2026.
Q3. What is the size of the global hacksaw blades market?
A3. Hacksaw Blades Market was valued at US$627.589 million in 2019.
Q4. Which region holds the largest market share in the hacksaw blades market?
A4. The North American region holds a significant share of the hacksaw blades market owing to flourishing industries and the presence of key market players in the region.
Q5. What factors are anticipated to drive the hacksaw blades market growth?
A5. 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.