Tool Bags Market Size, Share, Growth, and Industry Growth by Type (Open tote and Zippered) By Application (Construction Industry, Manufacturing & Industry, Electric Power Industry, Service Industry and Other), Regional Forecast To 2031

Updated On: 08 July 2024

Tool Bags Market REPORT OVERVIEW

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The global tool bags market size was USD 634.9 million in 2021 and is projected to touch USD 983.34 million by 2031, exhibiting a CAGR of 4.5% during the forecast period.

A tool bag is a bag specifically made for carrying tools. It may be an open-topped bag or have a zipper. The use and preferences of the user will determine the type of closure. To safeguard the equipment from harm, tool bags are frequently fashioned of tough fabrics such as canvas, Cordura, or leather. Additionally, they are frequently water-resistant so that the equipment within won't be harmed by the elements. Owing to their various benefits, tool bags are extensively used in various applications, including construction, manufacturing, power, and others. The expansion of these industries is expected to create promising opportunities for the tool bags market growth.

COVID-19 Impact: Slowdown of Major End-use Industries to Threaten the Market Trends

The Covid-19 pandemic had a detrimental effect on the market. The slowdown of major end-use industries including manufacturing, construction, and power led to a weakened demand during the pandemic. In addition, industrial facilities were shut down in order to stop the spread of the COVID-19 outbreak, which caused a major decrease in output. The industry was also impacted at the time by the labour and capital constraints. However, once limitations are relaxed globally, the tool bags market is anticipated to immediately recover.

LATEST TRENDS

"Frequent Use of Tote Bags to Push the Market Growth"

Some of the variables that are projected to increase the tote market in Europe include various inventive breakthroughs, such as improving the tote bag manufacturing machinery and the fabrics used to create tote bags by leading firms in Europe. Additionally, it is projected that the market in the Asia-Pacific region would be driven by the expanding retail sector in nations such as China and India as well as the rising number of shopping malls. Additionally, governments in Asian nations such as China and India educate citizens about the damaging effects of plastic on the environment. They exhort the populace to substitute eco-friendly carry bags for plastic bags. For instance, China outlawed the sale of plastic bags that are less than 0.025 mm thick in stores, supermarkets, and other retail establishments. The use of plastic bags has decreased by 65 percent in China as a result of this government initiative.

Tool Bags Market Segmentation

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• By Type Analysis

By type, market is segmented into open tote and zippered. The open tote segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into construction industry, manufacturing & industry, electric power industry, service industry and other. The construction industry segment will lead the global share through 2031.

DRIVING FACTORS

"Wide range of Open Tote Bags to Drive the Market Forward "

An open top distinguishes open tote tool bags, a particular style of tool bag. This kind of bag is ideal for transporting tools and other items that must be easily reached. With one or two main sections and a number of smaller pockets, open totes make it simple to organise and locate what you need. Open bags are frequently constructed from robust fabrics that can survive daily usage, such as canvas or Cordura. They come in a range of hues as well, increasing their popularity across various industries. Surging demand in the forthcoming years will positively influence the tool bags market share.

"Improved Security in Zipper Bags to Push the Market Growth"

Tool bags with zippers are made to organise and secure tools and other small objects. In addition to several pockets and compartments, they frequently incorporate a zipped closing to secure everything. This kind of bag is ideal for taking with you whether you're on the road or for carrying your favourite tools. Because they offer greater organisation and security than open totes, zippered tool bags are preferred by many consumers. They can be used for a range of tasks, such as building projects, electrical repairs, or routine maintenance. Owing to the aforementioned factors, the demand for zipper bags is slated to go up in the coming years, which will strengthen the tool bags market outlook.

RESTRAINING FACTORS

"High Manufacturing Costs to Lower the Market Demand"

Sales of zipper bags are projected to be constrained in the upcoming years due to the implementation of strict government laws against the use of polyethylene and PVC materials in zipper bags. Additionally, it is anticipated that the high capital expenditures needed to manufacture zipper bags would be a difficulty for new entrants in the market. Additionally, the market's expansion may be hampered by increased awareness of the negative impacts of plastic on the environment and human health. Additionally, increased interest in environmentally friendly packaging as a result of worries about the recyclable nature of zipper bags may restrain expansion.

Tool Bags Market REGIONAL INSIGHTS

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"North America to Hold Dominant Share owing to Growing Per Capita Income "

North America will increase at the quickest pace due to the region's increasing need for food storage. Sales of zipper bags will soar in North America due to the rising consumption of processed food and drinks in the U.S. Additionally, the personal care business will use zipper bags more often due to rising demand for personal care items brought on by social media's penetration and increased attention to personal care. Due to strong fashion trends among the consumers who demanded tote bags, North America dominated the global totebags market and contributed to its share. Moreover, due to the significant contributions of its chemical industry, North America is anticipated to have the biggest market share in the global tote bag market. However, it is predicted that Europe would offer the greatest potential for market participants in tote bags globally. The region's domination is the result of several pollution reduction measures taken by the governments of France and Germany.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Klein Tools (U.S.)
• Stanley (U.S.)
• Rooster Products International (U.S.)
• Ergodyne (Tenacious Holdings,) (U.S.)
• Custm Leathercraft (U.S.)
• Southwire (U.S.)
• LENOX (U.S.)
• Bucket Boss (Pull'R Holdings LLC) (U.S.)
• Dickies (U.S.)
• Eastwood (U.S.)
• Greatstar (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.