Hand Tool Manufacturing in the US - Industry Market Research Report

Lend a hand: Rejuvenated residential and nonresidential construction will likely lead to flourishing demand for hand tool manufacturing products

The Hand Tool Manufacturing industry has performed sluggishly due to disruptions to both residential and non-residential construction. Despite sharp price growth in 2021 amid surging steel prices, industry revenue has been held back by strong import competition and the pandemic in 2020, which limited export revenue growth. Overall, hand tool manufacturing revenue growth has been significantly hindered, with industry revenue declinig an annualized 1.6% to reach an estimate $7.4 billion in 2023, which includes an anticipated pitfall of 7.1% in 2023 alone as profit slides to 3.3%. This industry primarily manufactures hand tools, including mechanics’ hand service tools, precision measuring tools, agricultural tools and woodcutting tools. This industry does not include power hand tools of any kind (electric or hydraulic). This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.