Global Craft Tools Market- Description
Craft tools are used by people to create various decorative items for homes, weddings, projects, and projects, among others. They are widely adopted by those people who are good at designing decorative objects such as paintings, showpieces, and toys, among others. Moreover, these tools are also used by students for craft based projects pertaining to various subjects such as science, art, and social studies, among others. The most commonly used craft tools are spinning wheels, craft glue, glitter pens, paint, jewelry pliers, rotary tool, tweezers, scissors, and bar clamps, among others.
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Global Craft Tools Market- Overview
The global craft tools market is presently valued at USD 39.26 billion and is expected to amplify with a CAGR of 8.1% over 2022-2030. The industry, influenced by various growth inducing factors is anticipated to amass a valuation of USD 73.21 billion by end of the assessment timeline.
Growing trends of adopting art & craft as a primary hobby, rising popularity of handmade decorative items, and increasing number of cultural events worldwide are primarily augmenting the outlook of this business sphere.
Also, increasing craft activities in educational institutions along with the surging government initiatives to encourage individuals to practice traditional art and craft forms are adding traction to the development of this industry.
Moreover, rising R&D activities in the field, surging employment scope in the artistic field, and growing focus of players to develop innovative items in the field are aiding the expansion of this market.
On the contrary, some of the craft tools are costly in nature and hence cannot be afforded by all sections of the society. This, in turn is affecting the remuneration scope of this business vertical.
Global Craft Tools Market- Key trends
Rising practice of craft based hobbies worldwide to stimulate industry dynamics
People have various hobbies which they practice during their leisure. Likewise, making various crafts for decoration is also practiced as a hobby by many. In fact, this hobby also turns into a livelihood for many as some people start selling their self-made items to consumers via various sales medium like e-commerce sites. This is escalating the demand for craft tools across the globe.
COVID-19 pandemic had a positive influence on the market
Stringent lockdowns and other restrictive measures pushed people to turn into their hobbies. It is evident that the sudden shutdowns and remote working trends took a toll on the mental health of many, thereby many people started practicing their hobbies to stay distracted. These factors in turn are propelling industry growth.
Global Craft Tools Market- Segmental assessment
By Product Type
• Drawing & Painting Tools
• Cutting Tools
• Paper Crafts & Decorative Items
• Others
By Distribution Channel
• Convenience Stores
• Hypermarkets & Supermarkets
• Online Stores
• Specialty Stores
The online stores segment is slated to generate significant returns over the stipulated timeline owing to the widespread internet proliferation across the globe.
By End User
• Households
• Educational Institutes
• Offices
• Others
Global Craft Tools Market- Geographical landscape
Considering the geographical frame of reference, the major regions influencing the expansion trends of this industry vertical are North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. Among these, Asia Pacific is projected to capture a substantial revenue share over 2022-2030. This is attributable to the increasing number of craft based activities in educational institutions.
Global Craft Tools Market- Competitive hierarchy
The prominent players characterizing the remuneration scope of this marketplace are Access Companies, b. dazzle, inc., BOWWOWMEOW, Brain Noodles LLC, China Towins Gifts & Toys Co. Ltd., coliro Pearlcolors, Craftslane, eCraftIndia, eeBoo Corp, Ethnic Kraft, Himalaya Fine Art, Hygloss Products Inc., Joobli Studio, Jovi Corp., Nex Products Inc., Night Light Designs, Poloppo Inc., Sabmatt Corporation, Scratch-Art Co., Inc., and The Silver Moccasin.
Notably, in June 2018, Fabbrica Italiana Lapis ed Affini S.p.A. announced the acquisition of Pacon Corporation to enhance its portfolio in the field.
Report scope
Global Craft Tools Market: Historical Trends- 2018-2021
Global Craft Tools Market: Forecast Years- 2022-2030
Global Craft Tools Market 2022- USD 39.26 billion
Global Craft Tools Market CAGR- 8.1%
Global Craft Tools Market 2030- USD 73.21 billion
Key segments covered-
• By Product Type (Drawing & Painting Tools, Cutting Tools, Paper Crafts & Decorative Items, and Others)
• By Distribution Channel (Convenience Stores, Hypermarkets & Supermarkets, Online Stores, and Specialty Stores)
• By End User (Households, Educational Institutes, Offices, and Others)
Major regions and countries-
• North America (U.S., Canada, and Mexico)
• Latin America (Brazil, Argentina, and Colombia)
• Europe (Germany, U.K., France, Italy, Spain, and Russia)
• Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
• Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
Top players profiled- Access Companies, b. dazzle, inc., BOWWOWMEOW, Brain Noodles LLC, China Towins Gifts & Toys Co. Ltd., coliro Pearlcolors, Craftslane, eCraftIndia, eeBoo Corp, Ethnic Kraft, Himalaya Fine Art, Hygloss Products Inc., Joobli Studio, Jovi Corp., Nex Products Inc., Night Light Designs, Poloppo Inc., Sabmatt Corporation, Scratch-Art Co., Inc., and The Silver Moccasin.
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Reasons to Purchase this Report
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight into the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years to come
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