A surge in usage of oxy-fuel welding and cutting technologies in various industries is expected to propel the oxy-fuel welding and cutting market size during the forecast period
Wilmington, Delaware, United States, Sept. 01, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global oxy-fuel welding and cutting market is projected to flourish at a CAGR of 4.2% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 2.1 billion is anticipated for the market in 2031. As of 2023, the market for oxy-fuel welding and cutting is expected to close at US$ 1.46 billion.
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The market is highly competitive. Key players are involved in strategic collaborations that strengthen their position in the oxy-fuel welding and cutting industry. Transparency Market Research has profiled the following players in its global oxy-fuel welding and cutting market report:
- American Welding & Gas.
- American Torch Tip
- Messer Cutting Systems, Inc.
- Miller Welding
- GCE Group
- Koike Aronson, Inc.
- Nissan Tanaka
- Illinois Tool Works Inc.
- Rotarex S.A
- Other Key Players
Key Developments in the Oxy-fuel Welding and Cutting Market
- Koike Aronson specializes in cutting and welding equipment, including oxy-fuel systems. They have been working on integrating automation features into oxy-fuel cutting processes to improve productivity and precision.
- GCE Group has been working on providing innovative solutions for oxy-fuel welding and cutting processes. Their developments include safety enhancements, advanced gas control systems, and digital solutions for process monitoring.
- Bug-O Systems has been working on automation solutions for oxy-fuel cutting processes. They offer products that automate the movement of cutting torches, improving cut quality and reducing operator fatigue.
- ESAB is known for its wide range of welding and cutting solutions. In the oxy-fuel segment, they have been working on integrating digital technologies to enhance cutting precision, automate processes, and improve overall efficiency.
Increasing demand for lightweight materials for automotive components is fueling the oxy-fuel welding and cutting market value. The rise in usage of high-strength steel and the increase in demand for fuel-efficient vehicles is expected to offer lucrative opportunities for market expansion.
Oxy-fuel welding and cutting remain essential in certain niche industrial applications, such as shipbuilding, construction, and demolition. These processes are often used for tasks where precision, versatility, and portability are required.
Key Takeaways from the Market Study
- As of 2022, the oxy-fuel welding and cutting market was valued at US$ 1.4 billion
- By type, the oxy-fuel welding segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on product, the mouthpieces and oxygen masks product segment is anticipated to dominate the industry during the forecast period
- Based on end-user, the commercial segment is expected to generate high revenue during the forecast period, due to the increased demand in restaurants, hotels, and coffee shops.
Oxy-fuel Welding and Cutting Market: Key Trends and Opportunistic Frontiers
- Demand for oxy-fuel welding and cutting is particularly strong due to active infrastructure and construction projects in developing economies
- Manufacturers have been developing more efficient cutting torches, better gas control systems, and improved safety features. These advancements enhance the precision, efficiency, and safety of the processes.
- Use of high-quality welding and cutting solutions and an increase in focus on extending the lifespan are some of the key oxy-fuel welding and cutting market trends.
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Oxy-fuel Welding and Cutting Market – Regional Analysis
- North America is expected to hold the largest share of the oxy-fuel welding and cutting market from 2023 to 2031. The presence of a large number of major manufacturers, and a surge in demand for energy-efficient welding and cutting processes are fueling the market dynamics of the region. Increasing demand from automotive, aerospace, and shipbuilding industries in the region, drives the market growth.
- Asia Pacific is a significant market for oxy-fuel welding and cutting. Growing construction and manufacturing sectors, continue to use oxy-fuel processes for tasks such as shipbuilding, construction, and metal fabrication. Rapid urbanization and infrastructure development contribute to the demand.
Oxy-fuel Welding and Cutting Market –Key Segments
- Oxy-fuel Welding
- Oxy-fuel Cutting
- Natural gas
- Others (Methylacetylene-Propadiene, etc.)
- Aerospace and Defense
- Others (Ship building, DIY applications, etc.)
- Direct Sales
- Indirect Sales
- North America
- Asia Pacific
- Middle East & Africa
- South America
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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Originally published at https://www.einpresswire.com/article/653225650/oxy-fuel-welding-and-cutting-market-to-be-worth-usd-2-1-billion-by-2031-expanding-at-a-cagr-of-4-2-says-transparency-market-research