Needle Nose Pliers Market To Reach $330.9 Mn By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Major needle nose pliers market participants include Beta Group, C.H. Hanson, Crescent Tools, Grip-on, Klein Tools, Knipex, Milwaukee Tool, Snap-On, Sonic Tools, Stanley Black & Decker, Tekton, Toptul, Vermont American, Wiha Tools, Wurth.

Selbyville, Delaware, Jan. 29, 2025 (GLOBE NEWSWIRE) --

The needle nose pliers market is predicted to hit USD 330.9 million by 2032, as reported in a research study by Global Market Insights Inc. The market's steady expansion is driven by rising demand for hand tools, the growth of global manufacturing industries, and the increasing popularity of DIY and crafting activities.

The surge in consumer electronics production and the growing adoption of gadgets are further fueling market growth. Additionally, the rise in construction projects and home improvement activities worldwide has amplified the use of needle nose pliers across both professional and DIY applications. The manufacturing sector's expansion in the Asia-Pacific region, including countries like China, India, and Southeast Asia, is also a key contributor to the market's development.

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The needle nose pliers market from the straight nose segment accounted for USD 189.2 million revenue in 2023 and is forecasted to grow at a CAGR of 3.2% over 2024-2032. These pliers, with their straight-line jaw design, are preferred for precise tasks, including bending, cutting wires, and gripping. Their increasing use in industries such as PCB manufacturing, electronics assembly, and microelectronics reflects a growing demand for precision tools that cater to advancements in these sectors.

The needle nose pliers market from the automotive segment held a 32% share in 2023 and is anticipated to grow at a CAGR of 3.6% from 2024 to 2032. The automotive industry's increasing reliance on high-precision tools for assembly and maintenance tasks has heightened the demand for needle nose pliers. These tools are indispensable for handling intricate components, such as wiring and fittings, particularly in modern vehicles with complex systems.

U.S. needle nose pliers market generated USD 62.3 million in 2023 and is projected to grow at a CAGR of 3.4% through 2032. Since the pandemic, the shift toward home improvement and repair activities has significantly boosted demand for precision tools. With more individuals taking on electrical, plumbing, and general home repair tasks, needle nose pliers have become a staple tool for a variety of applications.

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Partial chapters of report table of contents (TOC):

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Base estimates & calculations

1.3 Forecast calculations

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry synopsis, 2021-2032

Chapter 3 Needle Nose Pliers Market Insights

3.1 Industry ecosystem analysis

3.1.1 Factor affecting the value chain

3.1.2 Profit margin analysis

3.1.3 Disruptions

3.1.4 Future outlook

3.1.5 Manufacturers

3.1.6 Distributors

3.2 Supplier landscape

3.3 Profit margin analysis.

3.4 Key news & initiatives

3.5 Regulatory landscape

3.6 Impact forces

3.6.1 Growth drivers

3.6.1.1 Increased demand for hand tools

3.6.1.2 Global manufacturing expansion

3.6.2 Industry pitfalls & challenges

3.6.2.1 Swift technological advancements

3.6.2.2 Disruptions in supply chains

3.7 Growth potential analysis

3.8 Porter's analysis

3.9 PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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