The global sander market is set to witness steady growth during 2021-2031. Rapid expansion of industrial and commercial application of sanders in recent years
The global sander market is set to witness steady growth during 2021-2031. Rapid expansion of industrial and commercial application of sanders in recent years has positively influenced global market trends, owing to economic improvement in both developed and developing economies. As a result, the sander market is set to witness a CAGR of 5.1%-5.9%.
What is Driving Demand for Sander Market?
The key factors driving the demand for sanders includes rapid urbanization, rising popularity of interior home décor and increase in the income of the people. Rapid growth of the furnishing industry is likely to work in the favor of the global sander market.
Further, the growing power tool adoption, rising automotive sales production, rising demand for fastening tools in industrial environments, and rising construction industry are some of the major factors driving the sander market forward. Further, the rapidly growing power tool industry is expected to drive the sander market over the forecast period.
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However, the breakout of the novel coronavirus at the start of 2020 altered the market’s fundamental dynamics. Product sales fell in the first months of 2020 due to temporary production halts in the manufacturing and construction industry and a slowdown in the logistics sector and .
Stay-at-home rules were being enforced in an attempt to reduce the virus’s spread in the community and it correspondingly reduced remodeling and renovation activity, which impacted the growth of the sander market.
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Shift to E-commerce Platform will Complement the Sales of Sander Market
In recent years, prominent manufacturers and suppliers are shifting from retail stores to E-commerce websites. Thus, selling their products on various e-commerce platform, in order to cater to a worldwide base of customers. Boom in e-commerce has created immense opportunities for manufacturers and suppliers of sanders. Promotion of sanders through various online channels is estimated to offer lucrative opportunities to the sanders market in the next few years.
US and Canada Sander Market Outlook
North America led the global sander market in the year 2020 and expected to maintain its dominance in terms of both manufacturing and consumption during the forecast period.
High adoption rate of power tools in small and medium scale workshops and growing wood industry is expected to drive the demand for sander in the region.
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Mar 21, 2023
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