Precision Turned Product Manufacturing Market Size (2024 - 2029)

The Precision Turned Product Manufacturing Market is poised for significant growth, driven by the increasing demand for advanced machining solutions and the integration of Industry 4.0 technologies. This expansion is facilitated by the need for enhanced production speed, accuracy, and reduced downtime, which are critical in modern manufacturing processes. The aerospace sector, buoyed by rising defense budgets and a resurgence in global passenger traffic, presents substantial opportunities for market growth. The adoption of precision engineering machines, which offer automated and efficient manufacturing processes, is further propelling the market's expansion.

Market Size of Precision Turned Product Manufacturing Industry

Precision Turned Product Manufacturing Market Summary
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

Precision Turned Product Manufacturing Market 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 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 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
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Bangladesh
Turkey
South Korea
Australia
Indonesia
Rest of Asia-Pacific
Middle-East and Africa
Egypt
South Africa
Saudi Arabia
Rest of Middle-East and Africa
Rest of the World
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Precision Turned Product Manufacturing Market Size Summary

The Precision Turned Product Manufacturing Market is poised for significant growth, driven by the increasing demand for advanced machining solutions and the integration of Industry 4.0 technologies. This sector is experiencing a surge in opportunities as manufacturing facilities adopt complex automation systems that enhance production speed and accuracy. The aerospace industry, buoyed by rising defense budgets and a rebound in global passenger traffic, is a key driver of this market. Precision engineering machines are gaining traction due to their ability to automate processes, reducing machining time and improving efficiency. The automotive industry remains the largest consumer of precision machined parts, emphasizing the need for high accuracy and tight tolerances to ensure vehicle performance and safety.

The logistics and transportation sectors are also contributing to market expansion, with a notable increase in demand for commercial trucks driven by the growth of e-commerce. Technological advancements have enabled richer nations to compete in manufacturing, reducing the need for outsourcing to low-wage countries. The market is characterized by fragmentation, with numerous players like Premier Farnell Corp., HES Präzisionsteile Hermann Erkert GmbH, and others vying for market share through innovative strategies. Recent developments, such as the establishment of new production facilities and strategic acquisitions, highlight the dynamic nature of the industry, as companies expand their capabilities to meet the growing demand for precision-turned components across various sectors.

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Precision Turned Product Manufacturing Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Current Market Scenario

    2. 1.2 Market Dynamics

      1. 1.2.1 Market Drivers

        1. 1.2.1.1 Growth of the Aerospace Industry driving the market

        2. 1.2.1.2 Automotive Industry is driving the market

      2. 1.2.2 Market Restraints

        1. 1.2.2.1 Skilled Labor Shortage

      3. 1.2.3 Opportunities

        1. 1.2.3.1 Industry 4.0 Revolutionizing the Manufacturing Industry By 2025

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

    4. 1.4 Value Chain/Supply Chain Analysis

    5. 1.5 Government Regulations and Initiatives

    6. 1.6 Technological Trends

    7. 1.7 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Operation

      1. 2.1.1 Manual Operation

      2. 2.1.2 CNC Operation

    2. 2.2 By Machine Types

      1. 2.2.1 Automatic Screw Machines

      2. 2.2.2 Rotary Transfer Machines

      3. 2.2.3 Computer Numerically Controlled (CNC)

      4. 2.2.4 Lathes or Turning centers

    3. 2.3 By Material Type

      1. 2.3.1 Plastic

      2. 2.3.2 Steel

      3. 2.3.3 Other Material Types

    4. 2.4 By End Use

      1. 2.4.1 Automobile

      2. 2.4.2 Electronics

      3. 2.4.3 Defense

      4. 2.4.4 Healthcare

    5. 2.5 By Geography

      1. 2.5.1 North America

        1. 2.5.1.1 United States

        2. 2.5.1.2 Canada

        3. 2.5.1.3 Mexico

      2. 2.5.2 Europe

        1. 2.5.2.1 Germany

        2. 2.5.2.2 France

        3. 2.5.2.3 United Kingdom

        4. 2.5.2.4 Italy

        5. 2.5.2.5 Spain

        6. 2.5.2.6 Russia

        7. 2.5.2.7 Rest of Europe

      3. 2.5.3 Asia-Pacific

        1. 2.5.3.1 China

        2. 2.5.3.2 Japan

        3. 2.5.3.3 India

        4. 2.5.3.4 Bangladesh

        5. 2.5.3.5 Turkey

        6. 2.5.3.6 South Korea

        7. 2.5.3.7 Australia

        8. 2.5.3.8 Indonesia

        9. 2.5.3.9 Rest of Asia-Pacific

      4. 2.5.4 Middle-East and Africa

        1. 2.5.4.1 Egypt

        2. 2.5.4.2 South Africa

        3. 2.5.4.3 Saudi Arabia

        4. 2.5.4.4 Rest of Middle-East and Africa

      5. 2.5.5 Rest of the World

Precision Turned Product Manufacturing Market Size FAQs

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.

In 2024, the Precision Turned Product Manufacturing Market size is expected to reach USD 113.93 billion.

Precision Turned Product Manufacturing Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)