The Cutting Equipment, Accessories & Consumables Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cutting Equipment, Accessories & Consumables Global Market Report 2024, 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.
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.
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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
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 cutting equipment, accessories & consumables market report table of contents includes:
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. Global Cutting Equipment, Accessories & Consumables Market Size and Growth
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26. South America Cutting Equipment, Accessories & Consumables Market
27. Brazil Cutting Equipment, Accessories & Consumables Market
28. Middle East Cutting Equipment, Accessories & Consumables Market
29. Africa Cutting Equipment, Accessories & Consumables Market
30. Cutting Equipment, Accessories & Consumables Market Competitive Landscape And Company Profiles
Top Major Players:
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