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Torque Tools (Gun/Wrench) Market: To Surge At A Robust Pace In Terms Of Revenue Over 2019 - 2027

Torque Tools (Gun/Wrench) Market Analysis  

Torque Tools (Gun/Wrench): Introduction
  • Torque wrench is a tool used to accurately apply an appropriate torque to a fastener such as a bolt or nut, to prevent excess or under-tightening. Torque tools is used where the tightness of bolts and screws is critical.
  • These type of tools allow the machinist to measure the torque applied to the fastener, such as screw or nut, so that it can be matched to the conditions for a particular application.
  • In 1918, Conrad Bahr invented the torque wrench to prevent excessive tightening of bolts while repairing the steam or water pipe.
  • There are four types of torque tools (gun/wrench): manual torque wrenches, pneumatic torque wrenches, electronic torque wrenches, and hydraulic torque wrench
  • The global torque tools (gun/wrench) market is estimated to expand at a rapid pace during the forecast period, owing to an increase in the demand for torque tools (gun/wrench) in different industries such as automotive and construction. Torque tools are extensively utilized during the maintenance and repair of vehicles and in automobile production activities.
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Global Torque Tools (Gun/Wrench) Market: Dynamics
Global Torque Tools (Gun/Wrench) Market: Key Drivers and Restraints
  • Expansion of automotive, manufacturing, and construction industries is anticipated to propel the torque tools (gun/wrench) market during the forecast period. This is primarily owing to its application in these industries.
  • Furthermore, rising product innovation, such as manufacturers incorporating numerous innovations in the design of torque tools and improving their efficiency and reliability, is anticipated to fuel the torque tools (gun/wrench) market across the globe
  • Increase in production of electric and hybrid vehicles is projected to offer an opportunity to the manufacturers torque tool (gun/wrench) globally
  • Increase in complexities of automobile design is estimated to propel the demand for specialized equipment and tools to service the vehicles. This in turn is anticipated to boost the demand for torque tool (gun/wrench) market in the near future.
  • Torque tools (gun/wrench) are mechanical devices and skilled labor is required to use or operate them. This increases the labor cost, thereby hampering the demand for torque tools (gun/wrench). However, volatility in raw material prices is also a major factor that is anticipated to hamper the market.
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Torque Tools (Gun/Wrench) Market in Asia Pacific to Expand Rapidly
  • Asia Pacific is expected to witness significantly high demand for torque tools (gun/wrench) from 2019 to 2027. This is primarily due to the demand from automotive and manufacturing industries in leading production countries such as China, India, and Japan. Additionally, expansion of the automotive industry in Asia Pacific is expected to propel the demand for torque tools (gun/wrench) in order to boost the quality of production of industrial parts and automotive parts during the forecast period.
  • Europe held a prominent share of the global torque tools (gun/wrench) market. This is largely due to rising export and import and adoption of advanced technology in the region. Additionally, Europe is a hub for the automotive industry, owing to the presence of top manufacturers with high production capacities, such as BMW, Volvo, and Audi, in the region.
Global Torque Tools (Gun/Wrench) Market: Competition Landscape
Key Players Operating in Global Torque Tools (Gun/Wrench) Market
Numerous regional and international players operate in the torque tools (gun/wrench) market. Hence, the market is fairly fragmented, and the bargaining power of suppliers is low. The degree of competition among market players is also high. Torque tools (gun/wrench) manufacturers are adopting two vital strategies ? new product development and acquisition ? to cater to the needs of different end-users. Key players operating in the global torque tools (gun/wrench) market are:
  • Actuant Corporation
  • Apex Tool Group
  • Atlas Copco
  • Snap-on Incorporated
  • Stanley Black & Decker, Inc.
  • TOHNICHI Mfg. CO., LTD.
  • ENERPAC TOOL GROUP
  • FACOM Tool
  • HYTORC, Div. UNEX Corporation
  • K-Tool International (KTI)
  • Maschinenfabrik Wagner GmbH & Co. KG
  • Mountz, Inc.
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