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The global cutting equipment market is set to reach US$ 10.2 BN by 2032, at a 9.50% CAGR between years 2023-2032. Supply, demand, and overall competition are influenced by a set of numerous factors that underlie the market dynamics. One key factor is technological developments that constantly improve the performance and accuracy of cutting implements.
When manufacturers spend on research and development, new materials and advanced designs are developed demanding better cutting apparatuses. Secondly, the international economic environment is a key factor. Economic influences shape the dynamics of markets which invariably affect both industrial and consumer cutting tools spending. Another important consideration is the state of manufacturing industry as it determines in direct proportion demand for cutting machinery.
Industrial applications such as automotive, aerospace and construction heavily depend on cutting tools for different works. This, therefore, means that movements in these industries have an impact on the cutting equipment market. Market players closely monitor these trends and make any necessary adjustments to their production as well as marketing plans. Market tendencies are also changed through globalization which creates new opportunities and challenges.
The globalization of economies facilitates the spread for cutting equipment manufacturers, but it also increases competitive environment. Companies have to manoeuvre international trade policies, tariffs, and currencies as these can affect pricing positions impacting market share. In this complex international environment, collaboration and strategic partnerships become crucial for continued growth. The market is also affected greatly by regulatory changes.
Cutting equipment design and manufacturing are influenced by environmental regulations, safety standards, quality certifications among other factors. Manufactures should be current on the latest regulation to adhere and keep its market standard. This continuously changing regulatory situation frequently results in an invention of eco-friendly and safer cutters.
Market changes comes as a result of customer preferences and industry trends. Consumers tend to emphasize sustainable nature, safety, and cost effectiveness. As such, the competitive advantage lies in cutting equipment that fits with these preferences. The market is also influenced by industry dynamics that include the emergence of automation and smart manufacturing.
The demand for interconnected and efficient production processes has also made cutting tools with integrated technologies, such as IoT sensors and data analytics. The raw materials prices, for instance metals and alloys used in cutting tools keeps changing the manufacturing cost directly. Such changes are followed closely by suppliers and manufacturers, who use them to make informed decisions on pricing as well as the allocation of resources.
Raw material prices may become even more volatile due to unstable economic and geopolitical conditions, which affect the dynamics of markets. It is the distribution channels and e-commerce that have also contributed in defining cutting equipment market.
In this way, online platforms give manufacturers alternative routes for interacting with customers and thus create disruption in conventional supply lines. This transition necessitates that companies alter their marketing and distribution techniques to maintain a competitive advantage in the rapidly digitalizing marketplace.
Cutting Equipment Market Highlights:
Global Cutting Equipment Market Overview
Cutting Equipment Market Size was valued at USD 4.5 Billion in 2022. The Cutting Equipment market is projected to grow from USD 4.9 Billion in 2023 to USD 10.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.50% during the forecast period (2024 - 2032). The development of heavy industrial equipment, aggressive use of fabricated metal goods, and rising demand for vehicles, ships, and other heavy engineering applications, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cutting Equipment Market Trends
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Increasing demand across automotive, shipbuilding and other heavy engineering applications is driving the market growth
The demand for cutting equipment is expected to rise significantly in the automobile, shipbuilding, and other heavy engineering sectors. Developments in large industrial machinery and the aggressive use of goods produced of fabricated metal have an impact on the market as well. As demand has grown, cutting technologies such as plasma, water-jet, oxy-fuel, and others have evolved. Due to the increase in infrastructure-related operations, there is a considerable need for cutting equipment in emerging countries. Utilizing plasma and laser cutters, various widths of synthetic, metallic, and non-metallic materials can have their cutting edges created with extreme accuracy and smoothness.
To achieve high-quality edges and cuts, firms in the automobile sector are implementing a variety of cutting methods. There are more chances for cutting equipment in this business as the automobile sector improves globally. Cutting tools are used in numerous ways to create car parts, frames, and other items in the automotive industry. Several steps in the production of an automobile involve laser cutting. Equipment producers are under pressure to meet specifications and develop specialized cutting tools because of the automotive industry's dynamic environment.
During the forecast period, the global market is anticipated to grow strongly due to the adoption of cutting and bending machines in manufacturing sectors like automotive, aerospace, electrical & electronics, marine & construction. Similar to this, it is anticipated that in the coming years, sales of cutting and bending machines will increase due to the booming sheet metal fabrication industry brought on by the rising demand for sheet metal in industries like aerospace and automotive.
Sales of cutting machines, which are unavoidably used in industrial development and metal manufacture, have increased significantly. The process of creating structures out of raw metal material, which involves cutting, bending, welding, and molding, is known as metal fabrication. The highly cyclical metal fabrication industry is essential to the development of the automotive, aerospace, building, and energy sectors. Thus, driving the Cutting Equipment market revenue.
Cutting Equipment Market Segment Insights
Cutting Equipment: Cutting Technology Insights
The Cutting Equipment Market segmentation, based on Cutting Technology, includes plasma, laser, waterjet, and carbon- arc. Over the course of the forecast period, the laser segment is anticipated to rule the market. Over the course of the forecast period, the plasma cutting segment is anticipated to display a sizable CAGR in terms of value. Over the forecast period, the plasma cutting segment is anticipated to expand at a good clip in cost-sensitive regions like APAC and MEA. During the forecast period, the carbon arc segment is anticipated to grow at a listless CAGR. The delayed adoption of this technology in developing nations like India, China, Brazil, and South Africa is the main cause of this reduction.
Cutting Equipment End User Insights
The Cutting Equipment Market segmentation, based on End User, includes automotive, metal fabrication, construction, aerospace and defense, shipbuilding, and others. In 2022, the automotive category held the top spot. This might be linked to the increased demand for automobiles as well as the expanding use of bending and cutting equipment in the booming automotive sector. Cutting and bending machines have several uses in the automotive industry, which includes everything from designing, developing, creating, and manufacturing automotive cars and all of their parts and components. One of the tools that is most frequently used to guarantee the dependability and safety of the finished product during various phases of automotive manufacturing is the laser cutting machine.
Figure 1: Cutting Equipment Market, by End User, 2024 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cutting Equipment Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Cutting Equipment Market dominated this market in 2022 (45.80%). It is due to an overwhelming demand across businesses for cutting equipment. The customization in the shipbuilding, automobile, and other high-end industries is complemented by this equipment. The Association for Manufacturing Technology (AMT) and U.S. Cutting Tool Institute (USCTI) reported in February 2021 that the U.S. consumed almost USD 157.3 million worth of cutting tools in December 2020, an increase of 4% from November 2020. Further, the U.S. Cutting Equipment market held the largest market share, and the Canada Cutting Equipment market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CUTTING EQUIPMENT MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Cutting Equipment market accounted for the healthy market share in 2022. Given that the majority of producers place a strong emphasis on cutting equipment that is technically sophisticated, Europe is one of the developed markets for cutting equipment. As a result, it indicates rapid growth within the projection time. Further, the German Cutting Equipment market held the largest market share, and the U.K Cutting Equipment market was the fastest growing market in the European region
The Asia Pacific Cutting Equipment market is expected to register fastest growth rate from 2023 to 2032. The quickening pace of vehicle manufacturing and the increasing industrial network. Additionally, the low operating costs of the developing nations in this region draw business from businesses engaged in manufacturing. The forecast period is expected to see the highest growth in the ASEAN, China, and India countries. Moreover, China’s Cutting Equipment market held the largest market share, and the Indian Cutting Equipment market was the fastest growing market in the Asia-Pacific region.
Cutting Equipment Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Cutting Equipment market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cutting Equipment industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cutting Equipment industry to benefit clients and increase the market sector. In recent years, the Cutting Equipment industry has offered some of the most significant advantages to medicine. Major players in the Cutting Equipment market, including Illinois Tool Works, AMADA WELD TECH, The Lincoln Electric Company, Colfax Corporation, Koike Aronson, Inc., GCE Group, Ador Welding Ltd., OMAX Corporation, Hypertherm, Inc., Jet Edge, Inc., DAIHEN Corporation, V.V Mineral, OTTO BAIER GmbH, ICS Cutting Tools, Inc., Snap-on Incorporated, CERATIZIT S.A., Opta Group LLC., WB Alloys Welding Products Ltd, Kennametal Inc., Samtectools, HOLLFELDER-GÜHRING GmbH and others, are attempting to increase market demand by investing in research and development operations.
Products for welding, cutting, and brazing are designed, developed, and produced by Lincoln Electric Holdings Inc (Lincoln Electric). Arc welding power sources, wire feeding systems, plasma cutters, robotic welding packages, fume extraction equipment, integrated automation systems, fluxes, consumable electrodes, and welding accessories are all offered by the company. Additionally, the business sells regulators and torches used for oxy-fuel welding, cutting, and brazing, as well as CNC plasma and oxy-fuel cutting systems. The automotive, oil and gas, construction and infrastructure, and shipbuilding industries are among the sectors served by Lincoln Electric. It operates across the Middle East, Africa, Asia-Pacific, Europe, and the Americas. Cleveland, Ohio, in the United States, is home to Lincoln Electric's headquarters. The Lincoln Electric Company unveiled "Torchmate 4510," a CNC plasma cutting machine, in December 2020 to boost clients' production capacities across metal cutting processes. When equipped with the "Optional FlexCut 125 power supply," the aforementioned machine increases its ability to support metal sheets up to 1" thick that are 5x10 in size.
A supplier of cutting-edge technologies on a global scale is Messer Cutting Systems. The business offers services to the global standard-setting metalworking industry. As the industry's founder, it provides comprehensive solutions and places a strategic emphasis on its clients and client-driven innovation. With over 900 people spread over 5 main locations with production sites, the company operates in more than 50 countries. The company offers oxyfuel, plasma, and laser cutting systems, as well as oxyfuel welding, cutting, brazing, and heating plant and equipment, ranging from hand-guided machines up to specialized machines for shipbuilding. The program is completed with environmental equipment for the systems as well as spare parts, maintenance, and modernization services. Its software solutions enhance operational and production procedures. Flame Technologies, Inc. (Flame Tech), a US-based producer of goods for the oxyfuel market, was bought by Messer Cutting Systems through an affiliated business in February 2022. With Flame Tech, Messer Cutting Systems improves its standing as a leading provider of pre-heating, steel mill, and oxygen fuel solutions on a global scale.
Key Companies in the Cutting Equipment market include
- Illinois Tool Works
- AMADA WELD TECH
- The Lincoln Electric Company
- Colfax Corporation
- Koike Aronson, Inc.
- GCE Group
- Ador Welding Ltd.
- OMAX Corporation
- Hypertherm, Inc.
- Jet Edge, Inc.
- DAIHEN Corporation
- V Mineral
- OTTO BAIER GmbH
- ICS Cutting Tools, Inc.
- Snap-on Incorporated
- CERATIZIT S.A.
- Opta Group LLC.
- WB Alloys Welding Products Ltd
- Kennametal Inc.
- Samtectools
- HOLLFELDER-GÜHRING GmbH and others
Cutting Equipment Industry Developments
July 2022 The lightweight, dual-input voltage POWER MIG 215 MPi multi-process welder from Lincoln Electric features a new ergonomic design and is available now.
June 2020 'McLaren Racing' is receiving cutting tools from CERATIZIT S.A. for the manufacture of artificial ventilators. To make the ventilators, the company is supplying drilling equipment, AluLine end mills, CCR-AL Circular Line end mills, and WTX-Ti drills.
Cutting Equipment Market Segmentation
Cutting Equipment: Cutting Technology Outlook
- Plasma
- Laser
- Waterjet
- Carbon-arc
Cutting Equipment End User Outlook
- Automotive
- Metal Fabrication
- Construction
- Aerospace and Defense
- Shipbuilding
- Others
Cutting Equipment Regional Outlook
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North America
- US
- Canada
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Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
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Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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