CIRCULAR SAW BLADE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Market Size and Trends

The global circular saw blade market is estimated to be valued at US$ 11.41 Billion in 2024 and is expected to reach US$ 17.12 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 6% from 2024 to 2031.

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Rapid growth of the construction industry across both developed and developing regions is driving the demand for power tools such as circular saws for various cutting applications in construction. The market is expected to witness steady growth on account of rising infrastructure development projects globally. Additionally, the demand for finer and sharper blades along with innovation in materials, such as diamond-tipped blades, is expected to support the market expansion. However, availability of counterfeit products may impede the growth of the circular saw blade market during the forecast period.

The Growing Construction Industry

The global construction industry has seen consistent growth over the past few years and this growth is expected to continue going forward. Many countries around the world are undergoing rapid urbanization as people migrate to cities for better livelihood opportunities. This has increased the demand for residential and commercial construction on a large scale.

All this construction requires extensive woodwork such as framing, flooring, furnishing, etc. Circular saws have become indispensable power tools for woodworkers and carpenters working on construction sites. Their ability to cut various types of wood and other construction materials with precision and efficiency makes them the preferred choice. Even small residential construction involves the use of circular saws for tasks like making door and window frames, roof framing and laying wooden floors. Large commercial and industrial construction involves a lot more woodwork requiring heavy duty circular saws that can cut through thick timber and plywood. With the construction sector growing globally in scale and value, the usage of circular saws has seen a proportional rise. Going forward, as building activity increases to house the world's growing urban populations, the demand for circular saws is expected to remain high.

For instance, in December 2021, Stanley Black & Decker, an American manufacturer of industrial tools and household hardware acquired Excel Industries, a leading Indian chemical company specializing in the manufacture and distribution of chemicals, agrochemicals, and pharmaceuticals for US$ 375 million, enhancing its commercial equipment product offerings, including circular blades, and expanding its presence in the market.

Renovation and Remodeling Boom

In addition to new construction, the renovation and remodeling sector has emerged as a major driver of the circular saw demand. In many developed countries, the existing housing stock is aging and consumers have more disposable income nowadays to invest in home renovations and improvements. This has created a huge remodeling and renovation market worth billions. Homeowners regularly undertake projects such as kitchen makeovers, bathroom face-lifts, basement finishing, deck building, fence installation, etc. which require extensive woodwork. Additionally, with evolving design trends, people remodel different areas of their homes more frequently than before.

A similar remodeling boom is being witnessed in commercial properties as well with malls, offices, retail outlets being refurbished or retrofitted periodically. Aging infrastructure also drives renovation activities in industrial facilities. All these remodeling works involve reconstruction tasks that utilize power wood cutting tools.