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The global tool storage products market was valued at US$ 1,589.4 Mn in 2021. It is estimated to grow at a CAGR of 5.4% from 2022 to 2031. The global tool storage products market is expected to reach US$ 2,660.7 Mn by the end of 2031

Overview of Tool Storage Products Market

Tool storage is a storage system or a box to carry, keep, and protect sets of tools in an organized manner. People prefer to have tool storage solutions at home due to the rising trend of crafting, DIY, small construction, and repairing work at home. Companies are also offering portable tool storage & organizer products that make it easier for the user to carry the storage system anywhere. Transportation and space utilization are two essential qualities of tool storage systems. Increase in demand for tool storage products in the residential segment is expected to boost the market during the forecast period.

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Rise in DIY and Home Improvement Projects to Fuel Global Tool Storage Products Market

The number of DIY home improvement projects has increased in countries such as the U.S., U.K., and Germany. People prefer esthetic homes. This is driving the demand for tool storage and toolkits. As of March 2021, home improvement projects rose by 77% in the U.S., where the kitchen was the most renovated part of the home. Growth in home renovation activities in developing countries such as India is also driving the market for tool storage products. The number of people purchasing new properties has increased. In 2021, new home sales increased by 13% in India compared to that in 2020. Builders sold 2,05,936 housing units in 2021 against 1,82,639 units in 2020.

Increase in Awareness about Organizing Tools Boosting Demand for Tool Storage Products

Awareness about organizing tools is increasing across the globe. Organizing tools keep products safe from damage, reduce wastage of time, save upon money, and also increase the efficiency of the tool user due to less time spent in searching and arranging tools. Portable tool boxes, heavy-duty tool boxes, tool push carts, and tool cabinets are ideal products to keep tools organized. Millennials are significant tool buyers when first moving into their own homes. They prefer to own kits and equipment that help them do things on their own. Customers tend to seek storage options that make organizing and transporting tools easier. They look for storage options with different features. Tool organizers such as tool storage drawers and chests can easily fix a messy workshop; hence, several end-use industries have adopted these products to cater to their organizing needs.

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Significant Opportunities for Tool Cabinets and Chests Manufacturers

Tool cabinets and chests account for the largest share of the product type segment of the tool storage products market. Increase in demand for tool chests & tool cabinets can be ascribed to their convenient transportation. People are more likely to opt for compact, strong, lightweight, and portable tool storage cabinets. This is creating opportunities for manufacturers. Portable tool boxes is also one of the fastest growing segments based on product type. Manufacturers, especially those from commercial and industrial sectors, are focusing on providing better solutions where the users can stack up multiple tools in one set of storage itself.

Strength and Durability Make Steel a Key Material for Tool Storage Products

Based on material, the steel segment is anticipated to account for the largest share of the global market by 2031. Steel is strong and durable. The cost of steel is also less compared to that of metals. Hence, steel can be widely used in tool storage boxes and tool cabinets. After steel, plastic accounts for the second largest market share. Plastic is lightweight, but not as durable as steel. Other than these, combination materials are also preferred. Leading players such as Stanley use combination materials (plastic and steel), as these make tool storage durable and lightweight.

Regional Outlook of Global Tool Storage Products Market

North America held the largest value share of the global tool storage products market in 2021 due to the presence of established players, adoption of advanced technology, and increase in spending in the construction sector in the region. The U.S. holds the largest market share in the region. Rise in number of DIY home improvement projects is driving the demand for tool storage products in the U.S. Manufacturers are focusing on adding new products that can be easily used by residents and commercial workers. Asia Pacific is expected to capture the largest share of the tool storage products market during the forecast period, led by the increase in home construction, automotive assembling, export of woodworking tools, and establishment of new manufacturing units in countries such as Vietnam and the Philippines.

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Analysis of Key Players in Global Tool Storage Products Market

The global tool storage products market is fragmented with the presence of large-scale and small-scale players. Most of the firms are investing significantly in comprehensive research and development activities, primarily to develop user-friendly products. Expansion of product portfolios and mergers and acquisitions are the key strategies adopted by key players. Manufacturers are also offering tool storage systems with power banks and USB ports to charge their smart devices. Knaack LLC (WernerCo), DeWalt, Milwaukee Tool, Greenlee (Emerson Electric Co.), RIDGID Tools (Emerson Electric Co.), Rubbermaid Commercial Products, Sortimo International Gmbh, Uline, Stanley Black & Decker, Inc. (Mac Tools), Kennedy LLC, Vertex Engineering Works, Stahlwillel Eduard Wille GmbH & Co, Stanley, Jobox (Apex Tool Group), Shuter Enterprise Co. Ltd, Versatility Professional Tool Storage LLC, and Keter are the prominent entities operating in this market.

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