Global Tool Chest Market: Introduction
Tool chests are designed for the storage of tools and equipment. Materials used to manufacture tool chest include carbon, alloy, or stainless steel. Home improvement projects, the economic recovery in few regions, expanding construction industry, and increased availability of lower price products to increase the demand for tool chests in the forthcoming years. In the market space, manufacturers of tool chests are offering additional features like power strips, USB ports, and Bluetooth connectivity (which enables keyless locking and unlocking). While all tool chests generally are produced from cold-rolled steel. However, with the growing prominence of tool chests, consumers are demand for customized tool chests for their job. The companies are shifting to new channels and pursuing growth in the Omni-channel environment.
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Subsequently, the study aims to analyze the most recent trends, dynamics, and potential strategies in the global tool chest market.
Global Tool Chest Market: Dynamics
Product substitutability of tool chest is meager in the market. Factors affecting the ability to shift production away from tool chests include relatively limited demand for products substitutes and equipment that is designed to produce tool chests and cabinet. Inexpensive tool chests are likely to be replaced within a few years, while better and robust quality tool chests are more likely to be replaced when the number of tools becomes too large for the original box. The growth of “dumped” imports, increased price, feature shopping due to e-commerce giants, and expanding economies are assessed to bolster the demand for tool chest over the coming years. Nonetheless, many business owners believe that online sales of tool chest play an insignificant place in the tool chests market. Moving ahead, the reasons anticipated to plunge the demand for tool chests cited are the increased availability of substitute storage units, declining demand from various sectors, homeowners no longer wanting to do their own repairs and economic stagnation. To benefit from an ongoing market headwind, the companies are launching a new tool chest in the mid-price-point range in price-sensitive emerging markets.
Global Tool Chest Market: Regional Outlook
Latin America tool chest market is foreseen to observe impressive growth in the coming five years, with pricing gains in Mexico, Peru, and Argentina offsetting market headwinds in Brazil. Low-cost products related to tool chests launched by the companies in the regions such as Latin America and the Middle East & Africa also aided organic growth. In terms of market structure, the global tool chest market has a plurality of firms and observes a hefty number of companies. Globally, China plays a pivotal role in developing prices and market development. Also, China has a strong domestic production and impacts the global tool chest market with significant dumping through exports. Professional and DIY segment in the tool chest market are lucrative in Europe and North America due to consumer’s interest towards DIY activities.
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Global Tool Chest Market: Key Participants
List of some of the prominent market participants/brands in the global tool chest market discerned across the value chain include:
- Waterloo Industries – CRAFTSMAN (Stanley Black & Decker Corporation)
- Proto – Stanley Black & Decker Corporation
- HUOT MANUFACTURING co.
- Milwaukee Electric Tool Corporation
- Apex Tool Group (Gearwrench)
- CQT Kennedy, LLC
- Guangzhou Debeili Hardware Tools Co., Ltd.
- Extreme Tools, Inc.
- Rhino Metals, Inc.