LONDON--(BUSINESS WIRE)--The saw blades market is expected to grow by USD 735.35 million during 2020-2024, expanding at a CAGR of about 5%. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Saw Blades Market: Increased demand for residential construction to drive growth
Factors such as increasing population, increased public spending, improving GDP, rising income levels, and higher employment rates have fueled the growth of the global construction industry. Also, many developed and developing countries are making significant investments in infrastructure development. These factors are driving the demand for new single-family accommodations in both site-built and mobile home markets. This, in turn, has increased the use of construction equipment such as saw blades for cutting metals, wood, cement, tiles, granite, etc. Therefore, the increased demand for residential construction is expected to drive the growth of the global saw blades market during the forecast period.
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As per Technavio, the growing demand for furniture will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Saw Blades Market: Growing Demand for Furniture
Rising disposable income worldwide has increased the construction of new houses and remodeling activities, which has created a demand for fancy interiors made of wood. Besides, rapid urbanization and economic growth across countries have increased the number of malls, hospitals, commercial buildings, hotels, and manufacturing facilities. These factors have increased the demand for furniture, which is driving the growth of the global saw blades market.
“Rise in construction activities in developing countries and increased sawmill production will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Saw Blades Market: Segmentation Analysis
This market research report segments the saw blades market by Product (Stone cutting saw blades, Circular saw blades, Band saw blades, Chain saw blades, and Others) and Geography (Europe, APAC, North America, MEA, and South America).
The stone cutting blades segment led the saw blades market in 2019. The segment is mainly driven by the increased demand for commercial and residential construction worldwide. With rising investments in the construction of commercial and residential spaces, especially in APAC, the growth of the stone cutting blades segment is expected to increase during the forecast period.
The European region led the saw blades market in 2019, followed by APAC, North America, MEA, and South America respectively. During the forecast period, Europe is expected to register the highest incremental growth due to factors such as increasing migrant population and robust economic growth in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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