Wrenches Market - Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

A wrench is a mechanical tool used to provide grip and apply torque to turn objects, usually rotary fasteners. The wrenches that are often chrome-plated to resist corrosion are frequently made to undergo the process of forging under hot and cold temperatures. Wrenches market is expected to witness a significant growth during the forecast timeline.

Driving Factors:

  • Wrenches are available in multiple styles. They are used for various applications. Some wrenches are designed to be used for various metric applications, while some are used as fasteners

  • Growth of the global automobile industry is one of the major factors driving the global wrenches market. Extensive use of wrenches in automotive production facilities and garages is fueling the market

  • Furthermore, the complex design of automobiles is boosting the demand for specialized tools. This, in turn, is fueling the demand for wrenches across the globe. Thus, increase in automobile production and sales worldwide is projected to boost the demand for wrenches during the forecast period

Key Trends:

  • One of the latest trends gaining momentum in the global wrenches market is innovation in product designs and materials

  • In order to stay competitive in the market, manufacturers are adopting several strategies such as innovations in the product design by modifying the materials used. This, in turn, is improving the efficiency and reliability of wrenches used in fastening applications. Product innovations allow differentiation of products offered by different vendors. This promotes growth of the market

Market Segmentation:

  • The global wrenches market can be segmented based on product, type, application, and geography. In terms of product, the market can be classified into open-end wrench, combination wrench, Allen wrench, socket wrench, adjustable wrench, and others (crowfoot wrench, impact wrench, etc.). Open-end wrenches are often double-ended and they have multiple-sized openings for opposite faces of bolts or nuts

  • Based on type, the market can be bifurcated into powered and manual. The manual segment is likely to lead the wrenches market during the forecast period. In terms of application, the global wrenches market can be divided into automotive, manufacturing, and others. The automotive segment is expected to dominate the market in the next few years

  • In terms of geography, the global wrenches market can be classified into North America, South America, Asia Pacific, Middle East and Africa, and Europe. Furthermore, the regions are divided into prevailing countries such as U.S., Canada, Germany, France, Italy, U.K., GCC Countries, China, India, Japan, and Brazil. In terms of revenue, Asia Pacific is expected to hold a major share of the global market during the forecast period

Competitive Landscape:

  • The global wrenches market is highly competitive, due to presence of a large number of domestic as well as international manufacturers. Manufacturers operating in the global market are increasingly focusing on the introduction of innovative solutions with advanced efficiency and features to achieve more rapid and effective operations

  • Key players operating in the global wrenches market are Atlas Eastman, Crane Electronics, Stanley Automotive Tools, Tohnichi Mfg, Armstrong Tools, Apex Tool Group, Copco Industrial Technique, Ningbo Shildai Machinery Manufacturer Co., Ltd., ENERPAC, Stahlwille Tools, Actuant, Tone Co., Ltd., Atlas Copco, Snap-on, Stanley Black & Decker, Gedore Tool Center, Beta Utensili, GearWrench, Sonic Tools, Griphold Engineering, HTL (Hire Torque Ltd), Hytorc, Rad Torque Systems, and Sam Outillage

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