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The robust growth of the construction industry is anticipated to propel the market growth for hand tools. The introduction of various favourable initiatives by various governments to expand the infrastructural development is also increasing the demand for hand tools, hence aiding the market growth. Moreover, the increasing westernisation in emerging countries is surging DIY activities, which, in turn, is augmenting the growth of the hand tools industry. The rapid expansion of the furniture industry owing to rising disposable income is also increasing the use of hand tools. This is also boosting the market growth. The development of hand tools such as hammers with superior design and better precision is anticipated to further invigorate the market growth.
Some of the leading companies in the market are Akar Tools Limited (BOM: 530621) and Channellock, Inc. The latter company introduced a line of three new SpeedGrip Pliers and the CHANNELLOCK 968 Forged Wire Stripper in June 2021. The pliers are designed for superior quality, ease of use for pros and DIYers. The company is adding the pliers in 8-inch, 10-inch, and 12-inch sizes to its family of more than 75 different sizes and types of pliers and hand tools. The pliers are made from 100% forged high carbon U.S. steel for ultimate strength and are coated for rust prevention. Moreover, SpeedGrip has a fast and easy push-button adjustment that locks securely into undercut channels to enhance durability. The development of such products is anticipated to invigorate the market growth in the forecast period.
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The major players in the global market for hand tools are Akar Tools Limited, Apex Tool Group, LLC, Channellock, Inc., JCBL Group, Klein Tools, Inc., and Emerson Electric Co., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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