Impact Socket Global Market Report 2022: Expanding Construction Activities Foster Lucrative Market Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Dec 28, 2022--
The “Impact Socket Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global impact socket market size reached US$ 981.71 Million in 2021. Looking forward, the publisher expects the market to reach US$ 1,306.59 Million by 2027, exhibiting a CAGR of 4.88% during 2021-2027.
An impact socket is a mechanical device used in conjunction with powered impact or air wrenches or drivers, as the combination of these provides sufficient torque for a fastener to be tightened. As opposed to regular sockets, impact sockets are usually made of chrome molybdenum and are black in color due to a coating of black oxide. They store kinetic energy in a rotating hammer that is connected to the impact socket, thereby reducing the probability of shattering from vibrations caused.
The impact socket moves clockwise or anticlockwise as the kinetic energy is released, thus resulting in the loosening or tightening of the nut bolt. It is used by mechanics in garages to remove seized nuts and bolts from cars with impact wrenches. Apart from this, they are also extensively used by professional racing teams for fast tightening or loosening the nut bolts while changing tires on vehicles.
Impact Socket Market Trends:
The market is primarily driven by the expanding construction activities across the globe. This can be attributed to considerable growth in the construction, real estate and hospitality industries.
In addition to this, the rapid product utilization in the manufacturing sector for loosening or tightening nuts and bolts is creating lucrative growth opportunities for the market. Numerous impact socket manufacturers are being offered subsidies by the governments of their respective countries while receiving technology transfers from renowned companies, which is providing an impetus to the market. The market is also fueled by the easy product availability across online and offline organized retail channels.
Furthermore, numerous merger and acquisition (M&A) activities by key players seeking to gain a competitive advantage through joint ventures are propelling the market. Some of the other factors that are creating a positive outlook for the market include rapid urbanization and industrialization, continual product innovations, inflating disposable income levels and extensive research and development (R&D) activities.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global impact socket market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, size, distribution channel and application.
Breakup by Type:
- Hex Sockets
- In-Hex Sockets
Breakup by Size:
Breakup by Distribution Channel:
Breakup by Application:
Breakup by Region:
- United States
- South Korea
- United Kingdom
- Middle East and Africa
Key Questions Answered in This Report:
- How has the global impact socket market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global impact socket market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the size?
- What is the breakup of the market based on the distribution channel?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global impact socket market and who are the key players?
- What is the degree of competition in the industry?
Key Topics Covered:
2 Scope and Methodology
3 Executive Summary
5 Global Impact Socket Market
6 Market Breakup by Type
7 Market Breakup by Size
8 Market Breakup by Distribution Channel
9 Market Breakup by Application
10 Market Breakup by Region
11 SWOT Analysis
12 Value Chain Analysis
13 Porters Five Forces Analysis
14 Price Analysis
15 Competitive Landscape
- Apex Tool Group LLC
- Deltec Industries Ltd
- Grey Pneumatic Corp.
- IMPERIAL-Newton Corporation
- Powermaster Engineers Pvt. Ltd.
- Stanley Black & Decker Inc.
- Teng Tools AB
- Tien-I Industrial Co. Ltd.
- Wright Tool Company Inc. (Federal Resources Supply Company).
For more information about this report visit https://www.researchandmarkets.com/r/n4rjze
View source version on businesswire.com:https://www.businesswire.com/news/home/20221228005294/en/
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INDUSTRY KEYWORD: MACHINE TOOLS, METALWORKING & METALLURGY MANUFACTURING
SOURCE: Research and Markets
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PUB: 12/28/2022 10:44 AM/DISC: 12/28/2022 10:44 AM