The global safety knives market was valued at US$ 238.6 million in 2020, according to 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), published by Coherent Market Insights.
The global safety knives market is expected to surpass US$ 321.9 million by 2027, exhibiting a CAGR of 4.8% during the forecast period (2021-2027). The growth of the safety knives market is expected to be driven by surge in end use industries. Government of multiple nations are taking initiatives to boost investment in food processing industry. For instance, the Government of India sanctioned 41 food parks under the Mega Food Park Scheme (initiated in 2008 to set up primary processing and storage centers near farms), out of which 22 are operational as on April 2021. In addition, more people have started adopting safety knives as they 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, such factors have augmented the target market growth.
To know the latest trends and insights prevalent in this market, click the link below:
Browse 50 market data tables* and 45 figures* on "Safety Knives Market” - Global Forecast to 2027.
Key Trends and Analysis of the Safety Knives Market:
- Among regions, Asia Pacific accounted for a significant market share in 2020. The expansion of e-commerce industry in the region has significantly contributed towards the adoption of attractive packaging solutions. Along with this, handmade packaging is also gaining significant traction in the region.
Key Takeaways of the Market:
- Among product type, Semi-Automatic Retractable Safety Knives segment accounted for 34.4% of the revenue share. The semi-automatic retractable safety knives segment are further sub-segmented into squeeze grip, triple-sided slider, double sided slider, and single-sided slider. Semi-Automatic Retractable Safety Knives are used to cut cardboard, tape, and other materials. Furthermore, the double sided slider safety knives are suitable for cutting cardboard boxes, shrink wrap, plastic strapping, box tape, twines, and more.
- 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
- Key players operating in the safety knives market are focusing on various strategies such as product portfolio expansion in order to strengthen their market presence and expand their product portfolio. For instance, in January 2019, Martor KG launched SECUMAX 320 safety knife namely SECUNORM 525 and the SECUNORM 540.
Global Safety Knives Market - Impact of Coronavirus (Covid-19) Pandemic
- With the strict restrictions and lockdown being imposed across the globe, the industrial sector has been highly impacted as the companies and operational units were asked to be non-operational. This led to a disruption in the industrial packaging market and ultimately impacted the safety knives market across the globe. However, the imposition of lockdown also noted a rise in the e-commerce sector. For instance, according to Coherent Market Insights’ analysis, the total U.S. cross-border e-commerce grew from 7% in April in 2020 to 10.2% from January to June 2021.