Cutting Equipment, Accessories & Consumables Global Market Report 2024

The cutting tools, accessories, and consumables constitute metal instruments utilized for cutting, removing, and shaping materials through shear deformation. Commonly referred to as cutters, these tools are employed to cut materials and are typically pointed implements mounted on machine tools.

There are two primary methods for cutting tools such as multi-point and single-point tools. The key categories of cutting equipment, accessories, and consumables are manual cutting equipment, mechanized cutting equipment, and other variations. Manual cutting equipment involves machines used for the manual extraction of parts from layers of cloth, card webs, or knitted fabric. Technologies employed in this process include carbon arc cutting, plasma cutting, oxy-fuel cutting, laser cutting, and water jet cutting. End-users for these tools encompass the construction, heavy metal fabrication, shipbuilding and offshore, automotive, and various other sectors.

The cutting equipment, accessories, and consumables market research report is one of a series of new reports that provides cutting equipment, accessories, and consumables market statistics, including cutting equipment, accessories, and consumables industry global market size, regional shares, competitors with cutting equipment, accessories, and consumables market share, detailed cutting equipment, accessories, and consumables market segments, market trends and opportunities, and any further data you may need to thrive in the cutting equipment, accessories, and consumables industry. This cutting equipment, accessories, and consumables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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 observed in the historical period can be attributed to several factors, including the expansion of manufacturing and fabrication industries, increased activities in automotive and aerospace manufacturing, a surge in infrastructure development and construction, a heightened emphasis on automation and efficiency in metalworking processes, and the widespread 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 anticipated growth in the forecast period can be ascribed to various factors, including the rise in renewable energy and green technologies, market expansion in emerging economies and developing regions, a growing demand for customization and specialty cutting solutions, increased adoption of waterjet and abrasive waterjet cutting technology, and a heightened focus on environmental sustainability and recycling in cutting processes. Prominent trends in the forecast period encompass advancements in laser cutting technology, the integration of automation and robotics, the application of plasma cutting for thick materials, precision micro-cutting and micromachining, as well as improvements in software and CAD/CAM integration.

The expansion of the steel and manufacturing industries on a global scale is a key factor contributing to the prospective growth of the cutting equipment, accessories, and consumables market. In the context of this growth, the term 'steel and manufacturing industries' pertains to the processes involved in transforming iron ore into steel by eliminating impurities like nitrogen, silicon, and phosphorus from the supplied iron, resulting in the production of various steel grades. Cutting equipment, accessories, and consumables play a pivotal role in facilitating precise cutting of intricate shapes, ensuring speed, efficiency, and cost-effectiveness for these industries. Notably, in June 2021, the American Iron and Steel Institute reported raw steel production at 1.84 million net tons, with a capability utilization rate of 83%. This underscores how the burgeoning steel and manufacturing sectors are propelling the demand for cutting equipment, accessories, and consumables.

The escalating demand for automation is anticipated to drive the future growth of the cutting equipment, accessories, and consumables market. Automation, in this context, refers to the utilization of highly automated equipment within manufacturing or production systems. This includes the capability to remotely monitor and control cutting equipment, particularly valuable in large-scale industrial applications for efficient maintenance and troubleshooting. A 2022 McKinsey Global Industrial Robotics survey revealed that industrial companies are poised to make substantial investments in robotics and automation, with automated systems expected to constitute 25% of capital spending in companies over the next five years. Consequently, the significant investment in automation by companies is set to propel the cutting equipment, accessories, and consumables market.

The adoption of advanced cutting technologies is gaining notable traction within the cutting equipment, accessories, and consumables market. Key market players are directing their efforts towards incorporating innovative technologies such as plasma and laser cutting across various end-use industries. These technologies enable the achievement of precise dimensions with extreme accuracy while also contributing to energy savings. Plasma and laser cutting techniques offer versatility, allowing them to be applied to materials like steel, iron, copper, brass, and other durable substances. An example of this trend is evident in the announcement by Rollomatic in October 2022, introducing a new laser model, LaserSmart 810XL, designed for larger-diameter PCD tools (polycrystalline diamond) and other ultra-hard materials, showcasing the continual integration of advanced cutting technologies in the market.

Leading companies in the cutting equipment, accessories, and consumables market are strategically focusing on the development of innovative products, exemplified by the introduction of multi-purpose welders, to gain a competitive edge. A multi-purpose welder is a welding machine designed to execute multiple welding processes, offering versatility for a range of welding applications. This adaptability makes these machines particularly advantageous for individuals whose work requirements vary day by day. In July 2022, Lincoln Electric, a prominent US-based company specializing in the design, development, and manufacture of arc welding products, automated joining, assembly, and cutting systems, unveiled the POWER MIG 215 MPi multi-process welder. This lightweight, dual-input voltage machine features a new ergonomic design and is capable of performing MIG (Metal Inert Gas welding), TIG (Tungsten Inert Gas welding), Stick, and Flux-Cored welding. Positioned as an ideal tool for both home hobbyists and professionals specializing in metal fabrication, maintenance and repair, or light industrial work, the POWER MIG 215 MPi showcases the commitment to innovation in the competitive landscape.

In January 2022, Pantech Group Holdings Bhd, a Malaysian company engaged in the manufacturing of pipes, valves, and fittings, specializing in providing specialized steel PVF, flanges, and other gas and fluid transmission-related products, took a strategic step by acquiring Unity Precision Engineering Sdn Bhd for $2.94 million USD. Unity Precision Engineering Sdn Bhd is a Malaysian precision tooling company and manufacturer of jigs, fixtures, and machine parts fabrication. This acquisition was aimed at reinforcing Pantech Group Holdings Bhd and contributing to the group's transformation into a high-value-added manufacturing entity. It underscores the strategic direction of major players in the cutting equipment, accessories, and consumables market, emphasizing the importance of acquisitions to enhance capabilities and position themselves for sustained growth in the industry.

Major companies operating in the cutting equipment, accessories & consumables market include Colfax Corporation, GCE Group AB, Gentec Corp., Hypertherm Inc., Illinois Tool Works Inc., Messer Group GmbH, Müller Opladen GmbH, African Oxygen Ltd., BOC Ltd., Bug-O Systems Inc., GasIQ AB, Koike Aronson Inc., Linde AG, DMG Mori Seiki Co., ABB Group, American Welding And Gas., ANCA Pty Ltd., Baker Hughes Company, Bystronic AG, Lincoln Electric Holdings Inc., Elektriska Svetsnings-Aktiebolaget, Fronius International GmbH, BURNY Kaliburn Lincoln Electric Co., C&G Systems, CNC Clear Cut, Daito Seiki Co. Ltd., HG Farley LaserLab Co, Flow International Corporation, HACO-FAT, Hornet Cutting Systems, Jet Edge Inc., KMT Waterjet Systems, Komatsu NTC Ltd., KUKA AG, LVD Company nv, Mazak Corporation, OMAX Corporation, Prima Power, Salvagnini America Inc., SigmaTEK Systems LLC, Tanaka Holdings Co. Ltd., Techni Waterjet

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 regions covered in this cutting equipment, accessories, and consumables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the cutting equipment, accessories, and consumables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.

The cutting equipment, accessories, and consumables market consists of sales of cutting equipment, accessories, and consumables including carbon arc cutting, plasma cutting, oxy-fuel cutting, laser cutting, and water jet cutting. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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