Global Screwdrivers Market to See Steady Growth with CAGR of +3.1% Reaching $2B by 2030

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The global screwdriver market is driven by increasing demand worldwide, with a predicted CAGR of +0.9% in volume and +3.1% in value from 2023 to 2030. This growth trend is expected to bring the market volume to 199K tons and the market value to $2B by the end of 2030.

Market Forecast

Driven by increasing demand for screwdrivers worldwide, the market is expected to continue an upward consumption trend over the next seven-year period. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +0.9% for the period from 2023 to 2030, which is projected to bring the market volume to 199K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.1% for the period from 2023 to 2030, which is projected to bring the market value to $2B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Screwdrivers

After two years of growth, consumption of screwdrivers decreased by -1.5% to 187K tons in 2023. The total consumption volume increased at an average annual rate of +1.4% from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 9.3% against the previous year. Global consumption peaked at 190K tons in 2022, and then declined modestly in the following year.

The global screwdriver market value declined to $1.6B in 2023, dropping by -5.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a relatively flat trend pattern. Global consumption peaked at $1.7B in 2022, and then declined in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (41K tons), India (27K tons) and the United States (21K tons), together comprising 48% of global consumption. Germany, Brazil, Malaysia, Mexico, Russia, Spain, Italy, Japan, South Korea and Indonesia lagged somewhat behind, together accounting for a further 25%.

From 2013 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of +24.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest screwdriver markets worldwide were India ($246M), the United States ($236M) and China ($231M), together comprising 44% of the global market. Japan, Mexico, Germany, Brazil, Italy, South Korea, Russia, Malaysia, Spain and Indonesia lagged somewhat behind, together accounting for a further 27%.

Spain, with a CAGR of +28.3%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of screwdriver per capita consumption in 2023 were Malaysia (171 kg per 1000 persons), Germany (89 kg per 1000 persons) and Spain (80 kg per 1000 persons).

From 2013 to 2023, the biggest increases were recorded for Malaysia (with a CAGR of +22.2%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Screwdrivers

In 2023, global screwdriver production reached 172K tons, standing approx. at 2022. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 36%. Global production peaked at 177K tons in 2019; however, from 2020 to 2023, production failed to regain momentum.

In value terms, screwdriver production dropped slightly to $1.6B in 2023 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 18%. Global production peaked at $2B in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Production By Country

China (109K tons) constituted the country with the largest volume of screwdriver production, accounting for 63% of total volume. Moreover, screwdriver production in China exceeded the figures recorded by the second-largest producer, India (16K tons), sevenfold. The third position in this ranking was taken by Taiwan (Chinese) (6.5K tons), with a 3.8% share.

In China, screwdriver production increased at an average annual rate of +1.5% over the period from 2013-2023. The remaining producing countries recorded the following average annual rates of production growth: India (+0.5% per year) and Taiwan (Chinese) (+3.6% per year).

Imports

World Imports of Screwdrivers

In 2023, after four years of growth, there was significant decline in supplies from abroad of screwdrivers, when their volume decreased by -6.3% to 109K tons. Overall, total imports indicated a moderate increase from 2013 to 2023: its volume increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by +52.9% against 2015 indices. The pace of growth appeared the most rapid in 2021 with an increase of 18%. Over the period under review, global imports hit record highs at 117K tons in 2022, and then fell in the following year.

In value terms, screwdriver imports fell to $916M in 2023. In general, total imports indicated a notable expansion from 2013 to 2023: its value increased at an average annual rate of +3.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by -8.9% against 2021 indices. The growth pace was the most rapid in 2021 with an increase of 24%. As a result, imports attained the peak of $1B. From 2022 to 2023, the growth of global imports remained at a lower figure.

Imports By Country

The United States (18K tons) and India (12K tons) represented the largest importers of screwdrivers in 2023, accounting for approx. 16% and 11% of total imports, respectively. It was distantly followed by Germany (6.2K tons) and Malaysia (5.8K tons), together generating an 11% share of total imports. The following importers - Russia (4.4K tons), France (3.1K tons), Indonesia (3K tons), the UK (2.8K tons), the Netherlands (2.7K tons), Italy (2.7K tons), Belgium (2.5K tons), Poland (2.1K tons) and the United Arab Emirates (2.1K tons) - together made up 23% of total imports.

From 2013 to 2023, the biggest increases were recorded for India (with a CAGR of +35.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest screwdriver importing markets worldwide were the United States ($185M), Germany ($105M) and France ($45M), together comprising 37% of global imports. The Netherlands, the UK, Poland, Italy, Russia, Belgium, the United Arab Emirates, Malaysia, Indonesia and India lagged somewhat behind, together comprising a further 23%.

Among the main importing countries, Malaysia, with a CAGR of +18.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2023, the average screwdriver import price amounted to $8,373 per ton, standing approx. at the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 22% against the previous year. As a result, import price reached the peak level of $10,543 per ton. From 2019 to 2023, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Germany ($17,005 per ton), while India ($452 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Poland (+5.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Screwdrivers

In 2023, the amount of screwdrivers exported worldwide dropped modestly to 95K tons, reducing by -2.2% on 2022 figures. Over the period under review, total exports indicated a mild expansion from 2013 to 2023: its volume increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports decreased by -3.4% against 2021 indices. The most prominent rate of growth was recorded in 2017 with an increase of 97% against the previous year. Over the period under review, the global exports hit record highs at 98K tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, screwdriver exports shrank to $986M in 2023. The total export value increased at an average annual rate of +4.6% over the period from 2013 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when exports increased by 26% against the previous year. Over the period under review, the global exports hit record highs at $992M in 2022, and then dropped slightly in the following year.

Exports By Country

China dominates exports structure, finishing at 68K tons, which was approx. 72% of total exports in 2023. It was distantly followed by Taiwan (Chinese) (7.4K tons) and Germany (4.3K tons), together achieving a 12% share of total exports. The following exporters - the Czech Republic (1.8K tons), the Netherlands (1.8K tons) and Belgium (1.6K tons) - each accounted for a 5.5% share of total exports.

Exports from China increased at an average annual rate of +1.6% from 2013 to 2023. At the same time, Belgium (+6.1%), the Netherlands (+6.0%), the Czech Republic (+4.3%), Taiwan (Chinese) (+3.8%) and Germany (+1.1%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +6.1% from 2013-2023. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, China ($428M) remains the largest screwdriver supplier worldwide, comprising 43% of global exports. The second position in the ranking was taken by Germany ($148M), with a 15% share of global exports. It was followed by Taiwan (Chinese), with an 11% share.

In China, screwdriver exports expanded at an average annual rate of +4.9% over the period from 2013-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+3.3% per year) and Taiwan (Chinese) (+7.8% per year).

Export Prices By Country

The average screwdriver export price stood at $10,426 per ton in 2023, growing by 1.6% against the previous year. Overall, export price indicated a noticeable expansion from 2013 to 2023: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, screwdriver export price increased by +22.2% against 2017 indices. The most prominent rate of growth was recorded in 2016 an increase of 85% against the previous year. As a result, the export price reached the peak level of $16,336 per ton. From 2017 to 2023, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Germany ($34,310 per ton), while China ($6,299 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+3.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform