Global Utility Knives Market Size, Share, Analysis and Growth Report 2030

The global utility knives market was estimated to be worth around USD 3.69 billion in 2022. It is anticipated that the market size will increase to approximately USD 5.87 billion by 2030, representing a compound yearly growth rate (CAGR) of approximately 5.98% between 2023 and 2030.

Utility Knives Market: Overview

One end of a tool known as a utility knife features a blade that is interchangeable, sharp, and capable of cutting. It is put to use in manual labor that is routine or broad in nature. The uses of utility knives are not confined to certain tasks, and many people use them on a daily basis, either for their own purposes or as an essential component of a trade, such as woodworking, opening packages and boxes, performing home repair work, or gardening. The ultimate use goes well beyond the completion of activities of this nature because it is one of the instruments that is utilized most frequently in day-to-day life by a large number of people all over the world. Depending on where you are in the world, utility knives may go by a variety of various names. For instance, a utility knife is known as a Japanese knife in Switzerland and Israel, whereas it is named a Stanley knife in Austria, Germany, Australia, and the United Kingdom.

However, there are some kinds of these cutting instruments that can do severe damage if they are not handled or used properly and while the majority of utility knives cannot be used as aggressive or offensive weapons, there are other forms of these cutting tools that can. This holds true in particular for knives that have blades that are both longer and sharper. These knives have been utilized in the commission of heinous acts over the course of their history. In the future years, it is anticipated that the global market will expand at a rate that is consistent.

Utility Knives Market: Growth Drivers

Altering the product's appearance and enhancing its safety features in order to drive market expansion

It is anticipated that the global market for utility knives will expand as a result of changes in the design of the blades themselves. Specifically, producers are working to improve the safety aspects of their knives without reducing the functionality of their products. Knives designed specifically for utility-cutting tasks are common in a variety of professional and consumer contexts. For example, one of the most typical functions is to cut open a package. These knives have blades that are so keen that they can easily cut through difficult materials like cardboard and rope or a cord.

Utility Knives Market: Segmentation

The utility knives market around the world may be broken down into four distinct categories: by application, by sales channel, by type, and by location.

The global market can be broken down into commercial and residential divisions, depending on the application. The business sector experienced the most rapid expansion, and this growth rate is expected to be maintained throughout the time covered by the forecast. Applications across a wide variety of sectors, including the automobile industry, retail, construction, carpentry, the food industry, and others, are included in this market segment. Utility knives are available at an affordable price and deliver efficient performance. It is expected that the demand for effective cutting tools will pick up speed as the end-user verticals continue to see growth. It is anticipated that the global market for carpentry will reach 100 billion USD by the year 2027.

The specialty stores, hypermarkets/supermarkets, convenience stores, internet retailers, and other types of businesses that sell knives are the five distinct segments that make up the utility knives industry.

Utility Knives Market: Regional Analysis

North America to continue as the highest revenue generator

The global utility knives market is likely to be dominated by North America during the forecast period. Countries such as the US and Canada have shown exceptional sales of utility knives in several industries including food beverages and construction. The rise in demand for efficient and modern-age utility knives in these verticals along with the growing innovation strategies adopted by manufacturers could result in higher regional growth. Utility knife producers are focusing not only on the design of the product but also on safety features.

Utility Knives Market: Competitive Analysis

The global utility knives market is led by players like:

Irwin Industrial Tools
Olfa Corporation
Xingwei Cutting-Tools
Snap-on Incorporated
Slice Inc.
Klein Tools
Apex Tool Group
Würth Group
Tajima Tool Corporation
Martor KG
Alltrade Tools LLC
Channel-lock
Great Star.

The global utility knives market is segmented as follows:

By Application

Commercial
Residential

By Sales Channel

Specialty Stores
Hypermarkets/Supermarkets
Convenience Stores
Online Retailers
Others

By Type

Retractable Knives
Snap-off Knives
Fixed-Blade Knives

By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East Africa
GCC
South Africa
Rest of the Middle East Africa