North America Precision Turned Product Manufacturing Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 11.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Precision Turned Product Manufacturing Market Analysis
- The North American precision-turned-product manufacturing market is expected to register a CAGR of more than 11.2 % over the forecast period. The COVID-19 outbreak damaged the market by stifling innovation, cutting into profitability, reducing cash flow, and making the economy unstable. Numerous events had to be postponed in 2020 because of the pandemic, which hindered vendors from showcasing their cutting-edge products or advances. As a result, finding qualified operators is a significant barrier to the company's expansion. The lack of qualified manufacturing people, such as precision machinists and tool makers, impacted sectors like steel and aerospace.
- Rising demand for advanced machining solutions and a focus on reducing downtime to increase production efficiency, improve accuracy, and optimize machining processes are driving sales growth. To create comprehensive and adaptive automation system designs that utilize precise engineering machinery for manufacturing and production, Industry 4.0 promotes the integration of manufacturing facilities with other corporate processes. As Industry 4.0 grows in the coming years, the sector provides many opportunities.
- Precision engineering machines gained popularity as production processes became more productive and efficient due to their computerized accuracy. The breadth of precision engineering is expanding due to the expanding capabilities of technology. Automated operations are made possible by precision engineering machines, which reduces the time required for component machining.
- The machines may run autonomously and without further manual input when the machinist enters the codes into the computer. Robots and other industrial automated devices have proven beneficial for manufacturers, both discrete and continuous varieties, in several ways. Increased productivity and more efficient production techniques are two of these benefits.
North America Precision Turned Product Manufacturing Market Trends
This section covers the major market trends shaping the North America Precision Turned Product Manufacturing Market according to our research experts:
The Manufacturing Sector is Being Transformed by the Internet Of Things (IoT)
The industrial sector is constantly under pressure to increase productivity and efficiency while lowering prices. The Internet of Things is one solution to these issues. It is a network of physical things outfitted with sensors that gather and exchange data, which helps businesses streamline production processes and reduce downtime.
An ecosystem of interconnected devices, security components, application software, controllers, and other components is made possible by integrating IoT sensors, asset tags, and software to track the location and status of assets in real time. They keep track of and optimize assets at all manufacturing stages, from the supply chain to product delivery, ensuring that problems that negatively affect product quality or time to market are quickly and effectively identified. Digital equipment, industrial instrumentation, and embedded systems are some of the intellectual assets in the IIoT.
Increased emphasis on predictive maintenance, improved production efficiency, and simplified management of manufacturing infrastructure are some of the factors driving the IoT's growth. Producers have access to unprecedented levels of visibility, knowledge, and control due to the IoT. This technology can alter the industrial sector by boosting workplace safety, optimizing manufacturing processes, reducing downtime, and enabling predictive maintenance.
The Manufacturing Sector is Being Revolutionized by Industry 4.0
Modernizing production and boosting the competitiveness of the western industrial sector are two aspects of Industry 4.0. It is focused on advancing robotics and automation, developing new methods of human-machine communication, accumulating vast amounts of data, and expanding connectivity. Manufacturers can collect, analyze, and act on massive quantities of data like never before due to the Internet of Things (IoT) and highly efficient automated robotics.
As more smart devices are developed, more data will need to be recorded, processed, and stored, and connectivity and communication will become more critical. Businesses need their data to be interoperable and shared with internal partners and external partners to enable higher levels of operations.
Mixed reality tools can connect the individual on the job with a third party with the required abilities by using digital overlays, allowing them to learn how to make the repairs step-by-step.
In the past, manufacturing firms that wished to maintain their competitiveness had to outsource their work to low-wage nations. Technology developments have allowed wealthier countries to get back in the competition.
North America Precision Turned Product Manufacturing Industry Overview
There are numerous significant players in the market. Since none of the competitors control a sizable portion of the market, the market is fragmented. The rivals are coming up with new strategies to assert their superiority.
The major players in the market include Premier Farnell Corp., Melling Tool Co., Kamatics Corporation, Sorenson Engineering Inc., and Cox Manufacturing Company.
North America Precision Turned Product Manufacturing Market Leaders
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Premier Farnell Corp.
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Melling Tool Co.
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Kamatics Corporation
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Sorenson Engineering, Inc.
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Cox Manufacturing Company
*Disclaimer: Major Players sorted in no particular order
North America Precision Turned Product Manufacturing Market News
- November 2022: Middle market private equity firm One Equity Partners announced the acquisition of precision machining service providers Evans Industries Inc. and Little Enterprises LLC by Momentum Manufacturing Group, a leading North American metal manufacturing services provider. The purchases will extend Momentum's capabilities, increase the company's exposure to mission-critical end markets, and add close to 160 qualified team members.
- December 2021: A legally binding agreement was signed by the Reutte, Austria-based Plansee Group to buy the Indianapolis-based Mi-Tech Tungsten Metals. Nearly 100 individuals work for Mi-Tech, which is regarded as one of the top manufacturers of tungsten-based goods in the United States. It is strengthening its market position for tungsten goods in North America with the acquisition of Mi-Tech.
North America Precision Turned Product Manufacturing Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Background
1.2 Study Assumptions and Market Definition
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Current Market Scenario
4.2 Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Opportunities
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Value Chain/Supply Chain Analysis
4.5 Government Regulations and Initiatives
4.6 Technological Trends
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Operation
5.1.1 Manual Operation
5.1.2 CNC Operation
5.2 By Machine Types
5.2.1 Automatic Screw Machines
5.2.2 Rotary Transfer Machines
5.2.3 Computer Numerically Controlled (CNC)
5.2.4 Lathes or Turning Centers
5.3 By Material Type
5.3.1 Plastic
5.3.2 Steel
5.3.3 Other Material Types
5.4 By End Use
5.4.1 Automobile
5.4.2 Electronics
5.4.3 Defense
5.4.4 Healthcare
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Premier Farnell Corp.
6.2.2 Melling Tool Co.
6.2.3 Kamatics Corporation
6.2.4 Sorenson Engineering Inc.
6.2.5 Cox Manufacturing Company
6.2.6 Nook Industries LLC
6.2.7 Creed-Monarch Inc.
6.2.8 Camcraft Inc.
6.2.9 M & W Industries Inc.
6.2.10 Greystone of Lincoln Inc.
6.2.11 Swagelok Hy-Level Company
6.2.12 Herker Industries Inc.
6.2.13 Supreme Screw Products Inc.*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. APPENDIX
North America Precision Turned Product Manufacturing Industry Segmentation
Precision-turned parts are those that have undergone exceptionally precise machining. The bulk of precision-turned parts is created using the straightforward yet crucial method of CNC turning.
North America's precision-turned-product manufacturing market is segmented by operation (manual operation and CNC operation), machine types (automatic screw machines, rotary transfer machines, computer numerically controlled (CNC), and lathes or turning centers), material type (plastic, steel, and other material types), end use (industries, automobile, electronics, defense, and healthcare). The report offers market size and forecasts in values (USD billion) for all the above segments.
| By Operation | |
| Manual Operation | |
| CNC Operation |
| By Machine Types | |
| Automatic Screw Machines | |
| Rotary Transfer Machines | |
| Computer Numerically Controlled (CNC) | |
| Lathes or Turning Centers |
| By Material Type | |
| Plastic | |
| Steel | |
| Other Material Types |
| By End Use | |
| Automobile | |
| Electronics | |
| Defense | |
| Healthcare |
North America Precision Turned Product Manufacturing Market Research FAQs
What is the current North America Precision Turned Product Manufacturing Market size?
The North America Precision Turned Product Manufacturing Market is projected to register a CAGR of 11.20% during the forecast period (2024-2029)
Who are the key players in North America Precision Turned Product Manufacturing Market?
Premier Farnell Corp., Melling Tool Co., Kamatics Corporation, Sorenson Engineering, Inc. and Cox Manufacturing Company are the major companies operating in the North America Precision Turned Product Manufacturing Market.
What years does this North America Precision Turned Product Manufacturing Market cover?
The report covers the North America Precision Turned Product Manufacturing Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the North America Precision Turned Product Manufacturing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
North America Precision Turned Product Manufacturing Industry Report
Statistics for the 2024 North America Precision Turned Product Manufacturing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Precision Turned Product Manufacturing analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
