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 |
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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 is driving sales growth, and the focus on reducing downtime to increase production speed, accuracy, and machining processes is also driving growth. Industry 4.0 encourages manufacturing facilities to link up with other business functions to create complex and adaptive automation systems that use manufacturing and production precision engineering machinery. So, there are lots of opportunities in the sector 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 2023 or early 2024, global passenger traffic is expected to return to 2019 levels. This 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 increase in defense budgets after the outbreak of war in Ukraine, which led to an increase 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 and, therefore, reduce the time required for component machining.
Once the codes are fed into the computer by the machinist, the machines can run without manual intervention and control. Robots, also known as industrial automated machines (IAMs), have proven to be beneficial for discrete and continuous manufacturers alike in a variety of ways. Some of these benefits include increased efficiency and more efficient manufacturing processes.
Precision Turned Product Manufacturing Market Trends
Automotive Industry is driving the market
The auto industry is the biggest user of precision machined parts, so it's important to make sure they're accurate and with tight tolerances. Automotive parts need to fit into place and be of good quality to work properly, and if they're not machined to the right specifications, it can lead to problems like lower fuel efficiency, engine failure, 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.
There were approximately 85 million motor vehicles produced in the world in 2022. This represents an increase of about 6% compared to the previous year. It is expected that this number will 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 is no longer just about providing services but providing customer-oriented solutions. Therefore, the demand for commercial trucks for transportation has increased exponentially.
Industry 4.0 Revolutionizing the Manufacturing Industry
Industry 4.0 involves modernizing production and enhancing 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 both within an organization and with outside partners to enable higher levels of operations.
Through the use of digital overlays, mixed reality devices can link the person on site with a third party with the necessary skills so they can learn how to make the repairs step-by-step.
In the past, manufacturing companies that wanted to stay competitive had to outsource to low-wage countries. Richer nations are now able to compete because of technological advancements.
Precision Turned Product Manufacturing Industry Overview
There are many major 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 a few of the key companies active in the sector.
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
- Jun 2023: In order to expand its production, E and H Precision will set up a new factory. The new factory is called “Factory 3”, which is the fourth location in Thailand. The factory covers an area of 3,500 sqm and houses 24 CNC Lathe Machines with Centerless Grinding Machines and Ultrasonic Wash Machines. The main purpose of the factory is to produce the lathe-turned parts for the automotive transmission as well as the injectors for the Japanese and the United States markets.
- Nov 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 extend Momentum's capabilities, increase the company's exposure to mission-critical end markets, and add close to 160 qualified team members.
- Jan 2022: The Precision Machining division of the Mercedes Benz Truck Factory was purchased by Balu Forge Industries Ltd (BFIL) from Mannheim, Germany. The purchase will be integrated into BFIL's brand-new machining facilities in Belgaum, Karnataka, and will solidify the business's status as a global leader in precision manufacturing. BFIL will also be able to produce crankshafts and other precision machined parts for original equipment producers of class 7 and class 8 trucks and heavy-duty vehicles due to the expansion.
Precision Turned Product ManufacturingMarket 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
4.2.1.1 Growth of the Aerospace Industry driving the market
4.2.1.2 Automotive Industry is driving the market
4.2.2 Market Restraints
4.2.2.1 Skilled Labor Shortage
4.2.3 Opportunities
4.2.3.1 Industry 4.0 Revolutionizing the Manufacturing Industry By 2025
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
5.5 By Geography
5.5.1 North America
5.5.1.1 United States
5.5.1.2 Canada
5.5.1.3 Mexico
5.5.2 Europe
5.5.2.1 Germany
5.5.2.2 France
5.5.2.3 United Kingdom
5.5.2.4 Italy
5.5.2.5 Spain
5.5.2.6 Russia
5.5.2.7 Rest of Europe
5.5.3 Asia-Pacific
5.5.3.1 China
5.5.3.2 Japan
5.5.3.3 India
5.5.3.4 Bangladesh
5.5.3.5 Turkey
5.5.3.6 South Korea
5.5.3.7 Australia
5.5.3.8 Indonesia
5.5.3.9 Rest of Asia-Pacific
5.5.4 Middle-East and Africa
5.5.4.1 Egypt
5.5.4.2 South Africa
5.5.4.3 Saudi Arabia
5.5.4.4 Rest of Middle-East and Africa
5.5.5 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Melling Tool Co.
6.2.2 Kksp Precision Machining
6.2.3 E&H Precision
6.2.4 Greystone of Lincoln
6.2.5 R W Screw Products
6.2.6 Zhejiang Ronnie Precision Machine Co. Ltd
6.2.7 Astro Machine Works
6.2.8 Cox Manufacturing Company
6.2.9 E. J. Basler Co.
6.2.10 Hall Industries Incorporated
6.2.11 Supreme Machined Products Company
6.2.12 Alpha Grainger Mfg
6.2.13 C & M Machine Products
6.2.14 Alger Precision Machining
6.2.15 Tompkins Products Inc.*
- *List Not Exhaustive
7. *List Not Exhaustive
8. FUTURE OF THE MARKET
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.
The report provides a comprehensive background analysis of the market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the competitive landscape of the industry. Additionally, the COVID-19 impact has been incorporated and considered during the study.
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 Use (Industries, Automobile, Electronics, Defense, and Healthcare), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and Rest of the World). The report offers the market size in value terms in USD for all the abovementioned 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 |
| By Geography | |||||||||||
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| Rest of the World |
Precision Turned Product ManufacturingMarket 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 107.23 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 ManufacturingIndustry 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.
