Press release
Cutting Equipment, Accessories & Consumables Market Growth, Size, Key Drivers, Forecast To 2033
Cutting Equipment, Accessories & Consumables Market
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.
Market Overview -
The cutting equipment, accessories, and consumables are the metal tools that are used for cutting, removing, and shaping materials using shear deformation. Cutting equipment, accessories, and consumables are also known as ""cutters used for cutting materials."" They refer to a pointed tool that is mounted on a machine tool and used for cutting. This can be done using either multi-point or single-point tools.
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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
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.
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Key Segments -
The cutting equipment, accessories & consumables market covered in this report is segmented -
1) By Type: Manual Cutting Equipment, Mechanized Cutting Equipment, Other Type
2) By Technology: Carbon Arc Cutting, Plasma Cutting, Oxy-Fuel Cutting, Laser Cutting, Water Jet Cutting
3) By End-User: Construction, Heavy Metal Fabrication, Shipbuilding And Offshore, Automotive, Other End-User
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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