Global tools market seen at $19.4 by 2015
Dubai, February 14, 2011
The global market for hand tools and accessories is estimated to reach $19.4 billion by the year 2015, said the organisers of an upcoming hardware and tools exhibition in Dubai.
The economies of the GCC region, with construction projects worth $1,368 billion currently underway are a significant market for power and hand tool manufacturers, added Ahmed Pauwels, chief executive officer of Epoc Messe, Frankfurt, organiser of Hardware+Tools Middle East, the largest trade event for the hardware, tools and machinery industry.
Hardware+Tools Middle East will be held at the Dubai International Convention and Exhibition Centre from May 10 to 12.
“The renewed growth in the Middle East’s construction industry is expected to drive demand for hand tools and accessories,” Pauwels added.
“Hardware+Tools Middle East, with its reputation as the premier trade show for this sector, offers manufacturers and suppliers a readymade platform to expand their reach into this fast-growing market.”
According to recent market research, the global demand for hand tools and accessories has been growing at a steady pace as more people switch to cordless power tools and more energy efficient appliances.
A large part of this development has been driven by increased demand for cordless powertools such as saws and drills.
There is also greater demand for more energy-efficient and ergonomically designed hand tools. Leading manufacturers are expected to continue to target this segment with more innovatively designed products and specially targeted marketing strategies.
The demand for power tools is expected to surpass traditional hand tools worldwide, due to the increasing popularity of cordless electric saws, polishers, grinders and sanders. Electric screwdrivers are expected to witness robust demand, and electric saws and drills are projected to record above-average growth figures.
Globally the largest segment in the tools category is mechanic service tools, followed by edge tools such as chisels, axes and professional and craft tools.
The exhibition is divided into tools, hardware and machinery product groups and is expected to attract industry professionals, decision makers, manufacturers, suppliers, importers and re-exporters from across the region.
On display will be the latest developments in hand tools and accessories, air tools and accessories, measuring detection tools, hydraulic tools, specialty tools, magnetic tools, building hardware, consumables, construction and building materials among others. – TradeArabia News Service