Utility Knives Market Size, Share, Industry Analysis, Trends, Growth, 2030

Utility Knives Industry Prospective:

The global utility knives market size was worth around USD 3.69 billion in 2022 and is predicted to grow to around USD 5.87 billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.98% between 2023 and 2030.

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Utility Knives Market: Overview

A utility knife is a tool with a sharp, cutting, and replaceable blade at one end. It is used for everyday or general manual work. The applications of utility knives are not limited to specific purposes and are generally used by several individuals daily either for personal reasons or as an important part of a trade such as carpentry, opening packages & boxes, home repair work, and gardening. The final use goes above and beyond such tasks since it is one of the most commonly used everyday tools by many people across the globe. Utility knives are known by different names depending on the region. For instance, in Switzerland and Israel, they are called Japanese knives while in Austrian Germany, Australia, and Britain, a utility knife is called a Stanley knife. Most forms of utility knives cannot be used as an aggressive or offensive weapon however, there are some forms of these cutting tools that can cause severe damage if not handled or used properly. This is especially applicable to knives with longer and sharper blades. Over the years, these knives have been used in misfortunate events. The global market is expected to grow at a steady rate in the coming years.

Key Insights:

• As per the analysis shared by our research analyst, the global utility knives market is estimated to grow annually at a CAGR of around 5.98% over the forecast period (2023-2030)
• In terms of revenue, the global utility knives market size was valued at around USD 3.69 billion in 2022 and is predicted to grow to around USD 5.87 billion, by 2030.
• The utility knives market is projected to grow at a significant rate due to the changing knife designs and improved safety features
• Based on application segmentation, the commercial was predicted to show maximum market share in the year 2022
• Based on type segmentation, snap-off knives was the leading type in 2022
• On the basis of region, North America was the leading revenue generator in 2022

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Utility Knives Market: Growth Drivers

Changing design and improvement safety features to propel market expansion

The global utility knives market is expected to grow owing to the changing design of the knives where the manufacturers are focusing on improving safety features without compromising on product functionality. Utility knives are used as cutting tools across industries as well as for personal reasons. For instance, one of the most common applications is to open up a package. These knives are sharp enough to cut through tough materials such as cardboard and rope or a cord.

When used appropriately and if the knife blade is sharp enough, it can be used to cut thin metal as well. It is recommended to be used only by adults in residential applications whereas when used in a commercial setting, workers or users have to ensure that safety gear is worn while using the product since utility knives can cause severe damage. It has resulted in manufacturers upgrading product design with a key focus on product safety.

For instance, in June 2022, OLFA Corporation, a leading producer of utility cutting tools, launched the SK-16 Quick Change Concealed Blade Safety Knife number 1140922. The knife design and structure focus on safe application and ease of use. SK-16 has a touch-safe blade and does not require blade expansion or retraction. The user has to simply pull through the material for cutting. Producers are also focusing on product weight, size, and knife material to ensure a better sale rate.

Rising demand for personalized knives to push market revenue

There is a growing consumer group invested in buying personalized knives. Customization can be found in the design and logo on the knife or the features of the product itself including blade shape and size. Regular users of the utility knife prefer to emboss their name or an icon they connect with on the tool. Since there is a growing number of such service providers, the demand for utility knives as a mere accessory has been on the rise. Additionally, people of all genders carry these knives as a protection tool. As the crime rate in several countries has been on the rise, people carry these tools for safety purposes. For instance, in 2017, women in Indian Capital Delhi were allowed to carry knives with lengths below 4 inches in the region’s Metro. The announcement was made in the backdrop of the growing crimes against women in Delhi.

Utility Knives Market: Restraints

Growing incidents of utility knives misuse to restrict market expansion

The global utility knife market is projected to face growth restrictions due to the rise in incidents of misuse of utility knives for ill practices including robbery and theft. For instance, a May 2023 report published by The National News mentioned that the richest areas in London were plagued with knife robbery and crime. People visiting these areas are suggested not to wear expensive items like watches and jewelry. Similarly, a recent study indicated that factors such as drug abuse, exposure to violence, and mental health conditions were some of the most common risk factors associated with knife crimes along with other sharp tools. Since utility knives are easily available unlike some of the other weapons such as firearm accessories, tasers, and swords may need licensing depending on the jurisdiction, people have better access to different types of utility knives which can be a significant threat if used with ill-intent.

Utility Knives Market: Opportunities

Expansion through online sales channels could trigger emergence of higher growth opportunities

Companies and utility knives industry players can benefit from the rising sales revenue observed through e-commerce or online sales platforms. Several people across the globe are addicted to browsing through the internet to buy things frequently. This can include expensive items and everyday normal products such as utility knives. As internet penetration continues to rise, tapping into the growing section of online buyers can open more revenue streams. Aspects of business including excellent customer service, diverse product portfolio, and quick delivery can play a crucial role in establishing high product value.

Moreover, utility knives have become an essential tool for several do-it-yourself (DIY) projects ranging from simple crafts to home renovation activities. The rise in information availability through social media platforms on how to undertake these tasks is expected to create more demand for simple yet effective utility knives.

Utility Knives Market: Challenges

Availability and use of alternate cutting tools to challenge market sales

The global sales volume of the utility knife industry is likely to be challenged by the availability and use of alternate cutting tools. This includes products such as kitchen knives, box cutters, shears, scissors, laser cutters, and hacksaws. Depending on consumer needs, they may prefer the long list of cutting tools and hence players in the utility knives industry must ensure consistent upgrades to the product to stay relevant.

Utility Knives Market: Segmentation

The global utility knives market is segmented based on application, sales channel, type, and region.

Based on application, the global market segments are commercial and residential. The highest growth was observed in the commercial segment and it will continue to dominate during the forecast period. The segment is inclusive of applications in several industries such as automotive, retail, construction, carpentry, food industry, and others. Utility knives offer affordability and effective performance. As the end-user verticals continue to grow, the demand for efficient cutting tools is likely to speed up. By 2027, the carpentry market globally is likely to reach USD 100 billion.

Based on sales channel, the utility knives industry segments are specialty stores, hypermarkets/supermarkets, convenience stores, online retailers, and others.

Based on type, the global market is divided into retractable knives, snap-off knives, and fixed-blade knives. The highest CAGR was registered in snap-off knives that consist of replaceable blades. Such blades do not need to be manually sharpened as once a certain section of the blade becomes dull, it snaps off automatically. The growing use of such variants in the arts and crafts industry is the main cause of segmental growth. Studies show that nearly 70% of accidents caused by knives are hand lacerations.

Utility Knives Market: Report Scope

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. In March 2022, Milwaukee Tool launched 3 new knives in its existing range of highly popular hand-cutting products. One of the products is the Flashback 6 in 1 utility knife. The product allows reduced downtime and comes with a belt clip for safe and easy storage. The existence of laws and rules related to workplace safety and strict implementation guidelines has played a crucial role in ascertaining that employees are safe when working with tools that can cause serious physical damage.

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 Middle East & Africa