Expansion of Construction Projects in Developing Economies to Provide Opportunities for Band Saw Blades Market Growth During 2022–2028
According to our latest market study on "Band Saw Blades Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by TPI, Material, and Application," the market is expected to grow from US$ 1,162.48 million in 2022 to US$ 1,347.80 million by 2028; it is estimated to grow at a CAGR of 2.5% from 2022 to 2028.
Demand for band saw blades is surging in the economies of Asia Pacific, Middle East, and South America for cutting, assembling, and repairing wood and metal structures. In the coming years, Asia pacific is anticipated to lead the band saw blades market share as the sales of the blades are increasing in the region due to the rising number of construction projects. Shanghai chip manufacturing plant in Shanghai, China is one of the largest construction projects initiated in Asia Pacific during Q1 of 2022. The construction work is expected to be completed by 2024. Similarly, the construction of a 12-inch wafer and integrated circuit packaging plant in Beijing, China to meet the growing demand for integrated circuit products is expected to finish by 2024. In India, metalworking is increasing at a rapid pace to make singular parts, assemblies, and large-scale metal forms for huge ships, motor parts, and many end-use industries, which has increased the demand for band saw blades for shaping, cutting, and joining forms. Furthermore, the government of India is emphasizing on developing 100 smart cities, which would create significant opportunity for the steel industry in future. Among the South-east Asian nations, Vietnam and Thailand are observing a rise in various residential and industrial infrastructure projects. For instance, the construction of a 4,500MW LNG thermal power plant in Vietnam started in 2022 is expected to propel the demand for band saw blades for metalworking. In Thailand, there are approx. 37 infrastructure projects planned for 2022, which includes several home-in-focus infrastructure projects that are encouraged by the government bids to boost economic activities. Such initiatives in the developing economies across the world are anticipated to provide lucrative growth opportunities for the band saw blades market growth during the forecast period.
The North America band saw blades market share is expected to witness significant growth in the coming years. The rising standard disposable income of population is providing lucrative opportunities for fixtures production enterprises, which is expected to propel the demand for band saw blades during the forecast period. Furthermore, the increased funding in the infrastructure industry drives the growth of the all assisting industries, including the saw blade enterprises, bolstering the demand for band saw blades market. In addition, the construction sector is experiencing growth due to rapid urbanization, as the production sector is one of the foremost customers of saws.
The European band saw blades market is expected to record steady growth during the forecast period owing to increased remodeling and refurbishment activities across the region. Developed governments are remodeling old and high-rise buildings, which would increase the use of band saw blades. In addition, demand for band saws is expected to grow slightly in Europe in the future, although GDP has increased slightly. However, sluggish furniture demand is expected in Eastern Europe and CIS countries, which could hinder the growth of the band saw market in the region. In the coming years, strong growth of the band saw market is expected in the Middle East and SAM countries. Due to the rapid growth of the real estate market and construction business, the rising demand for refurbishment would boost the market during the forecast period. Manufacturers are focusing on expanding the market in the regions.
The global band saw blades market is segmented on the basis of TPI, material, and application. Based on TPI, the market is segmented into less than 3 TPI, 4 TPI to 6 TPI, and more than 7 TPI. In terms of material, the band saw blades market is segmented into bi-metal, carbon steel, and others. By application, the market is segmented into wood cutting and meat processing.
Band Saw Blades Market - by Geography, 2021
Band Saw Blades Market Forecast to 2028 - COVID-19 Impact and Global Analysis By TPI (Less Than 3 TPI, 4 TPI to 6 TPI, and More than 7 TPI), Material (Bi-Metal, Carbon Steel, and Others), and Application (Wood Cutting and Meat Processing)
Band Saw Blades Market Growing at 2.5% CAGR | 2028
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BAHCO (SNA Europe); Dongbei Special Steel Group Co., Ltd; Friedrich Bickenbach GmbH & Co. KG; Gi - Esse Salvador S.r.l.; HABUR -SAWS GmbH; KYOCERA UNIMERCO; LENOX; NACHI FUJIKOSHI CORP; The Bandsaw Shop; and L. S. Starrett Company are among the key players profiled during this study on the band saw blades market. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the market and its ecosystem.
The COVID-19 pandemic has had a swift and severe impact on the globally integrated manufacturing industry. The pandemic disrupted the parts exports from China, interrupted large scale manufacturing across Europe, and closed assembly plants in the US. All these factors are declining the demand for band saw blades across the world. The supply chain disruption and a limited labor market are among the prominent factors limiting supply and production activities. The drop in production hampered the band saw blades market during the pandemic. From 2021, the band saw blades market size is improving at a faster pace with significant rise in the demand for the blades. Factories are introducing new and improved products, with many of the plants nearly back to production levels that prevailed before the pandemic.