Global Cutting Equipment, Accessories, and Consumables Market - 2021-2028
The global cutting equipment, accessories, and consumables market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
The cutter, also known as cutting equipment, accessories, and consumables, removes material from a workpiece through shear deformation. In machining, cutting equipment, cutting tool, or cutter can refer to any tool used to remove any material from a workpiece through shear deformation. Cutting can be accomplished with multipoint or single-point tools.
Cutting tools, accessories, and consumables are essential for the industrialization and manufacturing processes required for any economy's long-term prosperity. Each industrial firm relies on cutting equipment and related accessories and consumables. Handheld and automated plasma cutters, high-definition plasma cutters, CNC plasma cutting tables, retrofit systems, pipe and tube cutting machines, form cutting controls, and plasma torch consumables are the most prevalent cutting equipment.
The market is driven by the expanding automobile sector, increased demand from end-use industries, and fast industrialization in emerging economies. Cost concerns and technological know-how issues, on the other hand, are limiting the market's expansion.
The greater productivity, time efficiency, and flexibility of cutting equipment, accessories, and consumables grow.
Industrialists are adopting sophisticated cutting equipment, accessories, and consumables to save time and enhance outputs due to increased demand for advanced cutting equipment, accessories, and consumables. Cutting tools, attachments, and consumables offer a variety of advantages, such as increased productivity, time efficiency, and flexibility. As a result, laser systems for material processing are in high demand across various industries, including aerospace, construction, industrial machinery, automotive and others. It is a key component in the cutting equipment, accessories, and consumables industry.
Extensive demand in the industrial sector to boost the market growth.
In the total production of goods, industrial cutting equipment, accessories, and consumables play a critical role. Cutting technology has been used in various vertical industries, from metal foundries to automobile manufacture. Plasma cutting has become popular in the globally industrial scene for various reasons.
Plasma cutting equipment, accessories, and consumables have become vital industrial equipment due to their ability to produce high-quality cutting in a shorter preparation time. CFRP (Carbon Fiber Reinforced Polymer) has had a considerable impact on the market for cutting equipment, accessories, and consumables, pushing pricey PCD (polycrystalline diamond) equipment to the sidelines. The automotive and aerospace sectors benefit from CFRP's strength, resilience, and corrosion resistance.
The high cost of cutting equipment, accessories and consumables hinders the market growth.
The global market for cutting equipment, accessories, and consumables is being hampered by the high cost of cutting equipment, accessories, and consumables and the complexity of setting up cutting machines. Sluggish market growth is hampered by the slow adoption of modern cutting equipment, accessories, and consumables in developing economies, environmental concerns, the slow expansion of the aerospace, defense, and shipbuilding industries, and consumer price sensitivity.
COVID-19 Impact Analysis
Cutting equipment, accessories, and consumables have all suffered due to the COVID-19 outbreak. Cutting equipment, accessories, and consumables are widely used in automotive, electronics, building & construction, consumer products, and other industries. Factors such as disruption in value chain analyses have influenced large-scale businesses in the automobile industry.
Significant exporters of automobile parts from China, for example, have been impacted as a result of global travel restrictions and the temporary suspension of manufacturing hubs, causing car manufacturers to relocate across Europe. Furthermore, due to the risk of infection among workers, auto assembly plants across the United States have been closed, burdening the already stressed supply of automobiles.
By end-user type, the cutting equipment, accessories, and consumables market is segmented into construction, heavy metal fabrication, shipbuilding & offshore, automotive and others.
Automotive to hold the lion's share in the segment's total sales.
The automotive industry is predicted to have the greatest share of the cutting equipment, accessories, and consumables market by end-user type. As the global demand for vehicles continues to climb, the automotive industry's demand for tools and robotics is likely to expand as well. As a result, demand for cutting equipment is expected to increase over the predicted period. Robotics advancements have resulted in a rise in the use of robots for fusing activities in the car industry. The multiple benefits of robots in terms of boosting process efficiency, productivity, quality, and scrap reduction are projected to continue to drive up their demand in the automotive industry, resulting in an increased automobile segment.
Asia-Pacific holds the largest market share of the global cutting equipment, accessories, and consumables market.
Asia-Pacific has been the market leader and has the largest market share. The region's large population has resulted in increased housing demand, which has resulted in an increased need for cutting equipment and accessories. Apart from housing, there is a rapidly expanding need in end-use industries such as infrastructural, industrial, commercial, and marine due to the region's huge population.
As a result, demand for cutting equipment, accessories, and consumables has surged in these industries. Because cutting equipment, accessories, and consumables are widely utilized in these end-use industries, the Asia-Pacific area has grown into a substantial market for cutting equipment, accessories, and consumables, also witnessing significant expansion in these sectors.
Many important and well-established businesses compete in the global market for cutting equipment, accessories, and consumables. Due to the predicted high growth of the industry, several new players are attempting to enter the Cutting Equipment, Accessories, and Consumables Market. Key players operating in the global market for cutting equipment, accessories, and consumables include The Lincoln Electric Company, Colfax Corporation, Lincoln Electric Holdings, Inc., Air Liquide S.A., The Linde Group, GCE Holding AB, Müller Opladen, C.L. Smith, CAVAGNA GROUP, and Rotarex.
Overview: Steven and Mitchell Rales, two brothers who had previously founded Danaher Corporation, grew it from a set of discrete manufacturing enterprises to a major science and technology leader with a market value of more than $100 million, founded Colfax Corporation in 1995. After delivering significant growth and improvements, the company divested the most cyclical portions of its operations — Colfax Fluid Handling and Howden.
Colfax now operates on two strong platforms: Fabrication Technology (ESAB) and Medical Technology (MT) (DJO). ESAB is a global leader in manufacturing welding and cutting equipment and consumables. In 2012, Colfax Corporation purchased ESAB to lay the groundwork for a future growth platform with a strong global presence.
Product Portfolio: ESAB produces cutting and welding equipment such as welding automation and robots, welding consumables, arc welding equipment, plasma cutting equipment, cutting automation, and accessories.
Key Development: In 2021, ESAB Welding & Cutting Products has introduced a new series of B3 SC electrodes and fluxes for SMAW, GTAW, and SAW for 2.25 percent Cr 1 percent Mo alloyed steels, SA-387 Grade 22, A335 Grade P22, and similar materials to expand its line of filler metals for chrome-molybdenum weldments in a refinery, petrochemical, power generation, and pressure vessel applications. The new B3 SC filler metals have been reformulated for applications requiring exceptional toughness in both the post-weld heat-treated and after-step cooling treatments. The weld metal is also engineered to be more resistant to rupture at high temperatures.
Why Purchase the Report?
Visualize the composition of the cutting equipment, accessories, and consumables segmentation by equipment, capacity, end-user and region, highlighting the critical commercial assets and players.
Identify commercial opportunities in cutting equipment, accessories, and consumables by analyzing trends and co-development deals.
Excel data sheet with thousands of data points of cutting equipment, accessories, and consumables - level 4/5 segmentation.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players
The global cutting equipment, accessories, and consumables report would provide access to an approx. 65 market data table, 65 figures and 180 pages.
Service Providers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook