Global Interchangeable Tool Market 2024

Interchangeable Tool Market Size

In 2021, the global interchangeable tool market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +2.3% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market attained the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Interchangeable Tool Production

In value terms, interchangeable tool production fell to $X in 2021 estimated in export price. In general, production saw a drastic downturn. The pace of growth was the most pronounced in 2016 with an increase of 170% against the previous year. Global production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Interchangeable Tool Exports

Exports

In 2021, overseas shipments of interchangeable tools for hand tools were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +3.2% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 20%. Over the period under review, the global exports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, interchangeable tool exports soared to $X in 2021. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China represented the main exporting country with an export of around X tons, which accounted for 40% of total exports. The United States (X tons) held an 8% share (based on physical terms) of total exports, which put it in second place, followed by South Korea (7.9%), Germany (7.7%) and Japan (4.8%). Italy (X tons), Spain (X tons), the Netherlands (X tons), Turkey (X tons), Taiwan (Chinese) (X tons) and Canada (X tons) took a little share of total exports.

From 2012 to 2021, average annual rates of growth with regard to interchangeable tool exports from China stood at +10.0%. At the same time, Canada (+277.7%), Turkey (+18.7%), the Netherlands (+12.0%), South Korea (+1.9%) and Italy (+1.2%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in the world, with a CAGR of +277.7% from 2012-2021. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, Germany (-1.1%), the United States (-1.8%), Spain (-2.6%) and Japan (-4.6%) illustrated a downward trend over the same period. While the share of China (+17 p.p.) and Canada (+1.7 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Spain (-1.8 p.p.), Germany (-3.6 p.p.), the United States (-4.5 p.p.) and Japan (-5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest interchangeable tool supplying countries worldwide were China ($X), Germany ($X) and Japan ($X), together accounting for 45% of global exports. These countries were followed by the United States, South Korea, Italy, the Netherlands, Taiwan (Chinese), Canada, Spain and Turkey, which together accounted for a further 28%.

Turkey, with a CAGR of +16.5%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average interchangeable tool export price stood at $X per ton in 2021, picking up by 5.4% against the previous year. Overall, the export price, however, recorded a mild contraction. The growth pace was the most rapid in 2013 when the average export price increased by 11% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Germany ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.7%), while the other global leaders experienced more modest paces of growth.

Interchangeable Tool Imports

Imports

In 2021, purchases abroad of interchangeable tools for hand tools was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, total imports indicated a resilient expansion from 2012 to 2021: its volume increased at an average annual rate of +7.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by 45% against the previous year. Global imports peaked in 2021 and are likely to see gradual growth in the near future.

In value terms, interchangeable tool imports surged to $X in 2021. The total import value increased at an average annual rate of +1.4% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The United States (X tons) and Luxembourg (X tons) represented roughly 29% of total imports in 2021. Germany (X tons) ranks next in terms of the total imports with a 7.3% share, followed by Mexico (5.7%). Russia (X tons), China (X tons), India (X tons), France (X tons), the UK (X tons), Indonesia (X tons), the Netherlands (X tons), Thailand (X tons) and Poland (X tons) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Mexico (with a CAGR of +429.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($X), Germany ($X) and China ($X) constituted the countries with the highest levels of imports in 2021, with a combined 30% share of global imports. Mexico, the Netherlands, France, Russia, Thailand, India, the UK, Poland, Indonesia and Luxembourg lagged somewhat behind, together accounting for a further 25%.

In terms of the main importing countries, Luxembourg, with a CAGR of +21.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average interchangeable tool import price amounted to $X per ton, shrinking by -12.6% against the previous year. Overall, the import price continues to indicate a abrupt contraction. The pace of growth appeared the most rapid in 2014 an increase of 33%. Over the period under review, average import prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while Luxembourg ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+3.4%), while the other global leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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