Rising Construction and Green Renovation Program to Drive EU Hand Tool Market — News and Statistics — IndexBox

IndexBox has just published a new report: ‘EU — Hand Tools — Market Analysis, Forecast, Size, Trends And Insights’. Here is a summary of the report’s key findings.

EU Hand Tool Imports

Hand tools constitute essential goods in the construction sector, household renovation activity, park and garden landscaping, agriculture, and machinery repair and maintenance. Therefore, the performance of construction, in a broader context of overall GDP growth, will remain key fundamentals behind the market dynamics.

As the pandemic wanes and the economy recovers from the Covid-crisis, the construction activity in the EU is set to accelerate during the next decade. According to Euroconstruct’s forecast, construction in the EU is expected to grow by 5.6% in 2021, 3.6% in 2022 and 1.5% in 2023, thanks to which the tool market will grow steadily. Especially noticeable annual growth is expected in Ireland (+6.3%), Spain (+2.5%), Hungary (+3.2%). In Germany, it is expected to grow more modestly, while in Finland and Sweden, construction is projected to decline.

Additional growth impetus will come from a new green agenda towards improving the energy efficiency of buildings across the EU. Introduced in 2020, European strategy “A Renovation Wave for Europe — Greening our buildings, creating jobs, improving lives” aims to renovate 35M public and private buildings by 2030 and should accelerate construction work expansion. In addition, as tourism recovers, works on the renewal of the hotels and attraction sites will be intensified, as well as urban improvement, which will also stimulate the market.

Hand tool imports in the EU rose markedly from $7.0B in 2019 to $7.2B in 2020 ( IndexBox estimates). Germany ($1.6B), the Netherlands ($886M) and France ($854M) were the countries with the highest levels of imports in 2020, together accounting for 47% of total supplies. These countries were followed by Poland, Belgium, Italy, Austria, Spain, Sweden, the Czech Republic, Denmark, Romania and Hungary, which together accounted for a further 43%.

In 2020, the hand tool import price in the EU amounted to $10,057 per tonne, dropping by -2.3% against the previous year. There were significant differences in the average prices amongst the major importing countries. In 2020, the country with the highest price was Austria ($14,640 per tonne), while Belgium ($7,642 per tonne) was amongst the lowest. In 2020, the most notable rate of growth in terms of prices was attained by the Czech Republic, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Originally published at https://www.indexbox.io.