Blade is a cutting tool used for various applications such as scraping and peeling debris, cutting uneven surfaces like concrete floors, and carpet cutting, flooring, and film slitting. Additionally, it has applications in packaging, flooring, roofing, crafts and graphic arts. The growth of end-use industries such as food, construction, and grooming are expected to increase demand for blade over the forecast period.
Blade market is expected to witness significant growth over the forecast period attributing to increasing demand for blade from various end-use industries and rising personal hygiene industry. Furthermore, increasing usage of snap-off blades in packaging, flooring, and roofing is expected to provide growth opportunities to market players for expansion.
Increasing use of snap-off blades in manufacturing utility knife and snap-off knife is expected to offer manufacturers growth opportunities in the global blade market. For instance, according to Worldwide Market Report, snap-off knives was valued at US$ 390.8 Mn in 2018 and it is expected to exhibit a CAGR of 4.9% to reach US$ 602.1 Mn by 2027.
The key companies dealing in the market are manufacturing wide range of professional snap-off knives with long lasting and high precision snap-off blades. For instance, in October 2019, Hultafors Tools launched 13 different snap-off knives for professional craftsmen. The snap-off knives are symmetrically designed to adapt left as well as right hand use and are available in three different widths (9mm, 18mm, and 25mm) and different blade sharpness.
However, complete ban on certain knives is expected to hamper growth of the blade market over the forecast market. For instance, it is illegal in the U.K. to use butterfly knives, flick knives, disguised knives, gravity knives, and others. In U.K., Knives Act 1997 forbids sales of combat knives and prohibits knives from being used as an offensive weapon.
Moreover, in India, according to the Arms Act 1959, it is illegal to carry blades, which are longer than 9mm or wider than 2mm. If the person is found possessing illegal blades, it is considered as a public offence and punishable under Indian Penal Code (IPC) and the individual can be asked to implement a peace bond under the Code of Criminal Procedure (CRPC).
The global blade market was valued at US$ 4,611.7 Mn in 2018, and is expected to exhibit a CAGR of 4.7%, in terms of revenue, over the forecast period (2019-2027), to reach US$ 6,973.7 Mn by 2027.
Among region, Asia Pacific accounted for the largest revenue share in the global blade market in 2018. Whereas, Europe accounted for the second largest share in terms of revenue in 2018. Moreover, Europe blade market growth is driven by growing building and construction industry in the region. For instance, according to the Office for National Statistics, the value of new construction work in the U.K. was US$ 146,385.77 million in 2018, and it is expected to grow continuously owing to growing private sector.
Several players in the market are engaged in expanding their global presence to reach more customers and maximize revenues. For instance, in 2013, Super-Max Personal Care, a manufacturer of razor blades, expanded its business in the Europe blade market by launching products in European countries.
Figure 1. Global Blade Market Share (%), By Region, 2018
Source: Coherent Market Insights, 2018-19
Based on distribution channel, blade market is segmented into home center & hardware, mass retail, e-commerce, and others. Moreover, in 2018, home center & hardware segment accounted for the largest revenue share accounting for 38.5% in the global market. Home center & hardware stores procure products directly from the manufacturer, thereby providing a better margin and discounted offerings to customers.
Growing sales from home center & hardware stores are expected to drive growth of the segment over the forecast period. For instance, according to the North American Retail Hardware Association (NRHA), the estimated hardware sales in North America was valued at US$ 394 Bn in 2018, and is growing at 5.5% Y-o-Y.
Figure 2. Global Blade Market Share (%), By Distribution Channel, 2018
Source: Coherent Market Insights, 2018-19
Key companies operating in the global blade market include Olfa Corporation, Stanley Black & Decker, Inc., U.S. Blade Manufacturing Co. Inc., Irwin Industrial Tools, DeWalt, Pacific Handy Cutter Inc., Lenox, Craftsman, Better Tools LLC, and Warner Manufacturing Company.
Leading companies are focused on growth strategies such as new product development and launches, and mergers & acquisitions, in order to maintain their position in the competitive business environment. For instance, in 2016, Better Tools LLC launched new range of cushion back cutters 'Gorilla Cutters'. These cutters comprise 20-pack mini carpet blade dispenser filled with round-end carpet blades. The new product helped Better Tools LLC to expand company’s blades portfolio.
Blade is a tool, which has application in various end-use industries such as construction, food, textile, and others. Major applications of blades include construction, food, and grooming industry. For instance, single edge blades are commonly used for shaving. Therefore, growth of grooming industry is expected to boost demand for blade, which in turn is expected to drive market growth over the forecast period.
Based on distribution channel, home center & hardware segment accounted for largest revenue share of 38.5% in terms of value in 2018, and is expected to witness significant growth over the forecast period (2019 to 2027), followed by mass retail and e-commerce segments. Whereas, e-commerce channel is expected to record fastest growth over the forecast period. The steady growth of the e-commerce segment is majorly attributed to the rising penetration of low cost smartphones, rapid advancements in internet services, and online retailing. Internet accessibility is increasing across the world. For instance, according to the data provided by the Internet World Stats, total number of internet users globally has increased from 3,079 million in 2014 to 4,157 million in 2017.
Among regions, in 2018, Asia Pacific held dominant position in the global blade market and accounted for a market share of 34.2%, in terms of revenue, owing to increasing demand for blades in male grooming industry in the region. Furthermore, expansion of end-use industries such as construction industry and grooming industry in the region is expected to drive demand for blade and is further expected to drive growth of the Asia Pacific blade market over the forecast period.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.