Cutting Equipment, Accessories & Consumables Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033

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What Factors have Led to the Growth of the Cutting Equipment, Accessories & Consumables Market?

The cutting equipment, accessories & consumables market size has grown robustly in recent years. It is projected to 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, in part, be associated with the expansion of the manufacturing and fabrication industries, coupled with the increased activities seen in the construction and infrastructure realms. Besides these factors, the market has also received a boost from the introduction of automation and efficiency in metalworking processes and the rising adoption of advanced materials in manufacturing.

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What is the Future Outlook for the Cutting Equipment, Accessories & Consumables Market?

The cutting equipment, accessories & consumables market size is expected to see strong growth in the next few years. The market is likely to reach $11.67 billion in 2028 at a compound annual growth rate CAGR of 5.9%. The growth can be attributed to the rise in renewable energy and green technologies, market expansion in emerging economies and developing regions, and an increased demand for customization and specialty cutting solutions. Notably, the adoption of waterjet and abrasive waterjet cutting technology will play a significant role, alongside the focus on environmental sustainability and recycling in cutting processes.

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Which industries are driving the growth of the Cutting Equipment, Accessories & Consumables Market?

Growth in the steel and manufacturing industries across the globe is contributing to the growth of the cutting equipment, accessories, and consumables market. These industries largely involve converting iron ore into steel, to manufacture different grades of steel by removing impurities such as nitrogen, silicon, and phosphorus. Cutting equipment, accessories, and consumables play a crucial role in enabling these industries to cut complex shapes with incredible accuracy, efficiency, and cost-effectiveness. Therefore, growth in the steel industry greatly increases the demand for cutting equipment, accessories, and consumables.

Key Companies Playing an Integral Role in the Cutting Equipment, Accessories & Consumables Market

Major companies operating in the cutting equipment, accessories & consumables market include Colfax Corporation, GCE Group AB, Gentec Corp., Hypertherm Inc., Illinois Tool Works Inc., to name a few. These companies are not only playing a pivotal role in bringing this industry to the forefront, but they are also setting benchmarks in terms of innovation, and thus, driving the overall growth in the sector.

Adoption of Advanced Cutting Technologies: An Emerging Trend in the Market

The adoption of advanced cutting technologies is growing significantly 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 to achieve specific dimensions with extreme precision and energy efficiency. For instance, in October 2022, Rollomatic, a manufacturer of high precisions CNC tool grinders and tools grinding centers / machines, announced a new laser model within the line-up of 3 laser cutting machines.

How is the Cutting Equipment, Accessories & Consumables Market 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

What Does Regional Analysis Tell Us About the Cutting Equipment, Accessories & Consumables Market?

Asia-Pacific was the largest region in the cutting equipment, accessories, and consumables market in 2023. North America is expected to be the fastest-growing region in the forecast period. The areas covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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