Specialty Tools Global Market Report 2024

Specialty tools are specialized equipment and instruments created for specific, often highly specialized tasks. These tools are meticulously engineered to execute precise functions that standard tools are unable to perform effectively. They are predominantly utilized in industries where standard tools fall short for particular applications, providing superior precision, efficiency, and safety.

The primary categories of specialty tools encompass hand tools, power tools, and diagnostic tools. Hand tools are manually operated devices designed to accomplish a wide array of tasks without reliance on electricity or other external power sources. These tools are distributed through channels including online platforms and retail outlets, catering to end users in sectors such as automotive, construction, manufacturing, aerospace, and other specialized industries.

The specialty tools market research report is one of a series of new reports that provides specialty tools market statistics, including specialty tools industry global market size, regional shares, competitors with an specialty tools market share, detailed specialty tools market segments, market trends and opportunities, and any further data you may need to thrive in the specialty tools industry. This specialty tools market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The specialty tools market size has grown strongly in recent years. It will grow from $15.61 billion in 2023 to $16.41 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period was driven by innovations in materials, expansion of industries, adherence to regulations, shifts in consumer preferences, and increased international trade.

The specialty tools market size is expected to see strong growth in the next few years. It will grow to $20.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The anticipated growth is linked to heightened awareness of environmental sustainability, ongoing expansion in emerging markets, a trend towards remote work setups, shifts in supply chain dynamics, and the rise of renewable energy sources. Key trends expected in the forecast period include the adoption of digital and sustainable technologies, integration of automation, rising demand for customized and personalized products, and the incorporation of robotics into various sectors.

The anticipated growth in construction activities is poised to drive expansion in the specialty tools market moving forward. Construction activities encompass a wide spectrum of projects involving the development, renovation, or enhancement of residential, commercial, or public spaces. Factors fueling this growth include population expansion, urbanization, infrastructure development, economic growth, and increased investments in real estate and public infrastructure projects. Specialty tools play a crucial role in construction, offering specialized functions such as precise cutting, measurement, heavy lifting, and quality control, thereby boosting productivity and safety at construction sites. For example, in November 2023, the Office of National Statistics reported a significant 15.8% surge in total new construction output, reaching a milestone value of $168.47 billion in 2023. Furthermore, 2022 saw a $23.0 billion increase in total new work, with private sector growth at 16.8% and public sector growth at 13.1%. Hence, the rise in construction activities is expected to propel growth in the specialty tools market.

Key players in the specialty tools market are increasingly focusing on automation technologies such as autonomous drilling robots to enhance operational efficiency, precision, and safety. Autonomous drilling robots employ automated systems and advanced technologies to perform drilling tasks with minimal human intervention, thereby boosting efficiency and safety in industries such as construction. For instance, in June 2022, Hilti Corporation introduced the Jaibot semi-automated construction robot, designed to autonomously drill holes in complex ceiling structures. The robot features enhanced depth accuracy and distance measurement capabilities through an integrated sensor system, and its vacuum system delivers 30% higher dust removal performance, thereby improving worker safety by reducing dust exposure.

In July 2022, Milton Industries, a prominent US-based manufacturer of automotive and pneumatic tools and equipment, acquisition of Lock Technology Inc. (LTI Tools). This strategic acquisition enhances Milton’s market presence and consolidates its position by combining extensive industry experience and specialized expertise. Lock Technology Inc. (LTI Tools) is a US-based provider of specialty tools to serve professional technicians.

Major companies operating in the specialty tools market are Robert Bosch GmbH, 3M Company, ABB Ltd, Würth Group, Stanley Black & Decker Inc., Emerson Electric Co., Techtronic Industries Co. Ltd, Sandvik AB, Hilti Aktiengesellschaft, Makita Corporation, Ingersoll Rand Inc., Fluke Corporation, Husqvarna Group, Snap-on Incorporated, Lincoln Electric Holdings Inc., Graco Inc, Milwaukee Electric Tool Corporation, Festool Group GmbH & Co. KG, Klein Tools Inc., Metabo Corporation, Proto Industrial Tools, Matco Tools, Channellock Inc, Irwin Industrial Tool Company, Teng Tools AB.

North America was the largest region in the specialty tools market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the specialty tools market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the specialty tools market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The specialty tools market consists of sales of drywall lifts, bearing pullers, valve spring compressors, soldering stations, and surgical retractors. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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