Hand Tools Market

The global hand tools market is projected to continue a positive trend from 2022 to 2030, with an expected increase in volume and value. Key findings include insights on consumption, production, imports, and exports trends. Detailed information on market performance, top consuming countries, major types of hand tools, prices, and growth rates are also provided in the article.

Market Forecast

Driven by increasing demand for hand tools worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.8% for the period from 2022 to 2030, which is projected to bring the market volume to 4.7M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $52.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Hand Tools

In 2022, the amount of hand tools consumed worldwide declined slightly to 4.1M tons, approximately equating 2021 figures. The total consumption volume increased at an average annual rate of +2.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption reached the peak volume at 4.2M tons in 2021, and then shrank modestly in the following year.

The global hand tools market value declined to $38.1B in 2022, waning by -2.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market hit record highs at $39B in 2021, and then reduced slightly in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (803K tons), China (785K tons) and Japan (191K tons), with a combined 43% share of global consumption. Russia, Mexico, Germany, the UK, Brazil, France, Italy, Canada, Thailand and South Korea lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Canada (with a CAGR of +10.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($7.2B), Japan ($5.8B) and China ($3.7B) appeared to be the countries with the highest levels of market value in 2022, together comprising 44% of the global market. Mexico, Germany, Canada, South Korea, Russia, France, Thailand, the UK, Italy and Brazil lagged somewhat behind, together accounting for a further 31%.

Canada, with a CAGR of +8.7%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of hand tools per capita consumption in 2022 were the United States (2.4 kg per person), Canada (2 kg per person) and Germany (1.6 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Canada (with a CAGR of +9.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Hand Tools

In 2022, the amount of hand tools produced worldwide declined to 4.3M tons, standing approx. at the year before. The total output volume increased at an average annual rate of +2.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 with an increase of 11% against the previous year. Global production peaked at 4.3M tons in 2021, and then dropped in the following year.

In value terms, hand tools production dropped slightly to $38.1B in 2022 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +1.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when the production volume increased by 30% against the previous year. Over the period under review, global production attained the peak level at $40B in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of hand tools production was China (2.5M tons), accounting for 60% of total volume. Moreover, hand tools production in China exceeded the figures recorded by the second-largest producer, the United States (287K tons), ninefold. The third position in this ranking was held by Taiwan (Chinese) (243K tons), with a 5.7% share.

In China, hand tools production increased at an average annual rate of +3.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+1.2% per year) and Taiwan (Chinese) (+4.4% per year).

Imports

World Imports of Hand Tools

In 2022, after five years of growth, there was decline in purchases abroad of hand tools, when their volume decreased by -2.6% to 2.8M tons. The total import volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 24%. As a result, imports reached the peak of 2.9M tons, and then declined slightly in the following year.

In value terms, hand tools imports contracted slightly to $24.5B in 2022. The total import value increased at an average annual rate of +3.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when imports increased by 25% against the previous year. As a result, imports attained the peak of $24.5B, leveling off in the following year.

Imports By Country

In 2022, the United States (547K tons), distantly followed by Germany (166K tons) represented the key importers of hand tools, together achieving 25% of total imports. The Netherlands (126K tons), Russia (105K tons), France (99K tons), the UK (84K tons), Poland (70K tons), Belgium (66K tons), Spain (63K tons), India (62K tons), Indonesia (57K tons), Italy (45K tons) and Malaysia (44K tons) followed a long way behind the leaders.

The United States was also the fastest-growing in terms of the hand tools imports, with a CAGR of +11.0% from 2012 to 2022. At the same time, the Netherlands (+9.9%), India (+9.6%), Poland (+8.0%), Spain (+6.4%), Belgium (+6.0%), France (+3.9%), Germany (+3.2%), Italy (+2.9%), Malaysia (+2.5%), Russia (+2.4%), Indonesia (+1.5%) and the UK (+1.1%) displayed positive paces of growth. The United States (+9.8 p.p.) and the Netherlands (+2 p.p.) significantly strengthened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($4.6B) constitutes the largest market for imported hand tools worldwide, comprising 19% of global imports. The second position in the ranking was held by Germany ($2B), with an 8.3% share of global imports. It was followed by the Netherlands, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value in the United States totaled +4.7%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+4.5% per year) and the Netherlands (+7.2% per year).

Imports By Type

Drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools represented the major type of hand tools in the world, with the volume of imports amounting to 1.1M tons, which was approx. 39% of total imports in 2022. Agriculture or forestry hand tools (512K tons) held the second position in the ranking, followed by hand-operated spanners and wrenches (492K tons), hand saws (363K tons), files, pliers, pincers, tweezers, metal cutting shears and similar hand tools (255K tons) and sets of two or more tools (182K tons). All these products together held near 61% share of total imports.

Imports of drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools increased at an average annual rate of +4.0% from 2012 to 2022. At the same time, sets of two or more tools (+4.9%), hand-operated spanners and wrenches (+4.0%), hand saws (+3.5%), agriculture or forestry hand tools (+2.5%) and files, pliers, pincers, tweezers, metal cutting shears and similar hand tools (+1.5%) displayed positive paces of growth. Moreover, sets of two or more tools emerged as the fastest-growing type imported in the world, with a CAGR of +4.9% from 2012-2022. Drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools (+2 p.p.) significantly strengthened its position in terms of the global imports, while agriculture or forestry hand tools and files, pliers, pincers, tweezers, metal cutting shears and similar hand tools saw its share reduced by -1.8% and -1.9% from 2012 to 2022, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported hand tools were drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools ($8.7B), hand saws ($5.1B) and hand-operated spanners and wrenches ($4B), with a combined 73% share of global imports. Files, pliers, pincers, tweezers, metal cutting shears and similar hand tools, agriculture or forestry hand tools and sets of two or more tools lagged somewhat behind, together accounting for a further 27%.

Among the main imported products, agriculture or forestry hand tools, with a CAGR of +4.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

Import Prices By Type

The average hand tools import price stood at $8,645 per ton in 2022, rising by 2.5% against the previous year. Overall, the import price, however, showed a relatively flat trend pattern. Over the period under review, average import prices reached the peak figure at $8,903 per ton in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major imported products. In 2022, the product with the highest price was hand saws ($13,999 per ton), while the price for agriculture or forestry hand tools ($4,862 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by agriculture or forestry hand tools (+2.4%), while the other products experienced more modest paces of growth.

Import Prices By Country

In 2022, the average hand tools import price amounted to $8,645 per ton, picking up by 2.5% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. Global import price peaked at $8,903 per ton in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($12,257 per ton), while Indonesia ($4,215 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Hand Tools

In 2022, after six years of growth, there was decline in overseas shipments of hand tools, when their volume decreased by -3% to 3M tons. The total export volume increased at an average annual rate of +3.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 20% against the previous year. As a result, the exports reached the peak of 3.1M tons, and then reduced in the following year.

In value terms, hand tools exports reduced slightly to $26.7B in 2022. Overall, total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +53.1% against 2016 indices. The pace of growth was the most pronounced in 2021 with an increase of 28%. As a result, the exports reached the peak of $27B, leveling off in the following year.

Exports By Country

China prevails in exports structure, resulting at 1.8M tons, which was approx. 61% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (253K tons), committing an 8.5% share of total exports. The following exporters - India (118K tons), Germany (109K tons), the Netherlands (101K tons) and Belgium (46K tons) - together made up 13% of total exports.

Exports from China increased at an average annual rate of +3.8% from 2012 to 2022. At the same time, the Netherlands (+12.4%), Belgium (+7.4%), Taiwan (Chinese) (+4.1%) and Germany (+2.6%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing exporter exported in the world, with a CAGR of +12.4% from 2012-2022. By contrast, India (-1.6%) illustrated a downward trend over the same period. China (+3.9 p.p.) and the Netherlands (+2 p.p.) significantly strengthened its position in terms of the global exports, while India saw its share reduced by -2.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($10.9B) remains the largest hand tools supplier worldwide, comprising 41% of global exports. The second position in the ranking was held by Taiwan (Chinese) ($2.7B), with a 10% share of global exports. It was followed by Germany, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +8.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (+4.2% per year) and Germany (+3.0% per year).

Exports By Type

Drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools represented the largest type of hand tools in the world, with the volume of exports resulting at 1.1M tons, which was near 37% of total exports in 2022. Agriculture or forestry hand tools (502K tons) ranks second in terms of the total exports with a 17% share, followed by hand-operated spanners and wrenches (16%), hand saws (13%), sets of two or more tools (8.4%) and files, pliers, pincers, tweezers, metal cutting shears and similar hand tools (8.3%).

Exports of drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools increased at an average annual rate of +2.7% from 2012 to 2022. At the same time, sets of two or more tools (+5.2%), hand saws (+3.0%), agriculture or forestry hand tools (+2.8%), hand-operated spanners and wrenches (+2.3%) and files, pliers, pincers, tweezers, metal cutting shears and similar hand tools (+1.5%) displayed positive paces of growth. Moreover, sets of two or more tools emerged as the fastest-growing type exported in the world, with a CAGR of +5.2% from 2012-2022. While the share of sets of two or more tools (+1.8 p.p.) increased significantly, the shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported hand tools were drilling or threading hand tools, household hand tools, screwdrivers, hammers and similar hand tools ($9.3B), hand saws ($5.4B) and hand-operated spanners and wrenches ($4B), with a combined 71% share of global exports. Files, pliers, pincers, tweezers, metal cutting shears and similar hand tools, agriculture or forestry hand tools and sets of two or more tools lagged somewhat behind, together comprising a further 29%.

Agriculture or forestry hand tools, with a CAGR of +6.4%, saw the highest growth rate of the value of exports, in terms of the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

In 2022, the average hand tools export price amounted to $9,010 per ton, rising by 2.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 an increase of 6.3% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was hand saws ($14,255 per ton), while the average price for exports of agriculture or forestry hand tools ($5,329 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by agriculture or forestry hand tools (+3.6%), while the other products experienced more modest paces of growth.

Export Prices By Country

In 2022, the average hand tools export price amounted to $9,010 per ton, with an increase of 2.1% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.5%. The most prominent rate of growth was recorded in 2021 when the average export price increased by 6.3% against the previous year. The global export price peaked in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($23,757 per ton), while India ($4,251 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+4.1%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform