Flaring Tool Market Size – Industry Structure Evaluation, Demand Drivers Analysis, Regional Growth Analysis and Identification & Competitive Positioning Review
Overview
Flaring Tool Market size was valued at US$ 1.32 Bn. in 2022 and expected to reach US$ 1.86 Bn. by 2029 at a CAGR of 5% during the forecast period.
The Global Flaring Tool market report is a comprehensive analysis of the industry, market, and key players. The report has covered the market by demand and supply-side by segments. The Global Flaring Tool market report also provides trends by market segments, technology, and Business with a competitive landscape.
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Flaring Tool Market Overview:
Flaring tools are used to expand the pipe openings in the air conditioning piping or water hose piping. Increasing need for pliable metal piping for residential purpose and pipe fitting hassle experienced by plumbers and other workers are the factors considered to drive the growth of the market. In addition, flaring tools are mostly used in automotive sector for brake line replacement and resizing of transmission cooling line system. Moreover, flaring tools are also used to measure the size and shape of the tiny hoses in the piping at construction sites and plumbing sites of old buildings which require high precision. Global Flaring Tool market is expected to register CAGR of approximately 3.2% during the forecast period.
Dynamics:
Growing demand for effective piping methods and increasing need for flaring tools in construction of 45° flares made by commonly used materials of stainless steel, Copper and Aluminum are the factors considered to drive the growth of the demand in the market. Moreover, price affordability and availability of range of products in the market are the key supporting factors considered to drive the growth of the market.
Relatively large contact area formation is the key advantage of flaring tools and are extensively used in construction, plumbing and residential flexible metal piping. Performing own repairs for automotive brake line restructuring is the emerging trend in the market owing to increasing money and time saving activities by consumers across the globe amid the pandemic situation. High cost range of premade brake lines is the key driving factor for self-repairs trend in the market.
Lack of technical or mechanical system knowledge among the consumers is the key factor considered to drive the growth of the product demand. Manufacturers are highly investing in development of affordable and simple designed flaring tools in order to make them more consumer friendly. Neiko has launched new NEIKO Auto Double Flaring Tool kit at lowest price range of $20-$30 for automotive brake lining maintenance purpose.
Sluggish supply with respect to increasing demand is the key factor considered to hamper the growth of the market. Moreover, brake lines in the automotive are universally designed for double flaring for safety purpose. Hence, cheap tool kits are not precisely helpful as they provide single flaring tools in the 25$ kit. The above mentioned factor is considered restrain the flaring tool demand across the globe. More restraining factors for the growth of the market are added in the report. Moreover, flaring tool from base year of 2021 and exceptional year of 2022 is collected and analyzed in the report in comprehensive manner.
Segment Analysis:
Double Flaring Tool Segment is dominating the Flaring Tool Market:
According to OICA, double flaring tools are dominating the market owing to universally accepted design of brake lines in double flares. Moreover, brake line tubing in automotive is made from mild and soft steel and it is more prone towards shearing and fluctuations. Flaring kit manufacturers are developing chrome plated alloy steel flares to shear smoothly through brake linings without making harm to the system. Increasing trend of self-maintaining the car is the factor considered to adhere the demand for double flaring tools in the market.
In 2021, OTC has launched new OTC 4503 Stinger Double Flaring Tool Kit in the market for the key objective of brake line tubing and transmission line piping.
Residential segment is considered to supplement the growth of Flaring Tool Market:
According to NEIKO Tools Survey, residential segment is accounted for approximately 45% share in terms of units owing to rising adoption of flaring kits by consumers and increasing trend in development of residential pipeline sector. In addition, flaring pipes in old buildings is considered as risky work and generally, professionals are hired for the work, hence, residential sector offers more demand for flaring kits than commercial sector. Moreover, improvements in design of cheaper flaring kits is the factor attributing growth to the residential segment.
HVAC piping: New Trend in the Global Flaring Tool Market:
HVAC sector is rapidly growing across the globe owing to change in taste of consumers in electronics and rising demand for luxury and comfort items across the globe. It's systems including AC, refrigerators and others are seeing an exponential growth in recent years as economic growth in the emerging economies is on the rise. In addition, prominent players in flaring tools market are heavily investing in HVAC piping and tubing tools to cope up with rising demand of HVAC products. Recently, Malco Products SBC has announced new range of C-RHEX reversible magnetic hex drives with 7-8 mm hex sizes for AC piping and brake line contouring.
COVID Impact on the Global Flaring Tool Market:
According to Equipment and Tool Institute, manufacturing and equipment manufacturing industry has crippled amid the pandemic owing to stringent lockdown conditions and halting of manufacturing activities across the globe. Moreover, lowering of demand for tool kits for automotive and oil and gas piping sector has also sustained damage to the flaring tool market demand. In addition, disruption in mild steel, stainless steel, copper and other material exports from China owing to US-China trade wars has hampered the growth of the market amid the pandemic.
According to IMTMA survey, increasing popularity for benefits of Flaring Tool across the construction, HVAC and automotive manufacturing sectors and rescheduling of manufacturing and transportation capabilities of OEMs post restriction period are the factors considered to drive the growth of the market during the forecast period. Moreover, many manufacturers are integrating their automation technologies in flaring tools manufacturing to provide most effective performance with less cost options for the consumers which in turn expected to reduce the strain on the market players in terms of revenue generation. Moreover, equipment manufacturing industry is estimated to grow over approximately 20% in 2021 owing to increasing trend of flaring tools consumption for residential sector across the globe.
Regional Insights:
North America holds the prominent share in the market owing to high number of established players in the region including Malco Products, Emerson Electric Company, Neiko, Mastertool and many others. Moreover, increasing demand for residential flaring tool kits across the region of USA and Canada is the key factor considered to drive the growth of flaring tool market. US accounted for approximately 60% market share in terms of units owing to increasing oil and gas stations and piping technology adoption in the region. According to US Energy Information Administration, more than 190,000 miles of petroleum pipelines have n traversed in US connecting refineries and chemical plants across the region which is key factor for flaring tool market.
APAC is expected to pose as the prominent region for the Flaring Tool Market owing to well established automotive manufacturing and maintenance industry across the region and implementation of automation in tool manufacturing in the regional factories. China, India and Japan holds the prominent shares in the market owing to high raw material exports of steel, copper and Aluminum from the regions to various parts of the world. Moreover, increasing trend of HVAC manufacturing is expected to adhere the flaring tool across the region.
Europe holds the prominent share in the market owing to high technological adoptions and growing equipment manufacturing sector across the region. Rising adoption of tooling and small equipment manufacturing across the region are the factors considered to augment the growth of business opportunities across the region.
The objective of the report is to present a comprehensive analysis of the Global Flaring Tool Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the Global Flaring Tool Market dynamics, structure by analyzing the market segments and project the Global Flaring Tool Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Global Flaring Tool Market make the report investor’s guide
Global Flaring Tool Market Scope: Inquire before buying
| Global Flaring Tool Market | ||||
|---|---|---|---|---|
| Base Year | 2022 | Forecast Period | 2023-2029 | |
| Historical Data | CAGR | Market Size in 2022 | Market Size in 2029 | |
| 2018 to 2021 | 5% | US$ 1.32 Bn | US$ 1.86 Bn | |
| Segments Covered | ||||
| by Product Double flaring tool Hammer type flaring tool Degree flaring tool Single flare tool Combination flaring tool Hydraulic In-line flaring tool Pipe flaring tool In-line |
by Tool Size 1/8 inch 1/4 inch 3/8 inch 3/16 inch 5/16 inch 1/2 inch 3/4 inch |
by Application Commercial Residential Industrial |
by Distribution Channel Indirect sales Direct sales |
by Industry Chemical Mining Oil and Gas Construction Automotive Aerospace and defense Consumer goods Electronics Others |
| Regions Covered | ||||
| North America United States Canada Mexico |
Europe UK France Germany Italy Spain Sweden Austria Rest of Europe |
Asia Pacific China S Korea Japan India Australia Indonesia Malaysia Vietnam Taiwan Bangladesh Pakistan Rest of APAC |
Middle East and Africa South Africa GCC Egypt Nigeria Rest of ME&A |
South America Brazil Argentina Rest of South America |
Flaring Tool Market Key Players are:
1. Acme Tools
2. Emerson Electric Tool Co.
3. MAXCLAW Tools Co. Ltd.
4. Malco Products
5. Super Tools Co. Ltd.
6. Entegris
7. Hilmor
8. ROMAC Industries, Inc.
9. Fastenal Co.
10.Ferguson Enterprises LLC
11.SSP Fittings Corp.
12.Arconic
13.CPS Products, Inc.
14.Mastercool, Inc.
15.Parker-Hannifin Corporation
16.Uniweld Products, Inc.
Frequently Asked questions
1. What is the market size of the Global Flaring Tool Market in 2022?
Ans. The market size Global Flaring Tool Market in 2022 was US$ 1.32 Billion.
2. What are the different segments of the Global Flaring Tool Market ?
Ans. The Global Flaring Tool Market is divided into Product, Application , Tool Size, Industry and Distribution Channel.
3. What is the study period of this market?
Ans. The Global Flaring Tool Market will be studied from 2022 to 2029.
4. Which region is expected to hold the highest Global Flaring Tool Market share?
Ans. The Asia Pacific dominates the market share in the market.
5. What is the Forecast Period of Global Flaring Tool Market ?
Ans. The Forecast Period of the market is 2023-2029 in the market.