Utility Knives Market Size, Share, and Industry Analysis, By Type (Fixed-blade Knives, Snap-off knives, Retractable Knives, and Others), By Application (Commercial and Residential), By Distribution Channel (Offline Stores and Online Stores/E-commerce), and Regional Forecast, 2024-2032

Utility Knives are versatile cutting tools designed for general-purpose tasks. These knives typically feature retractable or fixed blades that can be replaced or pushed entirely back into their handle. Increasing emphasis on workplace safety and adherence to regulatory standards owing to the rising number of accidents and increasing risk of injuries fuels the adoption of utility knives in various industries, including construction, packaging, and manufacturing.

The growing trend of  Do-It-Yourself (DIY) culture among consumers, driven by the popularity of home improvement shows and online DIY tutorials, boosts the demand for utility knives. Homeowners and hobbyists usually use these tools for various projects, including home improvement, crafting, and personal renovation projects, thus propelling market growth.

Rising environmental awareness among individuals, coupled with the rising number of eco-conscious consumers worldwide, boosts demand for eco-friendly utility knives. Various key market participants are introducing environmentally friendly products. For instance, in July 2021, Kyocera, a Kyoto, Japan-based ceramics and electronics manufacturer, launched its new collection of eco-friendly ceramic knives, Bio Series. According to the company, the collection features a 4.5" utility knife.

The utility knives market is highly competitive, ranging from well-established brands to local manufacturers. The presence of counterfeit products at lower prices negatively impacts brand loyalty and sales of reputable manufacturers. Moreover, fluctuations in various raw material prices, including carbon steel, stainless steel, aluminum, and plastics, can lead to high manufacturing costs and increased product prices, thus hindering market growth. 

Segmentation

Key Insights

The report covers the following key insights:

• Parent/Related Market Overview.


• Supply Chain Analysis


• Industry SWOT Analysis


• Porter's Five Forces Analysis


• Recent Technological Advancements

Analysis by Type

Based on type, the global utility knives market is segmented into fixed-blade knives, snap-off knives, retractable knives, and others. The retractable knives segment is anticipated to dominate the market owing to the wide product availability and increasing stringent safety regulations in various industries. Retractable utility knives often come with adjustable blade lengths, allowing customized cutting depth and retractable mechanisms to protect the blade when not in use, thus propelling the segment's growth.

The snap-off segment is expected to grow significantly over the forecast period. Snap-off utility knives feature segmented blades that can be snapped off to reveal a new sharp edge blade when the current blade section becomes dull, reducing the need for blade sharpening and minimizing the risk of accidents. Moreover, snap-off utility knives are compact and lightweight, making them convenient for on-the-go use. Furthermore, several major industry participants are launching new products. For instance, in January 2022, Stanley Black & Decker, a Connecticut, U.S.-based industrial tools and household hardware company, launched its new FATMAX 18 mm snap-off knife. According to the company, the new knife features a wheel lock and blade-snapping mechanism.

Analysis by Application

Based on application, the global market is bifurcated into commercial and residential. The commercial segment held a major market share in 2023 owing to the booming construction industry globally coupled with increasing usage in various commercial sectors, including packaging, food, retail, automotive, and warehousing. Furthermore, the integration of multiple functions in a single utility knife, such as screwdrivers, wire cutters, and bottle openers, boosts product demand among consumers seeking multi-functional products. Various major industry participants are launching products for commercial consumers. For instance, in March 2022, Milwaukee Tool, a Wisconsin, U.S.-based power tools, hand tools, & tool accessories company, launched its new Fastback 6-in-1 Utility Knife for professionals working onsite.

The residential segment is expected to grow significantly during the forecast period owing to increasing safety concerns in households, the growing popularity of do-it-yourself projects, and rising crafting & hobbyist activities.

Analysis by Distribution Channel

Based on distribution channels, the global utility knives market is divided into offline stores and online stores/e-commerce. The offline stores segment held a major market share in 2023 owing to the proliferation of various retail outlets, including hardware stores, home improvement centers, outdoor goods stores, and brand stores, enhancing the availability and accessibility of utility knives. Moreover, several prominent international players are launching new retail stores to expand their reach. For instance, in July 2023, Stanley Black & Decker, a Connecticut, U.S.-based industrial tools and household hardware company, launched its new exclusive showroom in Tamil Nadu, India.

The online stores/e-commerce segment is expected to grow significantly throughout the forecast period owing to the increasing number of e-commerce platforms, brand websites, and online specialty retailers coupled with the rising popularity of online shopping worldwide.

Regional Analysis

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The global market is geographically segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. North America is anticipated to lead the global utility knives market during the forecast period due to the high presence of prominent players, the growing number of home improvement projects, and the rising participation in outdoor activities. Various major international players are focusing on expanding their reach and strengthening their presence across the region. For instance, in October 2020, OLFA Corporation, an Osaka, Japan-based knife manufacturer, announced the launch of its two new subsidiaries in Canada and the U.S. to expand its sales and marketing across North America.

Asia Pacific is expected to grow at a significant rate throughout the forecast period owing to the rising trend of do-it-yourself activities, growing number of residential & commercial properties, and rising disposable incomes.

Key Players Covered

The report includes the profiles of key players, such as Milwaukee Tool, Stanley Black & Decker, OLFA Corporation, Irwin Tools, WÜSTHOF, KAI Group, Klein Tools, Inc., Fiskars Group, Slice, and Yung Shuen Fong Industrial Inc.

Key Industry Developments

• August 2023:  Cuisinart, a U.S.-based kitchen appliances and cookware company, launched its new limited-edition Caskata Collection. According to the company, the new collection includes a 5.5" serrated utility knife.


• September 2020: Milwaukee Tool, a Wisconsin, U.S.-based power tools, hand tools, & tool accessories company, launched its new compact side slide utility knife and compact folding utility knife.