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3. New Product & Technology Launches, Expansions & Investments, Agreements & Partnerships, and Mergers & Acquisitions are Some of the Major Strategies Adopted by the Market in Cutting Equipment Accessories, and Consumables

MarketsandMarkets projects that the cutting equipment, accessories, and consumables market size will grow from USD 6.67 Billion in 2016 to USD 8.27 Billion by 2021, at a CAGR of 4.43%. The demand in this market is growing in accordance with the construction, automobile and steel industry. Factors such as public expenditure from government, private construction industry output, consumer spending, and increase in car sales of the automobiles industry are the main drivers for the cutting equipment, accessories, and consumables market.

The global market for cutting equipment, accessories, and consumables is dominated by large players such as Colfax Corporation (U.S.), Illinois Tool Works Inc. (U.S.), Lincoln Electric Company (U.S) and Air Liquide S.A. (France). Other players in this market include GCE holding AB (Sweden), Koike Aronson, Inc. (U.S.), Fronius International GMBH (Australia), The Linde Group (Germany), and Messer group (Germany). These players adopted various strategies to expand their global presence and increase their market share. New product & technology launches, expansions & investments, agreements & partnerships, and mergers & acquisitions are some of the major strategies adopted by the market players to achieve growth in the market.

The growth of the cutting equipment, accessories, and consumables market was largely influenced by mergers & acquisitions in the past five years. A large number of developments such as new product launches, expansions, and agreements were adopted by the top players in the market in 2015. Companies such as Colfax Corporation (U.S.), Illinois Tool Works Inc. (U.S.), Lincoln Electric Company (U.S) and Air Liquide S.A. (France) were the key players who adopted strategies such as mergers & acquisitions, new product launches to expand their geographical reach and product portfolios.

Colfax Corporation (U.S.), a subsidiary of Elektriska Svetsnings aktie bolaget (ESAB), is a global manufacturer of cutting equipment, its accessories, and consumables. The company completed its acquisition of Charter international plc (U.K.), for 2.4 USD billion, which helped the company to strengthen its footprint in the field of air and gas handling along with cutting solutions provided by its two divisions—Howden and ESAB, in September 2011. It also acquired Victor Technologies Holdings, Inc. (U.S.), in February 2014 for 947.3 USD million, which was a pre-eminent global manufacturer of cutting, gas control and specialty cutting solutions, thus complementing Colfaxs fabrication technology platform.

Lincoln Electric Company (U.S.) fully acquired Vizient Manufacturing Solutions, Inc. (U.S.) for USD 40 million, with the moto to help the company to complement its current offerings in terms of automated arc cutting systems for general and heavy fabrication applications. This acquisition helped the company to strengthen its business in the European market. Lincoln Electric partnered with Skip Barber Racing School, with which the company would provide new cutting equipment and training at three base locations, thus expanding its footprint in the motorsports and automobiles industry.

Related Reports:

Cutting Equipment, Accessories & Consumables Market by Equipment (Manual, Mechanized), Accessories (Gas regulators, Gas filters,), Consumables (Shielding, Oxy-fuel Gases), Technology (Plasma, Oxy-fuel, Laser), End-Use - Global Forecast to 2021

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