Precision Turned Product Manufacturing Global Market Report 2024

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 observed during the historic period can be attributed to several factors, including the increasing demand for high-precision components, globalization and outsourcing practices, innovation in materials, and an emphasis on cost efficiency within the manufacturing sector.

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 anticipated growth in the forecast period can be attributed to several key factors. These include the increasing demand for sustainable manufacturing practices, the adoption of rapid prototyping and additive manufacturing technologies, a focus on supply chain resilience, adherence to regulatory compliance and industry standards. Major trends expected during this period include the continued emphasis on digital transformation initiatives, integration of additive manufacturing technologies into production processes, a shift towards customization and personalization in manufacturing, as well as a trend towards reshoring and localization of production activities.

The burgeoning aerospace industry is anticipated to be a driving force behind the expansion of the precision-turned product manufacturing market in the foreseeable future. The aerospace industry encompasses activities related to the design, fabrication, and maintenance of aircraft, spacecraft, and associated systems. This sector is witnessing growth propelled by increased global investments in military aircraft and defense systems, aimed at bolstering national security and addressing emerging threats. Precision-turned product manufacturing plays a critical role in producing top-tier components with exacting tolerances vital for ensuring safety and performance in aerospace systems. These precision-turned products contribute to enhancing the overall efficiency and functionality of aerospace systems, facilitating smoother operations, improved fuel efficiency, and reduced maintenance requirements. For example, findings from a report published by the Aerospace Industries Association in November 2022 indicate that aerospace industry revenue grew by 2.1% to $892 billion in 2021, with aerospace and defense exports experiencing an 11.2% increase to $100.4 billion between 2020 and 2021. Consequently, the flourishing aerospace industry is fostering the growth of the precision-turned product manufacturing market.

Leading companies in the precision-turned product manufacturing sector are actively innovating and developing advanced solutions, such as 2-axis vertical turning lathes, to deliver standardized machining capabilities and unparalleled accuracy. A 2-axis vertical turning lathe, also referred to as a vertical turret lathe (VTL), represents a type of machine tool utilized for machining cylindrical workpieces. For instance, WIDMA Machining Solutions, an India-based manufacturer of metalworking tools, introduced the VT850 vertical turning lathe in November 2023. The VT850 is a precision machining tool designed for turning, drilling, and threading operations on large workpieces. Notable features of the VT850 include heavily ribbed FEA (Finite Element Analysis)-optimized structures crafted from FG300 cast iron, enhancing rigidity and vibration dampening during operations. This tool aims to augment the company's standard product portfolio, expedite turnaround times for customers, and ensure consistent performance. Additionally, key attributes of the VT850 encompass a double row cylindrical roller bearing, bolstering spindle stiffness and rigidity.

In January 2023, Helio Technologies, a US-based industrial manufacturing company, completed the acquisition of Schulte’s Precision Manufacturing Inc. for an undisclosed sum. Through this strategic acquisition, Helio Technologies endeavors to diversify its product offerings, fortify its foothold in the precision manufacturing domain, and furnish lucrative engineering services for bespoke solutions tailored to customer requirements. Schulte’s Precision Manufacturing Inc., based in the US, specializes in high-precision CNC (Computerized Numerical Control) milling, lathe turning, Swiss machining, and assembly operations.

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.

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.

The countries covered in the precision turned product manufacturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Precision turned product manufacturing involves creating precise and intricate components using turning machines, which remove material from a workpiece to achieve the desired form, size, and finish. This process is often executed with computer numerical control (CNC) machines, ensuring precise control over cutting tool movement for accurate and consistent results.

The primary types of precision turned product manufacturing include automatic screw machines, rotary transfer machines, computer numerical control (CNC) machines, and lathes or turning centers. Automatic screw machines are precision machining tools that automate the production of turned parts, operating either manually or through CNC control. They find applications across various industries such as automotive, electronics, defense, and healthcare.

The precision turned product manufacturing market research report is one of a series of new reports that provides precision turned product manufacturing market statistics, including precision turned product manufacturing industry global market size, regional shares, competitors with a precision turned product manufacturing market share, detailed precision turned product manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the precision turned product manufacturing industry. This precision turned product manufacturing market research report delivers a complete perspective on everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The precision turned product manufacturing market consists of sales of precision shafts, fasteners, threaded components, hydraulic components. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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