Drywall Tool Market Forecast and CAGR
The global drywall tool market growth is observed with the rise in increasing residential, industrial and commercial construction activities, increasing government investments in infrastructure development and public-private partnerships.
The major key players operating in the market are investing in research & development activities for up-gradation in equipment’s in order to provide efficient equipment for end-users and industries including agriculture, mining, material handling, forestry, municipal equipment’s and waste management.
A significant market drift is witnessed in the ongoing shift from old-fashioned dry tool equipment towards automatic as end users are retro-fitting the old technology.
To upsurge the productivity across the construction sector, the strong and prominent players are effectively trying to squeeze up this equipment supply chain and accomplish higher productivities.
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What is Driving Demand for Drywall Tool?
Consumers across the globe are demanding more technological upgraded equipment’s for enhancing constructing activities. Adoption of upgraded drywall tool equipment’s reduces labor costs, stalking of work done in each stage of progression and also fetches down the operational costs.
Key Players are working on expanding their industry domain by providing services or solutions, products along with new values which take full advantage of automation and IoT (internet of Things) technologies.
Additionally, they are involved in leading the advanced equipment that not only cater to end-users desires but also overawed to social problems. Thus, the end-users are more attracted to these drywall tools.
The private and government sectors across the globe are making huge investments in the construction of commercial & residential buildings and municipal infrastructure, creating several growth opportunities for drywall tools.
According to the Institute of Civil Engineers, the global market for the construction sector is estimated to reach 8 trillion US$ by the end of 2030, compelled by the infrastructure expansion across U.S., India and China which will directly affect the drywall tool market.
Increasing urbanization, particularly in Asian and Latin American countries, is crafting massive demand for commercial and residential buildings, contributing to the drywall tool market growth. Whereas governments in European countries are also creating investments for the new smart city improvement projects.
Construction Sector Likely to Augment Drywall Tool Sales
The growth and development of the construction industry globally have helped the drywall tool market to surge at the next level. The rising trend of remodeling, renovation and repair in the commercial and residential sector has also helped the industry to grow.
The construction sector is amongst the expressively impacted industry due to the COVID-19 pandemic. The Sales of drywall tools have been dropped globally. However, there is significant demand for hospitals, laboratories and other medical facilities.
Since drywall tools are easy to handle, there has been a mounting demand for drywall tools among customers for (DIY) ‘do-it-yourself’ projects. The market devours has also been helped by the product’s skill to flawlessly divide the spaces, creating a cost-effective and easy option for customizations of internal or external spaces.
The increasing number of mega construction and infrastructure projects are expected to fuel the demand for drywall tools during the forecast period. Some of the developed countries have commenced soberly re-opening activities across sectors, including the construction industry. This is expected to impact the demand for drywall tools in the near future positively.
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North America Drywall Tool Market Outlook
The North American drywall tool market is expected to have high growth in CAGR for the forecast period. Whereas the Covid-19 pandemic has rigorously affected consumer sentiments and businesses in North America.
The region is leading to have construction industry with the lowest growth in years. Though recovery of the construction and drywall tool industry is expected to start again, it will take at least 5-6 quarters before commercial and residential construction sectors return to a stable development path.
Asia Pacific Demand Outlook for Drywall Tool
The Asia Pacific region has experienced growth in the number of projects such as airports, hydroelectric projects and dams. Numerous international companies have started their industrial plants in this region. The Asia Pacific is the major market for drywall tools compelled by demand in countries like China, Japan, Singapore and India.
The growth of the drywall tool market in Asia is aided by the ease of availability of cheap labor costs, raw materials, promptly rising construction activities and healthy economic growth. China is significantly leading in the regional market due to the shrinking cost of housing and residential constructions assisted by promising government activities.
The increasing population has led to rising demand for residential construction activities in India and China, and thus, relieving the growth of the overall drywall tool market.
Who are the Key Manufacturers and Suppliers of Drywall Tool?
Taking the construction industry into the consideration, the scenario of the drywall tool market is surging to the next level as more than adequate numbers of market players are aiding the demand for drywall tools. Across the
- globe Stanley
- Wurth Group
- Milwaukee Tool
- Bosch Power Tool
- Black and Decker
- Hikoki Power Tool
- Chervon Group
- Tajima Tool
- Apex Tool Group
are prominent market players of drywall tools.
Some of the important suppliers in the market are Airmatic, Addison Building Materials, Ohio Power Tool, Hyde Tool, Patterson Avenue Tool, pacific Handy Cutter, B.E. Atlas Company, Ace Hardware and MSC Industrial Supply Company.
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