Overview and Scope
Precision turned product manufacturing refers to the process of creating precise and intricate components through the use of turning machines, which remove material from a workpiece to produce the correct form, size, and finish. It is often performed using computer numerical control (CNC) machines, which precisely control cutting tool movement to provide accurate and consistent results.
Sizing and Forecast
The precision turned product manufacturing market size has grown strongly in recent years. It will grow from $96.51 billion in 2023 to $102.97 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to increasing demand for high-precision component, globalization and outsourcing, innovation in materials, emphasis on cost efficiency.
The precision turned product manufacturing market size is expected to see strong growth in the next few years. It will grow to $134.34 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to demand for sustainable manufacturing, rapid prototyping, additive manufacturing, supply chain resilience, regulatory compliance and Industry standards. Major trends in the forecast period include digital transformation, additive manufacturing Integration, customization and personalization, reshoring and localization.
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Segmentation & Regional Insights
The precision turned product manufacturing market covered in this report is segmented –
1) By Type: Automatic Screw Machines, Rotary Transfer Machines, Computer Numerically Controlled (CNC), Lathes Or Turning Centers
2) By Operation: Manual Operation, CNC Operation
3) By End User: Automobile, Electronics, Defense, Healthcare
North America was the largest region in the precision turned product manufacturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the precision turned product manufacturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growing aerospace industry is expected to propel the growth of the precision-turned product manufacturing market going forward. The aerospace industry refers to the sector involved in the design, manufacturing, and maintenance of aircraft, spacecraft, and related systems. The aerospace industry is experiencing growth due to increasing global investments in military aircraft and defense systems to enhance national security and respond to evolving threats. Precision-turned product manufacturing is used to produce high-quality components with tight tolerances essential for safety and performance in aerospace systems. Precision-turned products improve aerospace systems’ overall efficiency and functionality, enabling smoother operation, fuel efficiency, and decreased maintenance requirements. For instance, in November 2022, according to a report published by the Aerospace Industries Association, a US-based trade association, aerospace industry revenue in 2021 grew by 2.1% to $892 billion, while aerospace and defense exports increased by 11.2% to $100.4 billion between 2020 and 2021. Therefore, the growing aerospace industry is driving the growth of the precision turned product manufacturing market.
Key Industry Players
Major companies operating in the precision turned product manufacturing market are Stanley Black & Decker Inc., Parker Hannifin Corporation, Doosan Corporation, Sandvik AB, NSK Ltd., FANUC Corporation, Moog Inc., DMG MORI Co. Ltd., Kennametal Inc., Barnes Group Inc., Gleason Corporation, Haas Automation Inc., Tsugami Corporation, Hardinge Inc., Tompkins Products Inc., Hurco Companies Inc., Tornos Holding AG, Creed Monarch, Greystone of Lincoln, Brother Industries Ltd., Mahr GmbH, Alpha Grainger Mfg, Herker Industries, Hydromat Inc., Swiss Precision Machining Inc.
The precision turned product manufacturing market report table of contents includes:
- Executive Summary
- Precision Turned Product Manufacturing Market Characteristics
- Precision Turned Product Manufacturing Market Trends And Strategies
- Precision Turned Product Manufacturing Market – Macro Economic Scenario
- Global Precision Turned Product Manufacturing Market Size and Growth
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- Global Precision Turned Product Manufacturing Market Competitive Benchmarking
- Global Precision Turned Product Manufacturing Market Competitive Dashboard
- Key Mergers And Acquisitions In The Precision Turned Product Manufacturing Market
- Precision Turned Product Manufacturing Market Future Outlook and Potential Analysis
- Appendix
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