Precision Turned Product Manufacturing Market Size
| Study Period | 2018-2027 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| CAGR | 10.00 % |
| Fastest Growing Market | Asia-Pacific |
| Market Concentration | Medium |
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?
Precision Turned Product Manufacturing Market Analysis
- The precision-turned-product manufacturing market is expected to register a CAGR of more than 10% over the forecast period. The COVID-19 pandemic impacted the market by inhibiting innovation, decreasing profitability, diminishing cash flow, and creating an unstable economy. The COVID-19 pandemic also forced the cancellation of numerous events in 2020, which prevented vendors from promoting their cutting-edge goods or innovations. As a result, a major obstacle to the growth of the business is the lack of skilled operators. The lack of qualified manufacturing personnel, such as precision machinists and tool manufacturers, is impacting industries like steel and aerospace.
- Sales growth is being fueled by the rising demand for advanced machining solutions and the emphasis on lowering downtime to boost production efficiency, enhance accuracy, and optimize machining procedures. Industry 4.0 encourages the integration of manufacturing facilities with other business operations to develop comprehensive and adaptive automation system architectures that use precision engineering machinery for manufacturing and production. As a result, the sector offers many prospects as industry 4.0 takes off in the next few years.
- Due to their computerized accuracy, precision engineering machines have grown in popularity as production processes become more productive and efficient. The potential of technology is growing, which is broadening the scope of precise engineering. Precision engineering machines enable automated processes and, as a result, shorten the time needed for component machining.
- Once the machinist feeds the codes into the computer, the machines can continue running without manual assistance and monitoring. Robots, or industrial automated machines, have shown to be advantageous for both discrete and continuous manufacturers in various ways. Among these advantages are increased productivity and more effective production processes.
Precision Turned Product Manufacturing Market Trends
This section covers the major market trends shaping the Precision Turned Product Manufacturing Market according to our research experts:
Internet of Things (IOT) Transforming the Manufacturing Industry
The industrial sector is under constant pressure to boost efficiency and production while cutting costs, which can be solved by the internet of things (IoT). The IoT assists firms in streamlining production procedures and lowering downtime as a network of physical objects equipped with sensors that gather and exchange data.
The IoT can assist firms in developing new revenue sources and commercial strategies, allowing them to compete. Despite only 51% of respondents making/having made investments, as per industry association polls, more than 86% of survey respondents believe smart factory efforts will be the key driver of manufacturing competitiveness in the next five years.
The elements that accelerated the IoT's rise include a greater focus on predictive maintenance, enhancing production efficiency, and streamlining the management of manufacturing infrastructure. The IoT offers producers a new degree of visibility, insights, and control. By streamlining production procedures, cutting downtime, enhancing workplace safety, and enabling predictive maintenance, this technology has the potential to transform the industrial sector.
The demand for IoT products is growing across Europe. European IoT adoption is now being led by Germany, the United Kingdom, and the Netherlands, while Eastern European nations and the Nordics are closely trailing. The industries leading the way in IoT adoption are those in manufacturing, housing, healthcare, and finance, but the retail and agricultural sectors are also experiencing significant development. The demand for outsourcing is still being driven by a lack of qualified specialists and a growing willingness to outsource.
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
Premier Farnell Corp.
HES Präzisionsteile Hermann Erkert GmbH
KPF
Melling Tool Co.
Paul Bippus GmbH & Co. KG
*Disclaimer: Major Players sorted in no particular order
Precision Turned Product Manufacturing Market News
- November 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.
- January 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 Manufacturing Market 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
4.2.2 Market Restraints
4.2.3 Opportunities
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 & 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 & Africa
5.5.5 Rest of the World
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Premier Farnell Corp.
6.2.2 HES Prazisionsteile Hermann Erkert GmbH
6.2.3 KPF
6.2.4 Melling Tool Co.
6.2.5 Paul Bippus GmbH & Co. KG
6.2.6 Kksp Precision Machining
6.2.7 R & B Grinding Co.
6.2.8 Swiss-Tech
6.2.9 R W Screw Products
6.2.10 Huron
6.2.11 Manth-Brownell
6.2.12 Alpha Grainger Mfg
6.2.13 Supreme Machined Products Company*
- *List Not Exhaustive
7. FUTURE OF THE MARKET
8. APPENDIX
Precision Turned Product Manufacturing Industry Segmentation
Precision-turned parts are those that have undergone exceptionally precise machining. The bulk of precision-turned parts is created using the straightforward yet crucial method of CNC turning.
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).
| 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 Manufacturing Market Research FAQs
What is the current Precision Turned Product Manufacturing Market size?
The Precision Turned Product Manufacturing Market is projected to register a CAGR of 10% during the forecast period (2023-2027).
Who are the key players in Precision Turned Product Manufacturing Market?
Premier Farnell Corp., HES Präzisionsteile Hermann Erkert GmbH, KPF, Melling Tool Co. and Paul Bippus GmbH & Co. KG 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 (2023-2027).
Precision Turned Product Manufacturing Industry Report
Statistics for the 2023 Precision Turned Product Manufacturing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Precision Turned Product Manufacturing analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
