SAFETY KNIVES MARKET ANALYSIS

Global safety knives market was valued at US$ 236.9 Million in 2022, exhibiting a CAGR of 6.0% during the forecast period (2023 to 2030).

COVID-19 Impact

The COVID-19 pandemic has had a significant impact on the global safety knives market. The market has experienced both positive and negative effect due to the pandemic. On the positive side, the demand for safety knives has increased in industries such as healthcare, food processing and e-commerce. These industries have seen a surge in demand due to the pandemic, and safety knives are essential tools for workers in these industries. As a result, the market for safety knives has grown in these sector. On the negative side, the pandemic has disrupted global supply chain, leading to shortage of raw materials and components needed to manufacture safety knives. This has resulted in increased priced and longer lead times for delivery. Additionally the pandemic has caused a slowdown in the construction industry, which is a major consumer of safety knives.

Figure 1. Global Safety Knives Market Value Share (%), By Region, 2022

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Global Safety Knives Market: Drivers

• Increasing adoption of safety knives at workplaces: Increasing adoption of safety knives at workplaces is driving the market growth as utility knives  are the most commonly used tools at workplaces. These are used to cut open packages or cartons, cut strings or strapping materials, open bags, tear away wraps, and cut seatbelts in case of emergencies. However, usage of wrong cutting instruments at workplace can cause occupational injuries that can result in reduced working hours, increase in production cost or reduced productivity. Therefore, companies are focusing on selecting right cutting tool, in order to reduce these accidents and to promote safety.
• Growing food, retail, construction, medical, warehousing, and automotive industries: Growing industries is expected to drive the market growth. Safety knives are widely used in various industries including food, retail, construction, medical, warehousing, and automotive among others.  Growing industries is expected to boost demand for safety knives over the forecast period. For instance, in 2020, according to Invest India (National Investment Promotion and Facilitation Agency of the Government of India), India’s food processing industry is expected to reach US$ 535.0 billion by 2026. Therefore, growth of this industry is expected to boost demand for safety knives over the forecast period.

Global Safety Knives Market: Restraints

• Usage of snap-off blades leads to accidents: Usage of snap-off blades, a type of safety knife, is expected to hinder the market growth, as its usage can often lead to accidents. The snap-off blade can also break involuntarily during the cutting process, and thus, poses a health and safety risk. This factor hinders the market growth of safety knives.
• Counterbalance: The risks associated with the usage of safety knives are common in the catering industry. For safety purpose, controls for knives should be adopted. Employees’ safety should be taken care, so that no harm occurs. Reasonable precaution measures must be ensured.

Global Safety Knives Market: Trends

• Innovation and new product development: Innovation and new product development around the globe is the current market trend. Manufacturers are focusing on developing innovative products, in order to strengthen their presence in the safety knives market. For instance, in June 2021, Peak Spec, a company that engages in manufacturing of knives, launched an innovative sleek multipurpose pocket knife. The foldable pocket knife can perform hardcore cutting tasks in the woods while Adding elegance to one's ensemble.

Global Safety Knives Market: Regional Analysis

• On the basis of region, in 2022, the Asia Pacific region accounted for 36.4% of the revenue share, followed by Europe and North America

Global Safety Knives Market: Segmentation

Figure 2. Global Safety Knives Market Value Share (%), By Product Type, 2022

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On basis of product type, the market is segmented into fully automatic retractable safety knives, semi-automatic retractable safety knives, concealed blade safety knives, and others. Out of which, in 2022, the semi-automatic retractable safety knives segment accounted for 34.4% of the revenue share. 

Global Safety Knives Market: Recent Developments

• In December 2022, MARTOR KG, a Germany-based company that is known for its high-quality and innovative safety knives. Some of these are available with pre-installed ceramic blades. The new product family focuses on professional users, who want durable blades with long-lasting sharpness.
• In January 2022, OLFA Corporation is a Japanese manufacturer of utility knives launched SK-16 Quick Change Concealed Blade Safety Knife. It can be used across a wide variety of materials, and is more durable than disposable products.
• In June 2023, Lever Wood Knife Works is one of the world's leading manufacturers of custom, precision ground industrial knife blades for a variety of industries including packaging, paper converting, food processing, printing, bag manufacturing, recycling and many more it announced US$ 3 Million plant expansion, The company has expanded its capacity by constructing a new facility that measures 24,000 square feet. As part of this expansion, the company has acquired new machinery, such as a CNC grinding center, a CNC machining center, and other equipment to enhance its operations. This investment in new equipment and facilities will enable the company to double its production capacity.
• In February 2020, STANLEY, announced launch of its latest safety knives that complement the brand’s full range of utility knives. The latest offerings include STANLEY and STANLEY FATMAXconcealed, auto-retracting, and spring-loaded safety knives.

Global Safety Knives Market: Key Companies

Major players operating in the global safety knives market include Martor KG, Slice, Inc., The Safety Knife Company, Techni Trade, Hyde Tools, Inc., Milwaukee Electric Tool Corporation, Irwin Industrial Tools, Apex Tool Group, LLC, Pacific Handy Cutter Inc., Olfa Corporation, Stanley Black & Decker, Inc., and HTK Company

*Definition: A safety knife is generally used to open packaging, cartons, and boxes. Safety knives are spring-loaded knives with a self-retracting blade. These knives are used in multiple industries such as paints & coatings, fiber industries, and others. Moreover, the usage of safety knives helps to reduce the incidences of minor employee accidents, and thus, helps in decrease the workmen compensation costs.