CHICAGO, July 22, 2021 /PRNewswire/ — According to the new research report “Hand Tools & Woodworking Tools Market with COVID-19 Impact, by Type (Chisels, Hammers, Saws, Pliers, Wrenches, Screwdrivers), Distribution Channel (Online, Offline), End User, and Region – Global Forecast to 2026”, published by MarketsandMarkets™, the Hand Tools and Woodworking Tools Market size is expected to grow from USD 8.4 billion in 2021 to USD 10.3 billion by 2026, at a CAGR of 4.0%. The growth of the market is attributed to the increasing commercial as well as residential construction and infrastructure projects, adoption of hand tools in households for residential/DIY purposes as well as growing manufacturing setups and increasing repair and maintenance operations across the world.
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Wrenches and Chisels are estimated to hold the largest market share of the hand tools and woodworking tools market respectively during the forecast period.
Wrenches are hand tools that owned the highest market share in hand tools market in 2020 and are expected to dominate the market during the forecast period as well. These wrenches are used to hold standard bolts and nuts firmly and for gripping and turning objects. Wrenches are greatly needed for repairs and maintenance operations in automotive industry and in plumbing and electrification operations, where they are used to turn pipes or for fitting…