Tool Tethering Market Size & Share 2030

1. Tool Tethering Market Analysis, Statistics, Revenue, Demand and Trend Analysis Research Report by 2030

2. Global Market Insights Inc anticipates that the tool tethering market size will surpass USD 590 million by 2030. • The tool tethering market is witnessing a rapid resurgence following the lifting of COVID-19 lockdowns as labor-intensive industries continue to resume operations and hit the pre-pandemic productivity levels. Combined with growing awareness about worker safety and the establishment of new factories, both locally as well as abroad, tool tethering industry is set to depict considerable growth in the coming years. • Tool tethering is an important part of all major industries, especially construction, mining, energy, oil, gas, and other such industries where tools are often used for work. They provide safety in handling them and can prevent the tool from being dropped or falling accidentally. • Tool tethering, which is usually done with a lanyard, can be also used in other areas for fastening other objects, like IDs, phones, communication tools, and such. • Below are the three important factors driving the growth in the tool tethering market

3. Rise in mining activities across chip and energy industries • The mining industry is registering an uptick in activities due to increasing operations and high demand from e-mobility, which requires raw materials like lithium, nickel, and cobalt for the batteries. Recently, in APAC, Chinese mining tech firm, Shandong Xinhai, and steel production firm, Baowu Group, entered an investment deal with Indonesian nickel miner, PT Vale Indonesia, for the construction of a processing plant on Sulawesi Island. The project is estimated to cost nearly $2.1 billion. • Meanwhile, in North America, Canada is expected to be at the forefront as the region’s lithium supplier for the auto industry. Auto majors like Mercedes-Benz and Volkswagen have already signed material agreements with the country to mine lithium for EV batteries. Widespread mining activities will help augment the overall tool tethering industry share. • Setting up of new factories across multiple sectors • With ample investments in infrastructure development to kickstart economies out of the pandemic slump, construction activities are set to increase by a notable margin. Tool tethering will see high usage in construction activities as one of the key aspects of worker safety, witnessing a major boost from these initiatives.

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