Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
The global safety knives market is estimated to surpass US$ 321.9 million in terms of revenue by the end of 2027, exhibiting a CAGR of 4.8% during the forecast period (2021 to 2027).
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. 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 (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. Furthermore, safety knives are widely used in various industries including food, retail, construction, medical, warehousing, automotive among others. Therefore, growth of this industry is expected to drive demand for safety knives over the forecast period. For instance, 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. Moreover, the Government of India is taking initiative to boost investment in food processing industry, which is also expected to foster the market growth.
Among regions, Asia Pacific held dominant position in the global safety knives market in 2020, accounting for 36.40% market share in terms of revenue, followed by Europe.
Figure 1. Global Safety Knives Market Revenue Share (%), By Region, 2020
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.
Safety Knives Market Report Coverage
||Market Size in 2020:
||US$ 238.6 Mn
|Historical Data for:
||2017 and 2019
||2021 to 2027
|Forecast Period 2021 to 2027 CAGR:
||2027 Value Projection:
||US$ 321.9 Mn
- North America: U.S., Canada
- Latin America: Brazil, Argentina, Mexico, Rest of Latin America
- Europe: U.K., Germany, Italy, France, Spain, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, South Korea, ASEAN, Australia, Rest of Asia Pacific
- Middle East & Africa: Middle East and Africa
- 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
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
- Increasing adoption of safety knives at workplaces
- Growth of application industries such as including food, retail, construction, medical, etc.
|Restraints & Challenges:
- Usage of snap-off blades, which can often lead to accidents
Innovation and new product development around the globe is the current safety knives market trend. Manufacturers are focusing on developing innovative products in order to strengthen their presence in the safety knives market. For instance, in 2018, Olfa Corporation launched its new safety knife, SK-14. The knife is ideal for use in food processing environment. The knife is stainless steel, metal detectable, and NSF (national sanitation foundation)-certified.
Figure 2. Global Safety Knives Market – Opportunity Analysis
On the basis of product type, in 2020, the Semi-Automatic Retractable Safety Knives segment accounted for 34.4% of the revenue share. The semi-automatic retractable safety knives segment is further bifurcated into squeeze grip, triple-sided slider, double sided slider, and single-sided slider. It is ideal for cutting cardboard, tape, and other materials. In addition, the double sided slider safety knives are suitable for both, right and left handed users and are ideal for cutting cardboard boxes, shrink wrap, plastic strapping, box tape, twine, and more. This is expected to drive demand for safety knives market during the forecast period.
Figure 3. Global Safety Knives Market Revenue Share (%), By Product Type, 2020
Global Safety Knives Market - Impact of Coronavirus (COVID-19) Pandemic
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 it a World Health Organization and on 11th March 2020, 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. The pandemic has impacted the global supply chain industry and has been one of the major reasons for the disruption in the packaging industry globally.
Key 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