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Utility Knives Market Segmented By product type such as Fixed Blade Utility Knives, Folding Utility Knives with Residential and Commercial application
Utility knives, the catch-all knives that are designed and capable of doing most of the cutting jobs in the kitchen are increasingly adopted. These knives can be used in replacement of all the special purpose kitchen knives designed to do special jobs.
Utility knives are multi-functional knives capable of replacing few other bunch of knives in the kitchen. This is one of the major reason why the adoption of utility knives has increased in the past few years.
The use of utility knives is not only confined to kitchen jobs, but can also be used for wallpaper trimming, cardboard cutting, and dozens of other jobs. The flexible use of utility knives for numerous cutting jobs is further expected to drive market growth in the coming years.
Drivers for Utility Knives Market
Introduction of new products defining quality with sharpness has facilitated market growth. Constant innovations related to design, cutting technology, blade styles facilitating high performance is one of the significant factor that has driven growth in the utility knives market. Growing adoption as a hand tool or a pocket utility knife is another aspect driving market growth.
Trends for Utility Knives Market
The players are enhancing their utility knives portfolios by introducing a range of portfolios catering to both commercial as well as residential sector needs.
The players offering utility knives for residential purpose are enhancing their portfolios to include stylish and classic collection of utility knives designed for all kinds of prep tasks in the kitchen. The companies have introduced utility knives incorporating precision edge technologies with sharp blades as compared to traditional designs.
For commercial purposes the players are engaged in offering heavy duty knives with adjustable and retractable blades. These heavy duty utility knives are offered with additional blade sets. As product design and style has equal importance in the eyes of customers, the players are introducing limited edition collections in the market.
Opportunities for Utility Knives Market
In case of utility knives, design, style and performance carry equal importance. By enhancing the product portfolios to include unique design utility knives like hand-hammered blade or other handcrafted designs will help gain a competitive advantage in the market by creating a point of difference.
Introduction of such unique utility knives will help open up new opportunities in the market and also help capitalize on the opportunities arising in the premium sector demand category.
Challenges for Utility Knives Market
The covid-19 has negatively impacted the market by creating an economic slowdown. As the industry sectors and business units across different regions are now in the reviving phase, they are undergoing several operational changes. Today being online is imperative for all retail category businesses due to changing consumer buying channel preferences.
The economic slowdown has impacted the demand for utility knives in the market. As the business units are currently in a slowdown phase the demand for utility knives from the commercial sector has taken a temporary setback. Such decreases in sales has resulted in certain financial problems for players in the market.
Besides this, availability of other cutting tools and devices both in the commercial and residential sectors are likely to hamper the growth of utility knives market.
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Some of the key players operating in the global utility knives market are Stanely Black & Decker, Inc., Apex tool Group, Wurth Group, Ningbo Xingwei Cutting-Tools Technology Company Ltd., Williams-Sonoma Inc.,IKEA Group Corporation, Fiskars Group, Wüsthof Company, Conair Corporation, John Boos & Company, Newell Brands, KAI group, etc.
The players in the market are engaged in offering personalized solutions in terms of style, design, pattern of utility knives. The players are providing custom utility knives considering the end-use requirements of the customer. To promote further sales, the players are providing heavy discounts and offers on their offerings.
In case of regional analysis, Asia-Pacific accounts for a significant share in the utility knives market as the demand for utility knives in the commercial sector is more. Regions like India, China, and Australia are few of the lucrative markets in Asia-Pacific.
Besides this, other developed regions like North America and Europe also hold a noteworthy share due to substantial penetration of utility knives in the household sector as well.
Other regions like Latin America and Middle East and Africa are expected to register growth trend in the coming years due to increase in adoption of utility knives with flourishing commercial sectors.
The global utility knives market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.