A safety knife is generally used to open packaging, cartons, and boxes. In addition, safety knives are spring-loaded knives with a self-retracting blade. These knives are used in multiple industries such as paints & coatings, fiber industries, etc. Moreover, the usage of safety knives helps to reduce the incidences of minor employee accidents and thereby help in shrinking the workmen compensation costs.
Global safety knives market was valued at US$ 226.00 Million in 2021, in terms of revenue, exhibiting a CAGR of 4.67 % during the forecast period (2022 to 2030).
Drivers
Increasing adoption of safety knives at workplaces is driving the market growth of the safety knives. This is attributed to utility knives, as they are the most commonly used tools at workplaces. They 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, which can result in reduced working hours, increase in production cost or reduced productivity. Therefore, companies are focused on selecting right cutting tool in order to reduce these accidents and to promote safety.
Growth of application industries is expected to foster the market growth of safety knives. Safety knives are widely used in various industries including food, retail, construction, medical, warehousing, automotive among others. Growth of this industries is expected to drive demand for safety knives over the forecast period. For instance, according to Invest India in 2020 (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 drive demand for safety knives over the forecast period.
The outbreak of coronavirus has impacted the global economy and led to shutting down of major economic sectors. The first case of COVID-19 was reported in China in December 2019. Following this, on January 30, 2020, the World Health Organization (WHO) declared a lockdown on 11th March 2020 and it was declared as a pandemic. According to the WHO, globally, there were 188.32 Mn cases recorded up to 16th July, 2021. Economic expansion in major countries such as the U.S. came to an end as a result of the COVID-19 pandemic, with forecasts of a deep recession in 2020. The coronavirus pandemic has caused global economic disruptions in trade.
Figure 1. Global Safety Knives Market Value Share (%), By Region, 2021
Market Restraints
Usage of snap-off blades, which is 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 thus, posing a health and safety risk. This factor therefore hinders the market growth of safety knives.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 226.00 Mn |
| Historical Data for: | 2017-2020 | Estimated Year: | 2022 |
| Forecast Period 2022 to 2030 CAGR: | 4.67 % | Forecast Period: | 2022-2030 |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
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 |
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| Restraints & Challenges: |
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Market Trends
Figure 2. Global Safety Knives Market Value Share (%), By Product Type, 2021
Recent Developments
Competitive Section
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
Safety knives are knives that are used for opening packaging, cartons, and boxes. Safety Knives are of different types namely fully automatic retractable safety knives, semi-automatic retractable safety knives, concealed blade safety knives, and many more. Moreover, individuals can get safety knives from Home center & hardware, mass retail, e commerce, industrial shops, and others.
Market Dynamics
Growing demand for safety knives at work places around the globe is expected to provide potential opportunities for safety knives manufacturers. Safety knives features a spring-back mechanism that allows the blade to retract when the knife loses contact with the cutting surface. Safety knives can be used for multiple purposes and finds application across a wide range of professions and industries. These benefits offered by safety knives are expected to drive the market growth during the forecast period.
The knife doesn’t the same results after it becomes blunt. Many knives don’t offer easy-to-replace blades, due to which companies have to spend more money for purchasing new safety knives. However, self-retracting safety knives offer replaceable blades, which helps company to save money. This feature of the self-retracting safety knife has led to the increasing demand for safety knives from various industries such as food, retail, construction, medical, warehousing, automotive among others.
The knife doesn’t the same results after it becomes blunt.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective
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