Precision Turned Product Manufacturing Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 113.93 Billion |
| Market Size (2029) | USD 154.26 Billion |
| CAGR (2024 - 2029) | 6.25 % |
| Fastest Growing Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Precision Turned Product Manufacturing Market Analysis
The Precision Turned Product Manufacturing Market size is estimated at USD 113.93 billion in 2024, and is expected to reach USD 154.26 billion by 2029, growing at a CAGR of 6.25% during the forecast period (2024-2029).
The demand for cutting-edge machining solutions drives sales growth, and the focus on reducing downtime to increase production speed, accuracy, and machining processes drives growth. Industry 4.0 encourages manufacturing facilities to link with other business functions to create complex and adaptive automation systems that use manufacturing and production precision engineering machinery. So, the industry has many opportunities as Industry 4.0 flourishes in the coming years.
The aerospace industry, which includes R&D and manufacturing of the full range of systems, electronics, and equipment for both civilian and defense markets, is currently experiencing global growth and is unlikely to experience recessionary pressures. However, the world’s top commercial aerospace OEMs predict that by 2024, global passenger traffic will return to pre-pandemic levels. It could lead to ramp-ups to address growing backlogs and boost industry revenue. One of the reasons for this increase can be attributed to the rise in defense budgets after the outbreak of war in Ukraine, which led to the rise in global demand for military equipment.
Because of their computerized precision, precision engineering machines are becoming increasingly popular as manufacturing processes become more efficient and productive. Technology is advancing, and the scope of precision engineering is expanding. Precision engineering machines allow for automated processes, reducing the time required for component machining.
Once the machinist feeds the codes into the computer, the machines can run without manual intervention and control. Robots, also known as industrial automated machines (IAMs), have proven beneficial for discrete and continuous manufacturers in various ways. These benefits include increased efficiency and more efficient manufacturing processes.
Precision Turned Product Manufacturing Market Trends
The Automotive Industry Is Driving The Market
The automotive industry is the largest consumer of precision machined parts, making it essential to ensure that they are accurate and possess tight tolerances. Automotive parts must fit properly and be of high quality to function correctly. Failing machine components to the correct specifications can reduce fuel efficiency, engine malfunctions, and accidents. Precision-turned components are used in the auto industry for a variety of purposes, like throttle control shafts, low pass filters, hydraulic valves, valve housings, sensor housings, temperature sensor housings, pressure sensor housings, pipe joints, sensor metal shells, etc. They make sure the parts are accurate, durable, and work properly, which helps keep your car running smoothly and safely.
Manufacturers produced approximately 89.8 million light vehicles in the world in 2023. As per industry experts, it represents an increase of about 9% compared to the previous year. This number is expected to continue to increase in the coming years due to the growing population, urbanization, and personalization.
With the growth of e-commerce, the demand for small, medium, and large commercial trucks in logistics and transportation has increased significantly. The logistics industry provides services and customer-oriented solutions. Therefore, the demand for commercial trucks for transportation has grown exponentially.
Industry 4.0 is Revolutionizing the Manufacturing Industry
Industry 4.0 involves the modernization of production processes and aims to enhance the competitiveness of the Western industrial sector. It is centered on improved robotics and automation, new human-machine interaction forms, massive data troves, and increasing connectivity. With the help of IoT and highly effective, automated robotics, manufacturers can gather, analyze, and take action on enormous stockpiles of data.
Connectivity and communication may become more crucial as the amount of data being recorded, analyzed, and stored, along with the number of smart devices, increases. Companies require their data to be interoperable and shared within an organization and with outside partners to enable higher operations. Through digital overlays, mixed reality devices can connect the person on site with a third party possessing the necessary skills. This allows them to receive step-by-step instructions for making the repairs.
In February, the University College Birmingham launched an innovation center of EUR 100 million (USD 108.54 million) to transform the manufacturing and construction industries through Industry 4.0 technology. The hub will focus on empowering businesses and nurturing talent to achieve sustainability.
Precision Turned Product Manufacturing Industry Overview
The precision-turned-product manufacturing market has grown steadily due to the increasing demand for high-precision components in various industries. There are many significant players in the market. Since none of the competitors control a sizable portion of the market, it is fragmented. The rivals are coming up with new strategies to assert their superiority. Premier Farnell Corp., HES Präzisionsteile Hermann Erkert GmbH, KPF, Melling Tool Co., and Paul Bippus GmbH & Co. KG are some key companies active in the market.
Precision Turned Product Manufacturing Market Leaders
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Melling Tool Co.
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Kksp Precision Machining
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E&H Precision
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Greystone of Lincoln
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R W Screw Products
*Disclaimer: Major Players sorted in no particular order
Precision Turned Product Manufacturing Market News
- February 2024: Daedalus GmbH, a contract manufacturer based in Germany, announced the closing of a USD 21 million Series A financing for its AI-powered precision manufacturing facility. NGP Capital, a venture capital firm focused on the enterprise software market, was at the forefront of this round. According to Daedalus, returning investors Addition and Khosla Ventures also participated.
- June 2023: E and H Precision planned to set up a new factory to expand production. The new factory is called “Factory 3”, the fourth location in Thailand. The factory covers an area of 3,500 sq. m and houses 24 CNC Lathe Machines with centerless grinding machines and ultrasonic wash machines. The main purpose of the factory is to produce lathe-turned parts for automotive transmission and injectors for the Japanese and the United States markets.
Precision Turned Product Manufacturing Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Government Regulations and Initiatives
4.3 Technological Trends in the Industry
4.4 Value Chain / Supply Chain Analysis
4.5 Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth of the Aerospace Industry is Driving the Market
5.1.2 Automotive Industry is Driving the Market
5.2 Market Restraints
5.2.1 Skilled Labor Shortage
5.3 Market Opportunities
5.3.1 Industry 4.0 Revolutionizing the Manufacturing Industry By 2025
5.4 Industry Attractiveness - Porter's Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Bargaining Power of Buyers/Consumers
5.4.3 Bargaining Power of Suppliers
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION
6.1 By Operation
6.1.1 Manual Operation
6.1.2 CNC Operation
6.2 By Machine Types
6.2.1 Automatic Screw Machines
6.2.2 Rotary Transfer Machines
6.2.3 Computer Numerically Controlled (CNC)
6.2.4 Lathes or Turning centers
6.3 By Material Type
6.3.1 Plastic
6.3.2 Steel
6.3.3 Other Material Types
6.4 By End-user Industry
6.4.1 Automobile
6.4.2 Electronics
6.4.3 Defense
6.4.4 Healthcare
6.5 By Geography
6.5.1 North America
6.5.1.1 United States
6.5.1.2 Canada
6.5.1.3 Mexico
6.5.2 Europe
6.5.2.1 Germany
6.5.2.2 France
6.5.2.3 United Kingdom
6.5.2.4 Italy
6.5.2.5 Spain
6.5.2.6 Russia
6.5.2.7 Rest of Europe
6.5.3 Asia-Pacific
6.5.3.1 China
6.5.3.2 Japan
6.5.3.3 India
6.5.3.4 Bangladesh
6.5.3.5 Turkey
6.5.3.6 South Korea
6.5.3.7 Australia
6.5.3.8 Indonesia
6.5.3.9 Rest of Asia-Pacific
6.5.4 Middle East and Africa
6.5.4.1 Egypt
6.5.4.2 South Africa
6.5.4.3 Saudi Arabia
6.5.4.4 Rest of Middle East and Africa
6.5.5 Rest of the World
7. COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Company Profiles
7.2.1 Melling Tool Co.
7.2.2 Kksp Precision Machining
7.2.3 E&H Precision
7.2.4 Greystone of Lincoln
7.2.5 R W Screw Products
7.2.6 Zhejiang Ronnie Precision Machine Co. Ltd
7.2.7 Astro Machine Works
7.2.8 Cox Manufacturing Company
7.2.9 E. J. Basler Co.
7.2.10 Hall Industries Incorporated
7.2.11 Supreme Machined Products Company
7.2.12 Alpha Grainger Mfg
7.2.13 C & M Machine Products
7.2.14 Alger Precision Machining
7.2.15 Tompkins Products Inc.*
- *List Not Exhaustive
7.3 Other Companies
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
9. APPENDIX
Precision Turned Product Manufacturing Industry Segmentation
Precision-turned parts are those that have undergone exceptionally precise machining. The bulk of precision-turned parts are created using the straightforward yet crucial method of CNC turning. A complete background analysis of the precision-turned-product manufacturing market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, and emerging trends in the market segments, market dynamics, and geographical trends, and the COVID-19 impact, is covered in the report.
The 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-user industry (automobile, electronics, defense, and healthcare), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Rest of the World). The report offers market size and forecasts for all the above segments in value (USD).
| 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-user Industry | |
| Automobile | |
| Electronics | |
| Defense | |
| Healthcare |
| By Geography | |||||||||||
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| Rest of the World |
Precision Turned Product Manufacturing Market Research FAQs
How big is the Precision Turned Product Manufacturing Market?
The Precision Turned Product Manufacturing Market size is expected to reach USD 113.93 billion in 2024 and grow at a CAGR of 6.25% to reach USD 154.26 billion by 2029.
What is the current Precision Turned Product Manufacturing Market size?
In 2024, the Precision Turned Product Manufacturing Market size is expected to reach USD 113.93 billion.
Who are the key players in Precision Turned Product Manufacturing Market?
Melling Tool Co., Kksp Precision Machining, E&H Precision, Greystone of Lincoln and R W Screw Products are the major companies operating in the Precision Turned Product Manufacturing Market.
Which is the fastest growing region in Precision Turned Product Manufacturing Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
What years does this Precision Turned Product Manufacturing Market cover, and what was the market size in 2023?
In 2023, the Precision Turned Product Manufacturing Market size was estimated at USD 106.81 billion. The report covers the Precision Turned Product Manufacturing Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Precision Turned Product Manufacturing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Precision Turned Product Manufacturing Industry Report
The Precision Turned Product Manufacturing Market Report provides a comprehensive market analysis, covering various segments by operation, machine types, material type, end use, and geography. The report offers an industry overview, highlighting the market size, market share, and market growth. The industry analysis includes insights into market trends, market leaders, and market segmentation, providing a detailed market forecast and market outlook.
The report delves into the industry research, offering valuable industry information and industry statistics. It examines the market value and market data, presenting a thorough market review and market predictions. The industry reports and industry sales are discussed, along with the market growth rate and industry outlook.
Additionally, the report includes a report example and a report PDF for further reference. Research companies can benefit from the market research and industry trends outlined in the report. The market segmentation and market forecast are crucial for understanding the future market landscape.
Overall, the Precision Turned Product Manufacturing Market Report is an essential resource for understanding the market dynamics, providing a detailed industry analysis, market overview, and market outlook. The report's comprehensive nature ensures that all aspects of the market are covered, making it a valuable tool for industry stakeholders.
