In recent years, as economic globalization has accelerated, the hand tool industry has become the main source in hardware tool manufacturers throughout the world. The wide application and larger demands in hand tools are beyond imagination and as a result of this, there is an increase of more than 10% every year.
Globally, manual hand tool and power tool market is expected to reach $13-14 billion and $38-40 billion respectively by 2023
Hand tools are products with good profits and competition of hand tool products is mainly decided by the quality of raw material which in this case is steel quality, used for manufacturing.
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