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Tool Tethering Market Size By Product (Wrist Lanyards, Coil Lanyards, Retractable Lanyards, Traditional Lanyards, Specialty Lanyards), By Application (Construction, Oil & Gas, Mining, Transportation, Energy & Utilities, Telecom, General Industry), By Channel (Retail, Industrial MRO), Industry Analysis Report, Regional Outlook, Covid-19 Impact Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5314
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Overview

Tool Tethering Market size was valued at over USD 240 million in 2021, driven by an increasing focus towards worker safety in workplaces. The industry is expected to record 10% CAGR through 2030.
 

Tool Tethering Market

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Stringent regulatory norms regarding workplace conditions and worker safety in North America are emerging as primary drivers for the growth of the tool tethering market. According to the U.S. Bureau of Labor Statistics, around 4,764 work-related fatal injuries were recorded in the United States in 2020. Furthermore, the U.S. Department of Labor (DOL) has implemented the Occupational Safety and Health Act (OSHA) which provides workplace safety and reviews work-related illnesses and injuries.
 

Favorable characteristics of coil lanyards to propel industry size

Global Tool Tethering Market, By Coil Lanyard Product

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Based on product, the tool tethering market from the coil lanyards segment is anticipated to register revenue worth over USD 90 million by 2030. This is attributable to supportive characteristics such as reduced trip hazards & snags, restricting tether length, ability to work in tight areas, and tangle-free nature. Coil lanyards are also tough, durable, anti-kinking, and wear-resistant, which makes them perfect for working in operations with restricted spaces.
 

Rapid urbanization to assert significant impact on tool tethering industry expansion

Tool Tethering Market, By Application,

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With respect to application, the tool tethering market is segregated into construction, oil & gas, mining, transportation, energy & utilities, telecom, and general industry. The construction application segment is projected to be valued at more than USD 170 million by 2030. This growth is credited to rising urbanization and infrastructural development in developing economies. According to data from the World Bank, private investment in the middle- and low-income countries’ infrastructure in 2021 witnessed a 49% rise from 2020, indicating a significant rebound from the historic lows during the COVID-19 pandemic. This could amplify the demand for tool tethering solutions in construction settings, bolstering the segmental outlook.
 

Growing adoption of e-commerce to expand the retail channel business

Tool Tethering Market, By Channel,

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With respect to channel, the tool tethering industry from the retail channel segment is projected to generate a revenue of over USD 120 million by 2030. This revenue growth is accredited to the growing demand for e-commerce convenience. In addition, increased spending on a variety of product offerings on online retail platforms will further propel the global market trends from the retail channel segment.
 

Increased presence of oil & gas facilities in North America to expand the industry landscape

Tool Tethering Market, By Region,

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From a regional perspective, the North America tool tethering market is projected to exhibit a CAGR of 10% through 2030 This growth is primarily credited to a growing presence of energy & utilities, oil & gas, construction, mining, manufacturing, and construction industries fostering the usage of tool tethering. Furthermore, there is a growing emphasis on worker safety with the implementation of stricter regulatory norms, which may contribute to regional industry demand.
 

Strategic business activities from prominent players to expedite business expansion

Some of the key players operating in the tool tethering market include Ergodyne, 3M, MSA Company, Milwaukee, NLG, Stanley, FallTech., Buckingham Manufacturing Co Inc. Prominent companies are engaged in new product launches to strengthen their market position. Citing an instance, in May 2021, Ergodyne unveiled three new Squid tool lanyards, Squids 3121 Burn + Cut-Resistant Aramid Tool Lanyard - Dual Carabiners – 10lbs; Squids 3120 Burn + Cut-Resistant Aramid Tool Lanyard - Dual Loop Ends – 10lbs; Squids 3105 Single Carabiner Tool Lanyard – 15lbs. This move was intended to improve the product portfolio of the company.
 

Impact of COVID-19 on tool tethering market trends

The COVID-19 outbreak has had a significant impact on the industries that were primarily functioning on outdoor activities. Stricter lockdown measures caused people to stay at home which limited the operations of critical industries like construction, and mining owing to a lack of human capital. With the closure of mines and construction projects, the demand for mining and construction tools was also affected. However, with the resumption of services post-pandemic, the global market is likely to witness appreciable growth over the forthcoming years.
 

The tool tethering market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in thousand units and revenue in USD Million from 2017 to 2030 for the following segments:

By Product

  • Wrist Lanyards
  • Coil Lanyards
  • Retractable Lanyards
  • Traditional Lanyards
  • Specialty Lanyards

By Application

  • Construction
  • Oil & Gas
  • Mining
  • Transportation
  • Energy & Utilities
  • Telecom
  • General Industry

By Channel

  • Retail
  • Industrial MRO

The above information is provided on a regional and country basis for the following:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Russia
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa

 

Authors: Kunal Ahuja , Sarita Bayas

Frequently Asked Questions (FAQ) :

The tool tethering market held a value of over USD 240 million in 2021 driven by rising concerns related to worker safety.

The coil lanyards product of the tool tethering industry is expected to generate USD 90 million by 2030 owing to favorable characteristics such as the ability to function in tight areas.

The construction application is expected to reach USD 170 million by 2030 with increased private investments in urban infrastructural development.

Ergodyne, 3M, MSA Company, Milwaukee, NLG, Stanley, FallTech., Buckingham Manufacturing Co Inc.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 13
  • Tables & Figures: 253
  • Countries covered: 19
  • Pages: 255

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