Yahoo Finance Cutting Equipment, Accessories & Consumables Global Market Report 2022: Ukraine-Russia War Impact
Major players in the cutting equipment, accessories, and consumables market are Colfax Corporation, GCE Group AB, Gentec Corp. , Hypertherm Inc. , Illinois Tool Works Inc. , Messer Group GmbH, Müller Opladen GmbH, African Oxygen Ltd.
New York, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Cutting Equipment, Accessories & Consumables Global Market Report 2022: Ukraine-Russia War Impact" - https://www.reportlinker.com/p06372056/?utm_source=GNW
, 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, and Bystronic
The global cutting equipment, accessories, and consumables market is expected to grow from $7.82 billion in 2021 to $8.20 billion in 2022 at a compound annual growth rate (CAGR) of 4.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting manyevery markets across the globe. The market is expected to reach $9.94 billion in 2026 at a CAGR of 4.9%.
The cutting equipment, accessories, and consumables market consists of sales of cutting equipment, accessories, and consumables products by entities (organizations, sole traders, and partnerships).These are the metal tools that are used for cutting, removing, and shaping materials using shear deformation.
Cutting equipment, accessories, and consumables are also known as "cutters used for cutting materials." They refer to a pointed tool that is mounted on a machine tool and used for cutting. This can be done using either multi-point or single-point tools.
The main types of cutting equipment, accessories, and consumables are manual cutting equipment, mechanised cutting equipment, and other types.Manual cutting equipment refers to a machine used for manually cutting out parts of articles from layers of cloth, card webs, or knitted fabric.
The various technologies used are carbon arc cutting, plasma cutting, oxy-fuel cutting, laser cutting, and water jet cutting. The end-users include construction, heavy metal fabrication, shipbuilding and offshore, automotive, and other end-users.
Asia-Pacific was the largest region in the cutting equipment, accessories, and consumables market in 2021.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.
Growth in the steel and manufacturing industries across the globe is contributing to the growth of the cutting equipment, accessories, and consumables market going forward.Steel and manufacturing industries refer to the business of converting iron ore into steel, to manufacture different grades of steel by removing impurities such as nitrogen, silicon, and phosphorus from the supplied iron.
Cutting equipment, accessories, and consumables enable the steel and manufacturing industries to cut complex shapes with incredible accuracy while remaining fast, efficient, and cost-effective; thus, growth in the steel industry increases demand for cutting equipment, accessories, and consumables.For instance, in June 2021, according to the American Iron and Steel Institute, a US-based trade association of North American steel producers, raw steel production was 1.84 million net tonnes while the capability utilisation rate was 83%. Therefore, the growing steel and manufacturing industries are driving the cutting equipment, accessories, and consumables market.
The adoption of advanced cutting technologies is gaining significant popularity 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 in various end-use industries in order to achieve specific dimensions with extreme precision and save energy.
Plasma and laser cutting are versatile and can be performed on various materials such as steel, iron, copper, brass, and other durable materials.It also helps with cutting curves, odd shapes, and multiple intersecting precise cuts.
For instance, in April 2020, Komatsu Industries Corp., a Japan-based construction, mining, forestry, and military equipment manufacturing company, launched a plasma cutting machine, TWISTER TFP510-3, with the principles of high productivity, easy set-up operation, and user-friendliness, which is based on ICT technology.
In January 2022, Pantech Group Holdings Bhd, a Malaysian pipe, valve, and fittings manufacturing company engaged in providing specialised steel PVF, flanges, and other gas and fluid transmission-related products, acquired Unity Precision Engineering Sdn Bhd. For $2.94 million USD.The acquisition aimed to strengthen Pantech Group Holdings Bhd and contribute to the group’s transformation into a high-value-added manufacturing group.Unity Precision Engineering Sdn Bhd is a Malaysian precision tooling company, jigs, fixtures, and machine parts fabrication manufacturer.
The countries covered in the cutting equipment, accessories, and consumables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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.
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