Asia-Pacific Precision Turned Product Manufacturing Market Size (2024 - 2029)

The Asia-Pacific precision turned product manufacturing market is experiencing significant growth, driven by the manufacturing potential in Asian countries, particularly China and India, which offer cost-effective services and are adopting advanced technologies. The region's market size is further bolstered by Singapore's role as a precision engineering hub, attracting global demand. The supply chain revolution, influenced by geopolitical tensions, is reshaping production bases and fostering regional manufacturing centers, with the ASEAN region evolving into a smart manufacturing hub. Initiatives like the Southeast Asian Manufacturing Alliance are enhancing regional cooperation and digital supply chain capabilities, contributing to the market's expansion. Additionally, India's focus on self-sufficiency in precision engineering is crucial for strengthening its digital infrastructure and addressing economic challenges.

Market Size of Asia-Pacific Precision Turned Product Manufacturing Industry

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Asia - Pacific Precision Turned Product Manufacturing Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 7.00 %
Market Concentration Low

Major Players

Asia - Pacific Precision Turned Product Manufacturing Market Major Players

*Disclaimer: Major Players sorted in no particular order

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APAC Precision Turned Product Manufacturing Market Analysis

The size of Asia-Pacific precision turned product manufacturing market is around USD 6 billion and is anticipated to register a CAGR of more than 7% over the forecast period. The huge potential in the manufacturing sector of Asian countries mainly drives the market. China and India are providing manufacturing services at a very low cost, and the industry is transforming with advanced technology. While Singapore, a precision engineering hub, expects a huge demand from other parts of the world to drive the market.

  • Following the trade war between the United States and China, the supply chain revolution has become a major source of concern. This revolution will result in the transfer of enterprise production bases and even the entire supply system, forming several regional-based manufacturing centers. The ASEAN region has benefited from regional manufacturing. Nevertheless, unlike in the past, the ASEAN region is not based on labor outsourcing but has gradually developed into a smart manufacturing center, with Singapore leading the way.
  • The Southeast Asian Manufacturing Alliance was established in 2020 by Singapore and officially launched in March 2021. Through the spirit of the alliance, it integrates manufacturers from ASEAN countries, connecting Malaysia, Vietnam, and Indonesia. Aiming at foreign large-scale and local manufacturers, it will form a close regional cooperation alliance to help manufacturers build a digital supply chain in more than 10 industrial zones and increase their market share. The benefit of SMEs implementing smart manufacturing is that it allows them to manage their daily operations more efficiently and differentiate themselves from competitors through innovative mechanisms. Obtaining real-time data from the manufacturing process for business decision-making and prediction/problem-solving is a critical component of smart manufacturing.
  • China's machinery industry, which is already a global leader, is entering a new era of sophistication. According to the China Machinery Industry Federation, sales revenue for the section reached CNY 12.95 trillion (USD 1.87 trillion) in the first half, up 5.44% year on year. Strategic emerging subcategories accounted for 79.3% of total revenue and 76.64% of total profits in the machinery industry, growing 3.38% and 2.67%, respectively. In addition, the machinery company debuted its Bright-eye teaching-free robot welding technique at the 2022 WRC. It solves problems such as low automation rates, low welding rates, and poor production through ultrahigh-precision 3D vision and laser perception systems, as well as Sany's unique expert welding process database and offline programming technology.
  • Precision engineering is paving the way for India to become self-sufficient. The current geopolitical challenges have highlighted the critical importance of "Atmanirbharta" in strengthening the country's digital infrastructure. The current geopolitical challenges have highlighted the critical importance of "Atmanirbharta" in strengthening the country's digital infrastructure. In FY22, India had a current account deficit (CAD) of 1.2%and India's widening current account deficit is exacerbated by a surge in crude and other imports, which has led to an in domestic inflation. As a result, striving for rapid self-sufficiency and strengthening domestic industries in core and critical segments is critical to catapult the country into a precision manufacturing and technological orbit.

APAC Precision Turned Product Manufacturing Industry Segmentation

Precision manufacturing removes material from a sheet or block of material to form desired shapes. Demand for complex custom parts with tight tolerances is increasing across various industries.

The Asia-Pacific precision-turned product manufacturing market is segmented by type (copper, brass, other metals, plastic, and others), by manufacturing method (automatic screw machines, rotary transfer machines, computer numerically controlled (CNC) lathes, turning centers, and other machines), and by geography (China, India, Japan, South Korea, ASEAN Countries, and Rest of Asia-Pacific). The report offers market size and forecast for the Asia-Pacific precision turned product manufacturing market in value (USD billion) for all the above segments.

By Type
Copper
Brass
Other Metals
Plastic
Other Types
By Manufacturing Method
Automatic Screw Machines
Rotary Transfer Machines
Computer Numerically Controlled (CNC) Lathes
Turning Centres
Other Machines
By Geography
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
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Asia-Pacific Precision Turned Product Manufacturing Market Size Summary

The Asia-Pacific precision turned product manufacturing market is experiencing significant growth, driven by the region's robust manufacturing capabilities and technological advancements. Countries like China and India are leveraging low-cost manufacturing services, while Singapore is emerging as a precision engineering hub, attracting global demand. The market is also witnessing a shift towards smart manufacturing, particularly in the ASEAN region, where countries like Singapore are leading the charge. This transformation is facilitated by initiatives such as the Southeast Asian Manufacturing Alliance, which aims to enhance regional cooperation and digital supply chain integration. The market's expansion is further supported by China's sophisticated machinery industry and India's push for self-sufficiency through precision engineering.

The market landscape is characterized by a fragmented structure with numerous local, regional, and global players, including prominent companies like E&H Precision and Pacific Precision. Technological advancements are crucial for maintaining competitive advantage, as seen in the efforts of companies like Dover Precision Components and REHAU. The market's growth is also influenced by geopolitical factors, such as the supply chain shifts following the US-China trade war, which have prompted countries to develop regional manufacturing centers. Despite challenges like softer consumer electronics demand, the market continues to offer opportunities for growth and innovation, particularly in the context of Industry 4.0 and smart manufacturing solutions.

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Asia-Pacific Precision Turned Product Manufacturing Market Size - Table of Contents

  1. 1. MARKET INSIGHTS DYNAMICS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Overview

    3. 1.3 Market Dynamics

      1. 1.3.1 Drivers

      2. 1.3.2 Restraints

      3. 1.3.3 Opportunities

    4. 1.4 Value Chain / Supply Chain Analysis

    5. 1.5 Porter's Five Force Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Technological Advancements in Precision Engineering

    7. 1.7 Insights on Manufacturing sectors and MSMEs

    8. 1.8 Insights on Turned Products Trade Analysis

    9. 1.9 Insights on Industry 4.0 and Aatmanirbharta initiatives

    10. 1.10 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Copper

      2. 2.1.2 Brass

      3. 2.1.3 Other Metals

      4. 2.1.4 Plastic

      5. 2.1.5 Other Types

    2. 2.2 By Manufacturing Method

      1. 2.2.1 Automatic Screw Machines

      2. 2.2.2 Rotary Transfer Machines

      3. 2.2.3 Computer Numerically Controlled (CNC) Lathes

      4. 2.2.4 Turning Centres

      5. 2.2.5 Other Machines

    3. 2.3 By Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 ASEAN Countries

      6. 2.3.6 Rest of Asia-Pacific

Asia-Pacific Precision Turned Product Manufacturing Market Size FAQs

The Asia-Pacific Precision Turned Product Manufacturing Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

E&H Precision, DMG MORI, Ningbo Sinster Machine Co., Ltd, AMADA and HAAS are the major companies operating in the Asia-Pacific Precision Turned Product Manufacturing Market.

ASIA-PACIFIC PRECISION TURNED PRODUCT MANUFACTURING MARKET Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)