Cutting equipment or cutting tool or a cutter, in the context of machining, could be any tool which is used to remove any material from a work piece through means of shear deformation. This act of cutting can be done through multipoint or single-point tools.
Construction industry has been witnessing a growth across the globe and thus has been contributing towards the growth of the cutting equipment, accessories & consumables market. An increase in consumer spending and an increase in automobile sales have contributed to the growth of this market. These factors are expected to propel market during the forecast year of 2016-2024.
The market has been segmented on the basis of equipment, accessories, consumables and technology. By equipment, the market is segmented into mechanized and manual. The market, on the basis of accessories, is divided into gas filters and gas regulators. By consumables, the market has been divided into Oxy-fuel Gases and Shielding and by technology, the market is segmented into Oxy-fuel gases and plasma.
In the cutting equipment, accessories & consumables market, the segment of mechanized cutting equipment is forecasted to be the fastest growing in the years to come. The main factors that are driving the market growth in the steel industry and manufacturing industry. Steel industry has an important role to play owing to the consumption of steel in the construction industry, manufacturing industry and the fabrication industry.
In the consumables segment, oxy fuel and shielding gases are obtain maximum momentum during the forecast period. The category of shielding is likely to grow during the forecast period owing to the increasing demand of argon gas.In the technology segment, plasma cutting is likely to witness the highest growth. Oxy fuel gases technology is forecasted to witness the second largest market share. The demand for Oxy fuel gases are increasing as it is relatively inexpensive, investment on equipment is also minimal.
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Geographically, the market is segmented into North America, Asia Pacific (APAC), Europe, Middle East and America (EMEA) and Latin America. Asia Pacific has been leading the market and accounts for the biggest market share. Large population of the region has led to the increasing demand of housing and this has led to the increasing demand for cutting equipment and accessories.
Apart from housing, owing to large population of the region, there is a fast growing demand in end-use industries such as infrastructure, industrial, commercial and marine. As such, the demand for cutting equipment, accessories and consumables in these sectors have also increased. The market in North America is also anticipated to grow rapidly during the forecast period of 2016-2024. The U.S. accounted for the biggest market share in this geographical segment and is expected to remain dominant this geographical segment throughout the forecast period.
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Europe also accounts for a substantial market share in this market and occupies a large market share of cutting equipment, accessories & consumables market. The region is expected to grow well over the forecast period of 2016-2024. The market of Middle East and Africa is also expected to grow significantly over the forecast period. The regions of Latin America is largely driven by the increasing demand for housing, residential and commercial needs in this region.
The global market of cutting equipment, accessories and consumables is fragmented with many large and well-established players. Also, many new players are trying to enter the Cutting Equipment, Accessories & Consumables Market owing to the expected high growth of the market.
Some of the major players of the Cutting Equipment, Accessories & Consumables Marketare Air Liquide (France), British Oxygen Company (U.K.), Bug-O (the U.S.), Gentec (Sanghai) Corporation (China), Cavagna Group (Italy), GCE Holding AB (Sweden), Colfax Corporation (the US), Müller Opladen (Germany), Messer Group (Germany), Matheson TRI-Gas (the U.S.), Illinois Tool Works Inc. (the U.S.), Rotarex (Luxembourg) amongst many others.