Carving is the act of using tools to precisely shape an artistic work out of a material by scraping away portions. This can be done with any material that is a solid and can hold a from even pieces are removed from it. This process tends to require more work than other methods used on malleable materials. Carving tools are available in various shapes, but the primary ones are gouges having v-shaped blades and chisels with straight edges.

A rise in the disposable income of consumers has boosted demand for artistic items. Therefore, artisans are focusing on designing more products to cater to this demand. The artisan industry is agriculture prominent employer globally. More than half of the artisan population consists of women, who participate in the artisan economy by practicing traditional crafts as a mean for earning income and sustaining their livelihoods. Artisans require carving tools. This is likely to drive the carving tools market in the coming years.

The initial investment required for the setup of a handicrafts business is small. It includes costs related to labor, setup, raw material, and transportation. This is estimated to propel the carving tools market between 2018 and 2026. The carved handicrafts industry has significant export potential and is an important source of foreign exchange. Growth in domestic and international tourism is also anticipated to boost the handicrafts industry, thereby driving the carving tools market. A rise in tourism is likely to drive demand for uncommon souvenirs, cultural goods, and indigenous art.  This is anticipated to boost demand for handicrafts and carving tools.

Carving tools are available in different precision sizes, and end-users can choose from the available options. However, advancements in the laser cutting technology are expected to hinder the market in the near future. This is because an increase in the use of laser cutting, which offers high precision in shaping wood, eliminates the usage of carving tools.

The global carving tools market can be segmented based on product, application, and region. In terms of product, the carving tools market can be categorized into chisels, gouges, fish tails, and knives. Based on application, the carving tools market can be classified into wood carving, chip carving, stone carving, and others (ivory carving, vegetable & fruits carving, ice carving, etc.). The wood carving segment dominates the carving tools market, and the trend is expected to continue during the forecast period.

In terms of region, the global carving tools market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the carving tools market in 2017 due to high demand for carving tools from China and Nepal. These countries are known for their attractive architecture made of wooden struts. Thailand is a major manufacturer of lacquer ware, which is made of wood or woven bamboo.

Companies in the carved products industry tend to have focus on only the transaction, not on the products which are being sold. The carved products industry has complicated regulatory and tax processes, which affects their operations. Several companies have planned to divest some of their holdings and assets. Many failed companies are expected to relaunch their products next year. This is likely to allow other companies to potentially raise the prices of carved products or allocate adequate resources to companies that are expected to relaunch in the next year.

Key players operating in the carving tools market are Flexcut, Mora, Kirsche, Pfeil Tools, Michihamono, Frosts, Sloyd, Wayne Barton, Helvie, and Deepwoods Ventures. Manufacturers and distributors are promoting sets of tools as a more economical way for carving as compared to laser cutting machines.

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