Utility Hooks Market – Evaluation of Recent Industry Developments

Posted by RASHMI on July 5th, 2019

A hook is a tool that is used to connect, grab onto, or attach itself to another object or thing. Generally, one end of a hook is pointed and sharp so that it can penetrate another substance such as a wall, and the other end is generally curved or indented so that the hook is connected to another object. Utility hooksare an essential part of daily life.

In a household it is used for multiple purposes, such as hanging hand towels, coats, dog leads, mirrors, wall pieces, pictures, and various other household items or lightweight fixtures. Utility hooks can be made of metal, wood, or plastic and are also coated with zinc or metal to increase its life.

Across the world, rise in population is increasing the number of households, consequently driving the demand for utility hooks. Although hooks are a very small household tool, they are highly essential to decorate the walls of a home. Rise in aesthetic sense of people is increasing the demand for utility hooks.

Although the individual price of utility hooks are low, they are generally sold in bundles. Consumers across the world prefer utility hooks at an affordable price. Global utility hook manufacturers must be cautious about the pricing of these hooks. Generally, in emerging economies such as China and India with a vast population of lower middle class families, consumers are sensitive to price of products.

In both China and India the population of middle income group is increasing which is driving and is expected to drive the future demand for utility hooks in the overall Asia Pacific region. Hence, global utility hook manufacturers must be careful in pricing their products so as to make them affordable to consumers in Asia Pacific countries.

In terms of region, the global utility hooks market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is expected to be a prominent market for utility hooks during the forecast period.

The U.S. is expected to account for major share of the market in North America from 2019 to 2027, followed by Canada. In general, in the U.S., utility hooks need to comply with the regulations of the U.S. government such as the Buy America Act before it is sold to consumers in the U.S. Europe constitutes a significant share of the global utility hooks market. Germany, the U.K., and France are major markets in the region.

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Asia Pacific is anticipated to be the largest utility hooks market in the world. China is expected to be the largest utility hooks market in Asia Pacific and also in the world. Japan, South Korea, and India are other major markets for utility hooks in the region. In India, with rise in population, the number of households are also increasing.