Precision Parts Market Size, Share, Trends, Report, Growth, Industry Analysis and Forecast to 2022-2031
The research report on the precision parts market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis.
The Global Precision Parts Market is expected to grow at a CAGR of around 12% during the period 2022–2031.
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The development and usage of new substrate materials, the growing prominence of Asian manufacturing, the increased automation expenditure, and advancements in CNC and milling machinery are some of the prominent factors expected to contribute significantly in the growth of the precision parts market.
The precision parts market is set to display an impressive growth during the forecast period due to the rise of industry 4.0, and Internet of Things (IoT). Further, 3D printing has started to play a decisive role in the global precision parts market. Additive 3D printing technology reduces the overall material waste, cost, and time in the manufacturing sector. The automotive industry and the healthcare sector are the prominent end-users of printing technique. Further, open architectures and rising subscription-based CAD software are emerging trends, which are expected to change the precision machining outlook. Increaseing demand from healthcare industry and increased outsourcing to reduce capital cost are the other factors driving the growth of global precision parts market.
The study considers the present scenario of the precision parts market and its market dynamics for the period 2022−2031. The study covers a detailed overview of various market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. The study also profiles and examines leading companies and other prominent companies operating in the precision parts market.
The research report on the precision parts market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by end-users (watches, healthcare, aerospace, electronics and semiconductors, automotive, and others) and geography (APAC, Europe, North America, Latin America, and MEA).
Precision Parts Market: Segmentation
This market research report includes a detailed segmentation of the market by the end-users and geography. Stringent regulations and technological transformations in the automotive industry are vital factors contributing to the growth of the market. The automotive segments witnessed the largest market share in 2022. While autonomous driving and new mobility solutions are expected to affect traditional vehicle manufacturers, it is seen as an opportunity for precision parts manufacturers. Hence, restructuring agreements between auto component suppliers and automobile manufacturers are expected to affect the growth of the segment.
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Further, the growth of the fabrication industry in Taiwan and South East Asia has accelerated the growth of precision parts manufacturing market in APAC. Germany, France, Italy, the UK, and Spain are the significant players in the aerospace precision market. The increased demand for commercial and defense aircraft is driving the precision parts market in the region.
The increased adoption of automation in the manufacturing of watches and the usage of new metal and alloys have significantly contributed to the increased growth of precision parts. The precision parts market by other segments comprises construction, defense, marine and offshoring, heavy equipment, and power tools. The demand for precision products in marine and offshore drilling industry is expected to remain stable over the forecast period.
Market Segmentation by End-users
• Electronics and Semiconductors
Precision Parts Market: Geography
APAC was leading the global precision parts market in 2022 with the increasing growth in consumption. Aerospace, electronics and semiconductor, and automotive industries have tremendously contributed to the growth of the market in the APAC region. Vendors are focusing on the expansion of facilities in APAC and South America due to significant growth potential for high-precision products.
In North America, the easy availability of raw materials, along with easy access to the largest consumer markets has increased the growth of value-added manufacturing output. The demand for precision manufacturing in the US is driven by the massive size of end-user industries such as automotive, aerospace, defense, marine, and healthcare. The European precision parts market is large and is driven by the demand from key end-user industries in Germany, the UK, Italy, and France. With significant R&D budgets and the presence of eminent players, precision parts manufacturing market in Europe is growing significantly.
In Latin America, the precision parts market is likely to be driven by expansionary investments in infrastructure and potential synergistic demands from sectors such as automotive, power transmission. Small and medium enterprises dominate the precision parts manufacturing industry in MEA. The market mainly depends on the economic growth of Middle Eastern countries such as Turkey, Saudi Arabia, and Israel.
Market Segmentation by Geography
o South Korea
• North America
• Latin America
o Saudi Arabia
Key Vendor Analysis
The precision parts market is highly fragmented with no major vendors having a significant share in the market. They are mainly located near manufacturing hubs to collaborate for the design and development of precision parts. The vendor’s selection criteria mainly depend on the access to the raw material and the production line of the manufacturing facility. The market is characterized by vendors that are either application-specific vendors or product-specific vendors or service multiple vendors at any point in time. The precision parts manufacturing market is not known for mergers and acquisitions and is limited to the specific regions.
• Barnes Group
• NN Inc.
• Martinrea International
• Linamar International
• WM Berg
• Renishaw Group
• ARC Group Worldwide
Other Prominent Vendors
• Armor Meca
• Dana Brevini Power Transmission
• Hoppe Technologies
• Mecachrome Group
• Precision Castparts Corp (PCC)
• Sigma Components
• Tessa Precision Products
• WSI Industries
Key Market Insights
The report provides the following insights into the precision parts market for the forecast period 2022–2031.
• Offers market sizing and growth prospects of the precision parts market for the forecast period 2022–2031.
• Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the precision parts market.
• Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
• Delivers a complete overview of market segments and the regional outlook of the precision parts market.
• Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the precision parts market.
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