According to latest research by Future Market Insights, 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%.
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.
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.
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.
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.
The demand for sander in the European market is estimated to grow significantly in the upcoming years. The growth of the wood processing industry, construction and automotive industry in the region is anticipated to positively influence the demand for sanders in the forthcoming years.
Moreover, frequent use of sanders in repair and maintenance of building and houses made of woods in the region is expected to augment the demand for sanders in the region.
Some of the leading manufacturers of sander market include
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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