Safety Cutting Tool; Key Players, Recent Trends, Growth Drivers & Market Opportunities

Safety Cutting Tool; Key Players, Recent Trends, Growth Drivers & Market Opportunities

Safety Cutting Tool – Key Players

Wurth Group, Stanley, Snap-on and Apex Tool Group are four key players in the global safety cutting tools market. Overall, these top competitors gain a significant competitive advantage from their worldwide presence and brand recognition from their variety of related product offerings.

Selection of Key Players

1. Wurth Group

  • Wurth Group (website link here) is a Germany-based manufacturer whose over 400 subsidiaries generated an annual revenue of $15.79 billion in 2019.
  • The conglomerate’s competitive advantage in the global safety cutting tool industry appears to derive from its dominance in the German market, presence in over 80 countries globally and brand recognition through its production of more than 125,000 related products (e.g., personal protective equipment, screws and fasteners, tools and other essential construction equipment).

2. Stanley

  • Stanley (website link here) is a US-based tools producer that operates as a key brand under Stanley Black & Decker, which earned an annual revenue of $14.44 billion in 2019.
  • In a fashion similar to Wurth Group, the company has a significant competitive advantage both from its global presence as part of a large, international conglomerate as well as its market dominance in its home country, where Stanley Black & Decker generates approximately 60% of its sales.
  • Additionally, Stanley’s safety cutting tools are differentiated by the brand’s nearly two-century track record for delivering product “excellence” through continual testing and design innovations.
  • This reputation is evidenced by the company’s positive product reviews, including for its safety cutting tools.

3. Snap-on

  • Snap-on (website link here) manufactures and distributes “high-quality hand tools” as well as auto diagnostic equipment from its headquarters in the US, and generated an annual revenue of $4.07 billion in 2019.
  • Notably, the company’s range of brands and products benefit from Snap-on’s visibility in the US, where the company earns 70% of its annual sales.
  • Additionally, Snap-on’s safety cutter tools and other products derive a unique competitive advantage from the company’s reputation within the automotive sector, given that Snap-on invented the “mobile-van tool distribution channel” within the auto repairs industry.

4. Apex Tool Group

  • Lastly, Apex Tool Group (website link here) is another US-based, global manufacturing group whose over 30 brands earned an annual revenue of $2.34 billion for the fiscal year 2020.
  • Overall, the company’s safety cutter products benefit from Apex Tool Group’s scale as “one of the largest manufacturers of professional hand and power tools in the world.”
  • Additionally, its safety cutter tools and other products gain a competitive advantage from the company’s unique reach into a wide variety of industries (e.g., construction, DIY, electronics, industrial).

Safety Cutting Tool – Recent Trends

The three recent trends in the global safety cutting tools market are ergonomic cutting tools, cutting edge innovations, and new concealed blades design.

1. Ergonomic Cutting Tools

  • Currently, safety cutting tools including safety knives are concentrating their design on ensuring that the knife is comfortable for the user.
  • As an expansion of this obvious design, more focus is being given to blade quality, thickness, ease of changing the blade as well as ease of using the trigger mechanism.
  • Ergonomic cutting tools is a trend because a well-functioning cutting tool helps in both ergonomics and curbing the risk of alterations.

2. Cutting Edge Innovations

  • Innovations in the safety cutting tools market has unleashed noteworthy advancements. For instance, instead of retracting only when triggered by the user, smart safety knives can sense pressure against the blade when cutting.
  • As a result, the blade retracts instantly when the pressure stops. Other innovations are focusing on making blades that are safe to touch but can still cut materials efficiently.
  • Cutting tools innovations is a trend because of increased focus on the need to make cutting tools safer for the user. The innovations are also preventing misuse of safety cutting tools.

3. New Concealed Blades Design

  • Although concealed blades have been in existent for some time, a new trend involving design improvements has emerged.
  • Today’s concealed blades are thinner, thus making them effective in cutting a broad spectrum of industrial materials, including boxes with thick double walls.
  • Thick blades cannot cut corrugate and other inflexible materials because the thick cutter jams up. However, the new trend of thinner concealed blades has made cutting easier.
  • A thinner concealed blade is a current trend because users can now use the same concealed blade to cut various materials, including multilayered sacks.

Safety Cutting Tool – Growth Drivers

According to industry reports, the rising demand for knives in various applications such as for DIY purposes and other industries is expected to facilitate the growth of the global knife market.

1. Application for Do-It-Yourself (DIY) Purposes

  • Increasing demand for knives for DIY purposes is expected to drive the growth of the knife industry.
  • Application of knives for woodwork projects, trimming and tearing clothes, cutting through clamshell, cardboard, and protection and self-defense are factors that drive the growth of the industry.
  • Therefore, with the global household and DIY hand tools market expected to grow at a CAGR of 4.02% from 2017 to 2024, the demand for knives in this industry is expected to grow as well.

2. Application in the Food and Packaging Industries

  • In the food industry, knives are needed for handling and preparing food, and other packaging purposes.
  • Therefore, with the global food processing market expected to grow at a CAGR of 4.3% from 2019 to 2024, the demand for knives in this industry is expected to grow as well.
  • Furthermore, the global packaging industry is expected to record a CAGR of 4.3% from 2017 to 2023. This growth is also expected to increase the demand for knives in the industry for cutting tapes and others.

3. Application in the Production and Construction Industries

  • β€ŠRetractable and folding knives are common tools in the construction industry.
  • Other applications such as “trimming excess of material from injection-molded rubbers or plastics, and cutting binding materials such as cord, packing tape or plastic strapping” and other packaging activities constitute part of the everyday activities of many companies around the globe.
  • Therefore, the demand for knives in this industry is expected to grow as the construction industry grows at a CAGR of 4.2% from 2018 to 2023.
  • Furthermore, the need for blade replacement to maintain the sharpness of the knives after a certain amount of use is also expected to facilitate the growth of the blade and knives industries.

Research Strategy

To determine the growth drivers of the global safety cutting tools market, the research team scoured through several industry reports for expert reports on the key factors that are driving the growth of this market. However, while there are reports that provided this information such as this and this, they were behind a paywall. Therefore, the team expanded the scope of the research to broader markets such as knives and blades since they are related to safety cutters.

Safety Cutting Tool – Market Opportunities

Logistics and the food processing industry are some main areas of opportunities for safety cutting tools. A lot of cutting is involved in these two sectors and, therefore, safety is of great concern.

1. Logistics

  • Logistics, a process that involves managing how resources are acquired, stored, and then transported to their destination, requires a lot of packaging.
  • When transporting or storing goods, cartons are mostly used. There are tapes, carton tuckers, staples, screws, and more tools involved to secure these cartons. Employees in a logistics firm need safety cutting tools that can work as a carton tucker, tape slitter, staple remover, screwdrivers, among other tasks.
  • Safety cutting tools used in logistics are mostly designed to retract when it loses contact with a cutting surface to reduce workplace injuries.
  • With the COVID-19 scare that has seen many shoppers rely on logistics and delivery companies for their deliveries more than ever before, this area poses a significant opportunity for the safety cutting tools global market.

2. Food Processing Industry

  • Safety and hygiene are some key considerations in the food processing industry. In an environment that involves much cutting, a safety tool that protects the user and maintains the food handling hygiene is essential.
  • There is a need to have a 100% stainless-steel cutting tool in the food processing industry to eliminate the possibility of rust buildup, which can potentially contaminate food. During this COVID-19 pandemic, cutting tools that are also easy to sanitize are in high demand in the food processing industry.
  • While considering the type of safety cutting tool to use in the food processing industry, food safety professionals consider a tool that has a metal-detectable feature. This feature eliminates the possibility of food contamination when left behind during packaging.
  • This space presents a potential opportunity for the safety cutting tools market based on the safety and hygienic requirements for cutting tools.

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