Global Safety Knives Market was valued at US$ 236.9 million in 2022. According to global safety knives market report, By Product Type (Fully Automatic Retractable Safety Knives, Semi-Automatic Retractable Safety Knives, Concealed Blade Safety Knives, and Others), By Distribution Channel (Home Center & Hardware, Mass Retail, E-Commerce, Industrial, and Others), and By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) as published by Coherent Market Insights.
Global safety knives market is expected witness a CAGR of 6.0% over the forecast period (2023-2030), to reach US$ 377.0 Million by 2030.
Global safety knives market is expected to grow due to growing end-use industries. Government of multiple nations are taking initiatives to boost investment in food processing industry. People are adopting safety knives, as these are integrated with innovative and safety features. These knives are designed to reduce injuries at the workplace, and are an essential part of any workplace safety program. Some of the features of safety knives include trigger action blade extension, self-retracting blades, blade guards, and hidden blades with unique cutting designs at workplaces.
Restrains
High competition: The safety knives market is highly competitive, with many players vying for market share. This competition could lead to price wars and reduced profit margins, which could hinder the growth of the market. For instance the global safety knives market is a highly competitive industry, with numerous players vying for market share. In 2020, this competition was particularly intense due to a variety of factors, including the COVID-19 pandemic, changing consumer preference, and technological advancement.
Opportunity
The global safety knives market present a significant opportunity for growth and expansion in the coming years. Safety knives are designed to reduce the risk of injury and improve workplace safety, making them an essential tool in a variety of industries, including manufacturing, construction, and food processing. One of the key driver of growth in the safety knives market is a increasing focus on workplace safety regulation and standards. Another Government and industry bodies around the world are implementing stricter safety regulations, which are driving demand for safety knives that meet these standards. Another factor driving growth in safety knives market is the increasing adoption of automation and robotics in manufacturing and other industries. As more tasks are automated, workers are increasingly relying on safety knives to perform tasks that cannot be automated, such as cutting material or opening packages.
COVID-19 Impact
Strict restrictions and lockdown imposed across the globe had impacted the industrial sector, as the companies and operational units were non-operational. This led to disruption in the industrial packaging market and ultimately impacted the safety knives market across the globe. However, the imposition of lockdown led to growth of e-commerce sector. For instance, according to Coherent Market Insights’ analysis, the total U.S. cross-border e-commerce increased from 7% in April in 2020 to 10.2% from January to June 2021.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/safety-knives-market-4562
Key Trends and Analysis of the Global Safety Knives Market:
- Among region, Asia Pacific accounted for a significant market share in 2022. Among product type, semi-automatic retractable safety knives segment accounted for 34.4% of the revenue share in 2022.
- Growing popularity of dining in restaurants and cafes presents attractive expansion potential for eating establishments all over the world. Growing restaurants boosts demand for modern cutlery and culinary gear such as knives. For instance, in 2022, National Restaurant Association comprises of over 1 million restaurant and foodservice locations in the U.S., and employs 14.5 million people. Consumers’ need for convenience, socializing, and high-quality food and service contributes to expansion of the restaurant industry, and thus, restaurant owners are investing in new, high-quality cooking equipment such as knives.
Key Takeaways of the Global Safety Knives Market
- On the basis of product type, in 2022, the semi-automatic retractable safety knives segment accounted for 34.4% of the revenue share
- In November 2021, Crescent Tools, a brand of hand tools, renovate its Crescent Wiss Camo Tradesman Shears and Crescent Camo Pocket Knife. The revamped cutting tools are ideal for camping, hunting, boating, fishing, and other outdoor activities.
- New product launches, merger & acquisitions, strategic partnership expansion, and research & development activities for the safety knives are key strategies adopted by players in the global safety knives market. For instance, in February 2022, Klein Tools, a company that engages in manufacturing of hand tools, announced its partnership with Trade Hounds, America’s leading network for professional and skilled tradespeople.
Global Safety Knives Market-Competitive Landscape
Key players in Global Safety Knives Market are 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
