Flaring Tool Market trends:
Combination flaring tools is new trend in the market owing to increasing demand for multispecialty tools in industrial and commercial piping applications. Moreover, professionals tend to use multispecialty combination flares for construction and automotive sector. Owing to the growth rate of the combination tooling, many manufacturers have also announced new professional combination flare tool kits with price band of approximately 100$-150$.
Only professionals with knowledge of tooling or mechanical system can use the combination flaring tools. Moreover, design of the combination tools is quite complicated with respect to other flaring tools and hence, demand for such tools are limited to industry professionals and construction workers only which is the key factor considered to hamper the business growth in flaring tools market.
Flaring Tool Market is expected to dominate the Textile and automatic equipment manufacturing owing to increasing applications of the automation and developments probed by manufacturers. Heavy integration among the manufacturers during the forecast period owing to chain of products available in the market and flexible Flaring Tool designs along with improving standards of manufacturing are the key factors considered to drive the growth of the market. According to Sales experts, sales are expected to reach approximately 3 million units worldwide during the forecast period owing to rising demand for operational safety across the globe.
North America is the dominating region in the market owing to well established infrastructure for oil and gas sector and adoption of Application based equipment manufacturing in the region. Moreover, increasing Business of key players in the market capitalisation for double flare kit is the key factor considered to drive the growth of the regional market. APAC market is expected to pose as the fastest growing region in the market owing to rising adoption of safety systems by OEMs in the region and technological adoptions by key players in the region of China, India and Japan. Moreover, Semi-finished goods and raw material supplies from China and India is the factor expected to drive the growth of the market during the forecast period.
Despite a huge decline in the sales of Flaring Tool during the initial phase of pandemic spread and lockdown restrictions all over the region, the market is observed to pick up a quick pace for registering a CAGR of almost more than 3.2%, during the tenure of 2020 – 2026.
The study is consolidated on the basis of five major segments and further into sub-segments, Product (Double flaring tool, hammer type, degree flaring tool, single flare tool, combination flaring tool, hydraulic in-line flaring tool, pipe flaring tool, in-line), Tool Size (1/8 inch, 1/4 inch, 3/8 inch, 3/16 inch, 5/16 inch, 1/2 inch, 3/4 inch and others), Application (commercial, residential and industrial), Distribution Channel (Indirect sales and direct sales) and by Industry (chemical, mining, oil and gas, construction, automotive, aerospace and defense, consumer goods, electronics and others) to forecast the market value; Also includes the analysis of past market dynamics from 2016 – 2019, considering 2019 as the base year.
Lastly, the market research report provides a regional comparison and a complete country level analysis for the latest trends, along with the major key players- Acme tools, Emerson Electric Tool Co., MAXCLAW Tools Co. Ltd., Malco Products, Super Tools Co. Ltd., Entegris, Hilmor, ROMAC Industries, Inc., Fastenal Co., Ferguson Enterprises LLC, SSP Fittings Corp., Arconic, CPS Products, Inc., Mastercool, Inc., Parker-Hannifin Corporation, Uniweld Products, Inc.
You can browse the market data Tables and Figures spread through a comprehensive research report and in-depth TOC on “Global Flaring Tool Market.”
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