NEW YORK, July 28, 2021 /PRNewswire/ -- Global waterjet cutting machine consumable sales is set to be valued at over US$ 1.8 Bn in 2021 and is expecting at 4.8% CAGR from 2021 to 2031, as per a new industry study by Persistence Market Research.
Growing prominence for precision cutting & micromachining has revolutionized the fabrication industry which has led to heightened demand for waterjet cutting machine consumables. Abrasive Waterjet Cutting remains the technology of choice in various manufacturing processes which demands for significant machine consumables & this is projected to complement market growth over the coming years.
Demand for waterjet cutting machine consumables waned in 2020 due to the COVID-19 pandemic. However, the market is in a recovery mode, which bodes well for the sales of these consumables in future. Considering the possibility of a stimulus in many countries, long-term outlook on the market remains positive.
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Key Takeaways from Market Study
- Demand for waterjet cutting machine consumables is increasing with rise in production and sales volumes across end-use industries due to increase in investments and expansion of new industries in developing nations.
- Due to the need for mass production, process automation has become a strong trend in the waterjet cutting machine consumables market. The market is shifting toward Industry 4.0 norms, leading to promotion and almost universal adoption of new technologies.
- There is increasing demand from metal fabrication and automotive industries for deployment of modern equipment in various applications.
- Increasing number of players focusing on R&D related to waterjet cutting machine consumables is anticipated to have a significant effect on market growth over the years to come.
- Abrasive waterjet cutting machine consumables to hold over 56% market share.
- Demand for waterjet cutting machine consumables witnessed a slump in 2020 due to the COVID-19 pandemic, with a recorded growth of -5%.
- The market in India and China is set to surge at around 6% and 5% CAGRs, respectively, over the next ten years.
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"Rising demand from abrasive waterjet cutting applications for various end-use industries in recent years is expected to provide impetus to waterjet cutting machine consumable sales," says a Persistence Market Research analyst.
The market is moderately consolidated, with key players accounting for more than half of the market share. Prominent market players are likely to invest in new technology developments and expansion of their networks in order to maintain their market shares.
Some of the key players in this industry are Kennametal Inc., Flow International Corporation, OMAX Corporation, CERATIZIT S.A., GMA Garnet Pty. Ltd., Wardjet Inc., Hypertherm Inc., TECHNI Waterjet, Jet Edge, Inc., KMT Waterjet, ALLFI AG, Opta Minerals Inc., Kimblad Technology AB, H2O Jet, Oskar Moser Technische Edelsteine GmbH, Diamond Technology Innovations, Inc., WSI Waterjet System International, Barton International Inc., and Hammelmann.
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The research report analyzes demand for waterjet cutting machine consumables. The global market has been analyzed with the COVID-19 impact, various macroeconomic factors, market trends & market background.
As per Persistence Market Research's research scope, the market has been analyzed on the basis of product, application, end use, and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, supply side and demand side.
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