7th March 2019- Global multifunctional folding knife market is anticipated to witness an exponential growth in the forecast period. Multifunctional folding knives have more than one blade, comprising a variety of knife blade edges (plain, serrated, saws) as well as several other tools such as bottle openers, scissors, and corkscrews. It is a corrosion-resistant, durable, and lightweight tool with numerous benefits.
Factors such as increasing demand from end users, increasing research, being easy to carry and handle, technological advancements, and rising disposable income are likely to drive the market in the forthcoming period. High durability and resistance against corrosion are also likely to create lucrative opportunities for the market. On the other hand, lack of awareness is anticipated to hinder the market growth in future.
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The market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Multifunctional folding knife market is segmented by type, end user, distribution channel, and geography. The market is segmented by type as a two-blade knife, three-blade pocket knife, and a swiss army knife. The “swiss army knife” segment accounts for a prominent share in the market. It is likely to witness exuberant growth in the years to come.
The market is segmented based on the end user as commercial and household. The multifunctional folding knife industry is segmented based on distribution channel as Online and Offline distribution. The “offline” segment accounted for a prominent share in the market.
North America is a leading region in the market. It is likely to maintain its dominance in the forecast period owing to factors, such as increasing demand from end-user industry. Key players operating in the multifunctional folding knife market include Wusthof, Kyocera, Sumitomo, Emerson Knives, Zwilling, Kershaw, Ontario Knife, ZT, Sandvik and Shun. The leading companies are involved in partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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