SEATTLE, March 27, 2020 /PRNewswire/ -- The global blade market was valued at US$ 4,611.7 Mn in 2018, and is expected to exhibit a CAGR of 4.7% over the forecast period (2019-2027), in terms of revenue.
Key Trends and Analysis of the Global Blade Market:
The global blade market is expected to witness significant growth over the forecast period. Factors such as growing usage of blade in various end-use applications and growth of personal hygiene industry are expected to drive growth of the blade market over the forecast period (2019-2027).
Blades are generally used as a cutting or trimming component of knives. As blade market is directly influenced by knives production and use, increasing usage of knives in various industries such as food industry and construction industry is expected to drive growth of the blade market globally. For instance, according to a study published by the Global Construction Perspectives and Oxford Economics in 2016, the global construction industry is estimated to reach US$ 800,000 Mn by the end of 2030.
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Different types of blades used in the construction industry include utility knife blades, retractable knife blades, flooring knife blades, and snap-off blades. Most knives such as utility knives, retractable knives, and snap-off knives need a blade replacement after certain amount of use, which is expected to increase demand for replacement blades on a global level.
Utility knives need frequent blade replacements to maintain sharpness of the knife, which, in turn, is expected to facilitate demand for utility blades. For instance, according to Worldwide Market Reports, the global utility blade market was valued at US$ 1,346.7 Mn in 2018 and it is expected to reach US$ 2,046.4 Mn by 2027, and is expected to exhibit a CAGR of 4.8% during the forecast period (2019 to 2027).
However, growth of the market is affected by demand for knives and their production, therefore, regulations imposed on the use and sale of knives is expected to hamper growth of the global blade market. Government regulations on the use, manufacture, import, sale, and transport of knives are major factors that are expected to hinder growth of the global blade market. For instance, under the criminal justice act 1988 (U.K.), it is illegal to sell razor blades or a knife blades to a person below 18 years of age.
Key Market Takeaways:
- The global blade market is expected to exhibit a CAGR of 4.7% during the forecast period, in terms of value.
- According to Coherent Market Insights' analysis, in 2018, the utility segment held the largest market share in the global blade market, based on product type. This is attributed to several applications of utility blades in end-use industries such as food and textile. Utility blades have the ability to cut various materials. Therefore, these blades find a wide array of applications such as deburring back-molded automotive interior components, floor trimming, as well as roofing peeler applications among others.
- Among regions, Asia Pacific held dominant position the global market and contributed for US$ 1,577.2 million in the global blade market in 2018, in terms of revenue. This is attributed to increasing demand for blades in the male grooming industry in the region. For instance, according to the Hong Kong Trade Development Council, the global men's beauty/grooming industry was valued at US$ 21.4 billion in 2016, and is expected to reach US$ 60 billion by 2020.
- Moreover, growing construction industry is expected to facilitate the market growth over the forecast period. For instance, according to the India Brand Equity Foundation (IBEF), India is expected to be the third largest construction market by 2025 in the world. In India, the construction industry registered a growth of 5.9% in the fiscal year 2012 to 2013.
Key companies operating in the global blade market include Olfa Corporation, Stanley Black & Decker, Inc., U.S. Blade Manufacturing Co. Inc., Irwin Industrial Tools, DeWalt, Pacific Handy Cutter Inc., Lenox, Craftsman, Better Tools LLC, and Warner Manufacturing Company.
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- Global Blade Market, By Product Type:
- Scrapper & Stripper
- Global Blade Market, By Distribution Channel:
- Home Center & Hardware
- Mass Retail
- Global Blade Market, By Region:
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- Middle East
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A knife is a tool with a cutting edge attached to a handle. Various types of knives are available in the market such as kukri, bushcraft, balisongs, hunting knives, retractable knives, snap-off knives, specialty knives, carpet knives, machete, pocket knives, whittling, safety knives, folding knives, Scandinavian knives, bowie knife, survival knife, skinning, fighting knives, trench knife, bayonets, boot knives, etc. Knife blades are also available in various materials such as stainless steel, carbon steel, titanium, ceramic, and plastic. Stainless steel is the most common material used in knives.
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