Metal Precision Turned Product Manufacturing Market Size
| Study Period | 2019-2029 |
| Market Size (2024) | USD 96.06 Billion |
| Market Size (2029) | USD 130.44 Billion |
| CAGR (2024 - 2029) | 6.26 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Metal Precision Turned Product Manufacturing Market Analysis
The Metal Precision Turned Product Manufacturing Market size is estimated at USD 96.06 billion in 2024, and is expected to reach USD 130.44 billion by 2029, growing at a CAGR of 6.26% during the forecast period (2024-2029).
- Metal precision turned product manufacturing is a fascinating market. It involves the production of high-precision metal components through turning processes. These components are used in various industries like automotive, aerospace, electronics, and more.
- The market has been steadily growing due to advancements in technology and the demand for precision-engineered products. Manufacturers use advanced machinery and techniques to achieve tight tolerances and high-quality finishes.
- North America, particularly the United States, has been a significant player in the metal precision turned product manufacturing market. The region has a strong manufacturing base and a high demand for precision components. The market was driven by factors such as the automotive industry, aerospace industry, and the need for advanced technology in various sectors.
- The market is highly competitive, with players constantly innovating and improving their processes. The key factors driving the market include increasing demand for complex and miniature components, the need for high precision in various applications, and the growth of industries like automotive and electronics.
Metal Precision Turned Product Manufacturing Market Trends
Booming Automotive sector
Metal precision-turned products play a crucial role in the automotive sector. They are used in various components and systems within vehicles, contributing to their functionality, reliability, and performance.
Around 85 million cars and trucks were manufactured worldwide in 2022, an increase of about six percent from 2021, with China, Japan, and Germany leading the way in terms of vehicle production.
China is the world's largest passenger car producer, with over 21 million cars produced in 2021, accounting for nearly one-third of the world's passenger car production. In recent years, China has been one of the key growth markets for the global automotive industry.
In the automotive sector, metal precision-turned products are employed in several key areas. One prominent application is in the engine and powertrain systems. Precision-turned components, such as crankshafts, camshafts, and connecting rods, are vital for the smooth operation of the engine. These components undergo precise machining processes to ensure optimal performance and durability.
Additionally, metal precision-turned products are used in the transmission and drivetrain systems of vehicles. Gear shafts, axle shafts, and other critical components are manufactured with high precision to ensure efficient power transfer and smooth shifting of gears. The accuracy and quality of these turned parts are crucial for the overall performance and reliability of the vehicle.
Furthermore, metal precision-turned products find application in the steering and suspension systems of automobiles. Components like tie rods, ball joints, and control arms are manufactured with precision to maintain proper alignment and enable smooth steering and suspension movement. These turned parts contribute to the overall safety and handling characteristics of the vehicle.
Another area where metal precision-turned products are utilized in the automotive sector is braking systems. Brake caliper pistons, wheel cylinders, and various brake components undergo precise turning operations to ensure optimal braking performance and reliability. Precision machining of these parts is essential for consistent and effective braking, contributing to the overall safety of the vehicle.
Moreover, metal precision turned products are found in various electrical and electronic systems within automobiles. Connectors, terminals, and sensor components are manufactured with precision to ensure reliable electrical connections and accurate sensing capabilities. These turned parts are critical for the proper functioning of the vehicle's electrical systems and various electronic controls.
North America Region Dominating the segment
The metal precision turned product manufacturing market in North America is a significant industry catering to various sectors such as automotive, aerospace, electronics, and more. It plays a crucial role in providing essential components for these industries.
Vehicle production is one of the most significant components of North America’s economy. In 2022, North America produced approximately 14,8 million passenger cars and light commercial vehicles.
North America is made up of Canada, the US and Mexico. The US has the largest market share. In 2020, the US produced about 8.6 million cars, while Mexico and Canada produced about 4.4 million cars.
The demand for metal precision-turned products is driven by factors like economic growth, technological advancements, and evolving customer needs. As industries continue to evolve and innovate, the demand for high-quality turned components increases.
The market in North America is highly competitive, with numerous manufacturers vying for market share. Companies compete based on factors like product quality, precision, cost-effectiveness, lead times, and customer service.
The industry has witnessed significant technological advancements over the years. Computer Numerical Control (CNC) machines, automation, and advanced machining techniques have revolutionized the precision-turned-product manufacturing process. These advancements have improved efficiency, accuracy, and production capabilities.
Some notable trends in the industry include the adoption of Industry 4.0 technologies, such as the Internet of Things (IoT) and data analytics, to optimize production processes. There is also an increasing focus on sustainability and eco-friendly manufacturing practices.
Metal Precision Turned Product Manufacturing Industry Overview
In the competitive landscape of the metal precision-turned-product manufacturing market, several key players dominate the industry. The companies are competing based on factors such as product quality, precision, cost-effectiveness, innovation, and customer service. The market is highly competitive, driving companies to continuously improve their processes and stay at the forefront of technological advancements.
Metal Precision Turned Product Manufacturing Market Leaders
-
Kunshan Kesen Technology Co., Ltd.
-
Jiangsu Jingyan Technology Co., Ltd.
-
Suzhou Ruima Precision Industry Co., Ltd.
-
Zhejiang Rongyi Precision Machinery Co., Ltd.
-
Jiangsu Mimo Metal Co., Ltd.
*Disclaimer: Major Players sorted in no particular order
Metal Precision Turned Product Manufacturing Market News
- November 2023: Catamaran, a venture capital firm co-founded by Infosys co-founder N. Srinivasan, planned to diversify its portfolio with investments in precision manufacturing startups that can export and manufacture deep tech and automotive components.
- February 2023: Andra Tech Group, one of the world’s leading precision mechanical component manufacturers, completed the acquisition of DKH, a specialist manufacturer in the production of complex metal parts and components.
Metal Precision Turned Product Manufacturing Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
-
4.2 Market Dynamics
- 4.2.1 Market Drivers
- 4.2.1.1 Increasing demand from automobile industry
- 4.2.1.2 Increased focus on precision products
- 4.2.2 Market Restraints
- 4.2.2.1 The cost of production and transportation
- 4.2.2.2 Regulations and quality standards
- 4.2.3 Market Opportunities
- 4.2.3.1 Technological advancements driving the market
- 4.2.3.2 Increasing focus on sustainable manufacturing
-
4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Bargaining Power of Suppliers
- 4.3.2 Bargaining Power of Buyers
- 4.3.3 Threat of New Entrants
- 4.3.4 Threat of Substitutes
- 4.3.5 Intensity of Competitive Rivalry
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 Center
- 5.2.5 Other Machine Types
-
5.3 By End User
- 5.3.1 Industries
- 5.3.2 Automobile
- 5.3.3 Electronics
- 5.3.4 Defense and Healthcare
- 5.3.5 Other End Users
-
5.4 By Geography
- 5.4.1 North America
- 5.4.2 Europe
- 5.4.3 Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.5 Rest of the World
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
-
6.2 Company Profiles
- 6.2.1 Kunshan Kesen Technology Co., Ltd.
- 6.2.2 Jiangsu Jingyan Technology Co., Ltd.
- 6.2.3 Suzhou Ruima Precision Industry Co., Ltd.
- 6.2.4 Zhejiang Rongyi Precision Machinery Co., Ltd.
- 6.2.5 Jiangsu Mimo Metal Co., Ltd.
- 6.2.6 Pmpinc
- 6.2.7 Precision Metal Products Company
- 6.2.8 APCS
- *List Not Exhaustive
- 6.3 Other Companies (Key Information/Overview)
7. FUTURE OF THE MARKET
8. APPENDIX
** Subject To AvailablityMetal 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 metal precision-turned-product manufacturing market is segmented by operation, machine types, and end users. By operation, the market is segmented by manual operation and CNC operation; by machine types, the market is segmented by automatic screw machines, rotary transfer machines, computer numerically controlled (CNC), and lathes or turning centers and others); by end-user, the market is segmented by industries, automobile, electronics, defense, and healthcare and others), and by geography, the market is segmented by North America, Europe, Asia-Pacific, Middle East and Africa, and Rest of the World). The report offers the market sizes and forecasts for the Metal Precision Turned Product Manufacturing Market in value (USD) 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 Center | |
| Other Machine Types | |
| By End User | Industries |
| Automobile | |
| Electronics | |
| Defense and Healthcare | |
| Other End Users | |
| By Geography | North America |
| Europe | |
| Asia-Pacific | |
| Middle East and Africa | |
| Rest of the World |
Metal Precision Turned Product Manufacturing Market Research FAQs
How big is the Metal Precision Turned Product Manufacturing Market?
The Metal Precision Turned Product Manufacturing Market size is expected to reach USD 96.06 billion in 2024 and grow at a CAGR of 6.26% to reach USD 130.44 billion by 2029.
What is the current Metal Precision Turned Product Manufacturing Market size?
In 2024, the Metal Precision Turned Product Manufacturing Market size is expected to reach USD 96.06 billion.
Who are the key players in Metal Precision Turned Product Manufacturing Market?
Kunshan Kesen Technology Co., Ltd., Jiangsu Jingyan Technology Co., Ltd., Suzhou Ruima Precision Industry Co., Ltd., Zhejiang Rongyi Precision Machinery Co., Ltd. and Jiangsu Mimo Metal Co., Ltd. are the major companies operating in the Metal Precision Turned Product Manufacturing Market.
Which is the fastest growing region in Metal Precision Turned Product Manufacturing Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Metal Precision Turned Product Manufacturing Market?
In 2024, the North America accounts for the largest market share in Metal Precision Turned Product Manufacturing Market.
What years does this Metal Precision Turned Product Manufacturing Market cover, and what was the market size in 2023?
In 2023, the Metal Precision Turned Product Manufacturing Market size was estimated at USD 90.05 billion. The report covers the Metal Precision Turned Product Manufacturing Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Metal Precision Turned Product Manufacturing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Metal Precision Turned Product Manufacturing Industry Report
Statistics for the 2024 Metal Precision Turned Product Manufacturing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Metal Precision Turned Product Manufacturing analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
