Call for fabricated metal products across various heavy engineering applications is the major factor driving the cutting equipment market. Persistence Market Research has walked through these facts with future perspectives in its latest market study entitled “Cutting Equipment Market”.
Dispersion of Cutting Equipment Market
The global cutting equipment market, by type of equipment, spans mechanized and manual. By cutting technology, it’s oxy-fuel cutting, plasma cutting, laser cutting, waterjet cutting, and carbon arc cutting. By end-use, it’s heavy metal fabrication, construction, shipbuilding & offshore, automotive, and likewise. By type, it’s consumables/accessories and equipment.
Persistence Market Research has mentioned about these findings with subsequent steps to be taken in its latest market study entitled “Cutting Equipment Market”.
North America holds the largest market share due to exorbitant demand for cutting equipment across automotive, shipbuilding,, and various other high-end verticals. As per the US Cutting Tool Institute (USCTI) and AMT (The Association For Manufacturing Technology), the consumption of cutting tools in the US totaled to US$ 157.3 Mn in December 2020 alone. It was up by close to 4% as compared to November 2020.
Europe is amongst the matured markets for cutting equipment market. The Asia-Pacific is expected to grow at the highest rate in the cutting equipment market due to automotive manufacturing expanding at a rapid pace, followed by intensifying industrial network. MEA is expected to grow voraciously herein due to increasing industrialization across power & energy, construction, shipbuilding, and oil & gas sector.
LATAM is also expected to pick up pace in the near future. Persistence Market Research has entailed these facts with insights in its latest market study entitled “Cutting Equipment Market”.
Persistence Market Research has profiled the key players in cutting equipment market as The Lincoln Electric Company, Colfax Corporation, Illinois Tool Works, Ador Welding Ltd., Jet Edge, Inc., DAIHEN Corporation, Hypertherm Inc., GCE HOLDING AB, Amada Miyachi America, Inc., Koike Aronson Inc., WB Alloy Welding Products Ltd., Kennametal Inc., Ceratizit S.A., OMAX Corporation, Flow International Corporation, Barton International Inc., Wardjet Inc., Opta Minerals Inc., V.V Minerals, and likewise.
Persistence Market Research has also mentioned about the latest developments in this regard. For instance – The Lincoln Company,, in December 2020, tabled Torchmate 4510. It comes across as a CNC Plasma Cutting Machine for improving manufacturing capabilities of the end-users across various metal cutting tasks. Ceratizit S.A., since June 2020, started providing various cutting tools to “McLaren racing” to produce artificial ventilators.
The product line includes drilling tools, CCR-AL CircularLine end mill, WTX-Ti drills,, and AluLine end mills for producing ventilators.
The Path Further
The global cutting equipment market is likely to grow impertinently in the next 10 years – Persistence Market Research