Cutting Equipment Market Projected to Reach USD 10.2 billion by 2032, at a 9.50% CAGR – Report by Market Research Future (MRFR)
Cutting Equipment Market Growth Boost by Booming Steel & Manufacturing Industry and Rising Technology
New York, US, June 09, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Cutting Equipment Market Research Report Information By Cutting Technology, By End User, and By Region – Market Forecast Till 2032”, The global cutting equipment market will touch USD 10.2 billion at a 9.50% CAGR by 2032, as per the recent Market Research Future report.
Cutting Equipment Market Analysis
Future growth in the market for cutting equipment is being fueled by expansion in the steel and manufacturing sectors throughout the world. The terms “steel” and “manufacturing” relate to the processes of turning iron ore into different grades of steel by purifying the provided iron of impurities like nitrogen, silicon, and phosphorus. Growth in the steel business raises demand for the cutting equipment.
Eminent industry players profiled in the global cutting equipment market report includes,
- 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.
- HOLLFELDERGÜHRING GmbH and others.
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Cutting Equipment Market Opportunities
Environmental Considerations to offer Robust Opportunities
Adoption of cutting equipment that reduces waste and energy consumption is motivated by sustainability and environmental concerns. For instance, compared to conventional cutting processes, the usage of waterjet & laser cutting techniques decreases material waste, does away with the need for hazardous chemicals, and uses less energy. The need for environmentally friendly cutting equipment is in fact anticipated to increase as environmental restrictions become more severe.
Cutting Equipment Market Restraints and Challenges
High Operating Cost to act as Market Restraint
The high operating cost, limited adoption in specific industries, economic volatility, and technological obsolescence may act as market restraints over the forecast period.
|Market Size 2032||2032: USD 10.2 Billion|
|CAGR during 2023-2032||9.50% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Cutting Technology, End User, and Region|
|Key Market Opportunities||Advancement in manufacturing processes|
|Key Market Dynamics||Increasing demand across automotive, shipbuilding and other heavy engineering applications, aggressive utilization of fabricated metal products, and development of heavy industrial equipment|
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The global cutting equipment market is bifurcated based on end user and cutting technology.
By cutting technology, plasma will lead the market over the forecast period. The need for plasma cutting equipment is rising worldwide for the surging automation in various end-use industries for less production time, consistency, and better quality.
By end user- automotive will domineer the market over the forecast period. This may be related to the rising demand for cars as well as the growing usage of bending & cutting machinery in the developing automotive industry. In the automotive business, which covers everything from the designing, developing, producing, and manufacturing automotive automobiles and all of its parts and components, cutting and bending equipment are used in a variety of ways. The laser cutting machine is one amid the instruments that is most commonly used throughout various stages of automobile production to ensure the reliability & safety of the completed product.
The coronavirus has a significant negative impact on the market for cutting equipment. Cutting equipment is often used in the automotive, electronics, consumer products, building and construction, and other sectors. Value chain studies on disruption have an effect on large-scale businesses in the automobile sector. For instance, travel restrictions throughout the world and temporary suspension of production hubs have a severe effect on major exporters of vehicle components from China and have compelled manufacturers to relocate around Europe. Additionally, because of the risk of infection among workers, vehicle assembly factories across United States have in fact been forced to close, adding pressure on the already limited supply of automobiles.
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APAC to Lead Cutting Equipment Market
From 2023 to 2032, the cutting equipment market in Asia-Pacific is will develop at the quickest rate for the accelerating rate of auto production and the expanding industrial network. The cheap operational expenses of the emerging countries in this region also attract business from manufacturers. The ASEAN, China, & India nations are anticipated to see the largest growth throughout the projection period. Additionally, the Cutting Equipment market in India had the Asia-Pacific region’s fastest expanding market and China’s Cutting Equipment market had the greatest market share. Due to its quick economic development and rapid expansion in the infrastructure sector, Asia Pacific grabbed over 40% of the overall market share produced by the plasma cutting machine segment. Due to its great precision in producing superior-quality goods, plasma cutting equipment has recently seen an increase in demand in the area from a variety of industries, including automotive, aerospace and defense, and industrial.
Precision, speed, and efficiency in cutting processes have all increased because to developments in cutting technologies including computer numerical control machines, the laser cutting systems, & waterjet cutting systems. In the APAC area, the use of these cutting-edge technologies is expanding. Consumer spending has surged on a variety of goods, including cars, appliances, and gadgets in nations like China and India due to rising disposable income levels. In turn, this increases the need for cutting machinery in the production of these goods.
North America to Have Admirable Growth in Cutting Equipment Market
Due to its fully developed construction industry and significant adoption of cutting-edge technology in other sectors like automation & transportation & shipbuilding & offshore, North America led the worldwide market for manual cutting equipment. By 2026, Canada and the US will probably hold a sizable chunk of the market share due to their prominence as early users of manual cutting equipment.
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Due to the region’s thriving shipbuilding sector, these two regional marketplaces will develop inevitably. The need for cutting equipment especially for production & maintenance has expanded as a result of the growth of several industries in North America, including the automobile and aerospace sectors. The need for cutting equipment in North America is significantly influenced by the construction sector. Cutting tools are needed for a variety of applications in infrastructure projects, including commercial, residential, and industrial construction.
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