Canada: Interchangeable Tool Market 2024

Interchangeable Tool Market Size in Canada

In 2021, after two years of growth, there was significant decline in the Canadian interchangeable tool market, when its value decreased by -10.7% to $X. Over the period under review, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Interchangeable Tool Production in Canada

In value terms, interchangeable tool production declined to $X in 2021 estimated in export price. Overall, production, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2018 with an increase of 1,560%. Over the period under review, production hit record highs at $X in 2020, and then fell slightly in the following year.

Interchangeable Tool Exports

Exports from Canada

After two years of decline, overseas shipments of interchangeable tools for hand tools increased by 17% to X tons in 2021. In general, exports saw significant growth. The most prominent rate of growth was recorded in 2013 when exports increased by 15,584,426% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, interchangeable tool exports soared to $X in 2021. Overall, exports, however, recorded a perceptible curtailment. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for interchangeable tool exports from Canada, with a 58% share of total exports. Moreover, interchangeable tool exports to the United States exceeded the volume sent to the second major destination, Australia (X tons), more than tenfold. Mexico (X tons) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +279.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+280.8% per year) and Mexico (+280.3% per year).

In value terms, the United States ($X) remains the key foreign market for interchangeable tools for hand tools exports from Canada, comprising 74% of total exports. The second position in the ranking was held by Mexico ($X), with a 3.7% share of total exports. It was followed by Australia, with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +1.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-5.3% per year) and Australia (-8.0% per year).

Export Prices by Country

The average interchangeable tool export price stood at $X per kg in 2021, picking up by 5.3% against the previous year. Over the period under review, the export price, however, saw a sharp reduction. The pace of growth was the most pronounced in 2014 when the average export price increased by 7,965,501%. Over the period under review, the average export prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per kg), while the average price for exports to Chile ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (-73.3%), while the prices for the other major destinations experienced a decline.

Interchangeable Tool Imports

Imports into Canada

Interchangeable tool imports into Canada shrank dramatically to X tons in 2021, dropping by -61.9% against 2020. Overall, imports, however, saw significant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 119,501,897%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, interchangeable tool imports surged to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

The United States (X kg), China (X kg) and Japan (X kg) were the main suppliers of interchangeable tool imports to Canada, with a combined 73% share of total imports. Germany, South Korea, Sweden, Taiwan (Chinese), Mexico, Israel, Brazil, Ireland and France lagged somewhat behind, together comprising a further 19%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +61.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest interchangeable tool suppliers to Canada were the United States ($X), China ($X) and Japan ($X), together comprising 73% of total imports. Germany, South Korea, Sweden, Taiwan (Chinese), Mexico, Israel, Brazil, Ireland, France and Singapore lagged somewhat behind, together accounting for a further 19%.

Ireland, with a CAGR of +9.3%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average interchangeable tool import price amounted to $X per kg, with an increase of 214% against the previous year. In general, the import price, however, recorded a sharp slump. The pace of growth was the most pronounced in 2018 an increase of 1,377,069%. The import price peaked at $X per kg in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the United States ($X per kg) and China ($X per kg), while the price for Singapore ($X per kg) and France ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ireland (-30.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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