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Global Cutting Equipment, Accessories & Consumables Market Comprehensive Study: Forecasted Market Size And Growth Rate | Colfax Corporation, GCE Group AB, Gentec Corp., Hypertherm Inc.
Cutting Equipment, Accessories & Consumables Market Size
The Business Research Company offers in-depth market insights through Cutting Equipment, Accessories & Consumables Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The cutting equipment, accessories & consumables market size has grown strongly in recent years. It will grow from $8.74 billion in 2023 to $9.26 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to growth in manufacturing and fabrication industries, expansion of automotive and aerospace manufacturing, increased infrastructure development and construction activities, focus on automation and efficiency in metalworking processes, adoption of advanced materials in manufacturing.
The cutting equipment, accessories & consumables market size is expected to see strong growth in the next few years. It will grow to $11.67 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to growth in renewable energy and green technologies, market expansion in emerging economies and developing regions, demand for customization and specialty cutting solutions, adoption of waterjet and abrasive waterjet cutting technology, focus on environmental sustainability and recycling in cutting processes. Major trends in the forecast period include advancements in laser cutting technology integration of automation and robotics, plasma cutting for thick materials, precision micro-cutting and micromachining, enhanced software and cad/cam integration.
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Market Segmentation:
The main types of cutting equipment, accessories, and consumables are manual cutting equipment, mechanised cutting equipment, and other types. Manual cutting equipment refers to a machine used for manually cutting out parts of articles from layers of cloth, card webs, or knitted fabric. The various technologies used are carbon arc cutting, plasma cutting, oxy-fuel cutting, laser cutting, and water jet cutting. The end-users include construction, heavy metal fabrication, shipbuilding and offshore, automotive, and other end-users.
Major Driver - Growth In Steel And Manufacturing Industries Boosts Cutting Equipment Market
Growth in the steel and manufacturing industries across the globe is contributing to the growth of the cutting equipment, accessories, and consumables market going forward. Steel and manufacturing industries refer to the business of converting iron ore into steel, to manufacture different grades of steel by removing impurities such as nitrogen, silicon, and phosphorus from the supplied iron. Cutting equipment, accessories, and consumables enable the steel and manufacturing industries to cut complex shapes with incredible accuracy while remaining fast, efficient, and cost-effective; thus, growth in the steel industry increases demand for cutting equipment, accessories, and consumables. For instance, in June 2021, according to the American Iron and Steel Institute, a US-based trade association of North American steel producers, raw steel production was 1.84 million net tonnes while the capability utilisation rate was 83%. Therefore, the growing steel and manufacturing industries are driving the cutting equipment, accessories, and consumables market growth.
Competitive Landscape:
Major companies operating in the cutting equipment, accessories & consumables market include Colfax Corporation, GCE Group AB, Gentec Corp., Hypertherm Inc., Illinois Tool Works Inc., Messer Group GmbH, Müller Opladen GmbH, African Oxygen Ltd., BOC Ltd., Bug-O Systems Inc., GasIQ AB, Koike Aronson Inc., Linde AG, DMG Mori Seiki Co., ABB Group, American Welding And Gas., ANCA Pty Ltd., Baker Hughes Company, Bystronic AG, Lincoln Electric Holdings Inc., Elektriska Svetsnings-Aktiebolaget, Fronius International GmbH, BURNY Kaliburn Lincoln Electric Co., C&G Systems, CNC Clear Cut, Daito Seiki Co. Ltd., HG Farley LaserLab Co, Flow International Corporation, HACO-FAT, Hornet Cutting Systems, Jet Edge Inc., KMT Waterjet Systems, Komatsu NTC Ltd., KUKA AG, LVD Company nv, Mazak Corporation, OMAX Corporation, Prima Power, Salvagnini America Inc., SigmaTEK Systems LLC, Tanaka Holdings Co. Ltd., Techni Waterjet
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Top Trend - Advanced Cutting Technologies Drive Growth In Cutting Equipment Market
The adoption of advanced cutting technologies is gaining significant popularity in the cutting equipment, accessories, and consumables market. Major market players are concentrating their efforts on implementing new and innovative technologies such as plasma and laser cutting in various end-use industries in order to achieve specific dimensions with extreme precision and save energy. Plasma and laser cutting are versatile and can be performed on various materials such as steel, iron, copper, brass, and other durable materials. It also helps with cutting curves, odd shapes, and multiple intersecting precise cuts. For instance, in October 2022, Rollomatic, manufacturer of high precisions CNC tool grinders and tool grinding centers / machines announced new laser model within the line-up of 3 laser cutting machine. The new model LaserSmart 810XL with its innovative and powerful lase source has been designed for larger-diameter PCD tools (polycrystalline diamond) and other ultra-hard materials.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Cutting Equipment, Accessories & Consumables Market Characteristics
3. Cutting Equipment, Accessories & Consumables Market Trends And Strategies
4. Cutting Equipment, Accessories & Consumables Market - Macro Economic Scenario
5. Cutting Equipment, Accessories & Consumables Market Size And Growth
…..
27. Cutting Equipment, Accessories & Consumables Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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