Dublin, Jan. 14, 2025 (GLOBE NEWSWIRE) -- The "Precision Parts Market - Global Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global precision parts market is expected to grow at a CAGR of 9.43% from 2023 to 2029, to reach USD 403.22 Billion by 2029.
The global precision parts market is estimated to witness steady growth during the forecast period, driven by increased construction, renovation, and technology innovation. Furthermore, the demand for convenience tools contributed to developing the global precision parts market.
APAC is a major player in the global precision parts market for several reasons and dominates the global market share. First, countries like China, Japan, and India have strong manufacturing industries that create a high demand for precise components used in cars, airplanes, and machinery. The region benefits from a skilled workforce and advanced technology, which helps produce these parts efficiently.
In addition, with more people in APAC earning higher incomes, there is a growing demand for better-quality products, which drives the need for precision parts.
Finally, the rise of automation and new manufacturing techniques, like 3D printing, is making it easier to create precise parts quickly and at lower costs. All these factors contribute to the dominance of APAC in the precision parts market.
MARKET TRENDS & DRIVERS
Increased Focus On Lightweight Materials
The growing focus on lightweight materials in the global precision parts market is driven by the need for enhanced performance, sustainability, and energy efficiency across various industries. As sectors like automotive, aerospace, and electronics prioritize reducing weight without sacrificing strength, materials such as titanium, aluminum, and carbon fiber are becoming essential. These materials offer superior strength-to-weight ratios, which contribute to enhanced fuel efficiency, reduced emissions, and better handling in automobiles, along with increased range and fuel savings in aerospace applications.
The demand for energy-efficient solutions has accelerated the adoption of lightweight precision parts, as they help reduce fuel consumption and extend the operational life of vehicles and machines. In addition, technological advances in precision manufacturing processes, such as 3D printing, enable the production of complex, lightweight parts that maintain structural integrity.
Also, as industries push for sustainability, lightweight materials play a pivotal role in reducing the overall carbon footprint, as less material is needed to achieve the same strength and durability. This trend is likely to continue to evolve as technological advances and stricter environmental regulations drive the need for more lightweight, high-performance precision parts.
Rise of Industry 4.0 and Smart Precision Manufacturing
The rise of Industry 4.0 and smart precision manufacturing is revolutionizing the global precision parts market by integrating automation, connectivity, and data-driven solutions into production processes. This transformation is driven by the adoption of advanced technologies such as IoT (Internet of Things), AI (Artificial Intelligence), machine learning (ML), and big data analytics, which enable manufacturers to automate highly complex and precise operations with improved efficiency and accuracy.
Industry 4.0 introduces real-time data and analytics, allowing manufacturers to monitor and optimize precision part production in real time, which enhances supply chain visibility and reduces downtime. By automating repetitive and labor-intensive tasks, manufacturers can reduce human errors and achieve mass customization, producing intricate and high-quality parts at scale with greater consistency. This is particularly beneficial for industries such as aerospace, automotive, and electronics, where precision is crucial.
Also, Industry 4.0 enables a focus on sustainability, as smart manufacturing processes can minimize resource waste and energy consumption. The ability to gather real-time performance data also supports predictive maintenance, reducing operational costs and increasing the lifespan of machinery. In essence, Industry 4.0 enables precision manufacturing to meet the growing demand for highly customized and complex components with unparalleled accuracy, efficiency, and sustainability.
COMPETITIVE LANDSCAPE
The global precision parts market is characterized by moderate fragmentation, with the presence of numerous global and regional players that contribute to the competitive landscape. Dominated by key vendors like Barnes Group Inc., Precision Castparts Corp, Amphenol Corporation, and Dover Corporation, the global precision parts market is shaped by both well-established companies and smaller niche firms specializing in high-precision components for various industries. These vendors cater to a broad range of sectors, including automotive, aerospace, healthcare, electronics, and watchmaking, where precision and quality are critical.
ARC Group Worldwide Inc. is one of the leading players in the precision parts market, offering advanced components and engineered products for industries such as aerospace, medical devices, and industrial manufacturing. The company focuses on delivering high-quality precision components that meet the stringent performance and reliability requirements of these sectors. With a global footprint, Barnes Group benefits from its diversified product portfolio and strong customer relationships, which enhance its competitive position in the market.
Key Company Profiles
- ARC Group Worldwide Inc
- Barnes Group Inc.
- General Electric
- Linamar International
- Martinrea International Inc.
- NN Inc.
- Renishaw Group
- Regal Rexnord
- Suprajit Group
- Robert Bosch
Other Prominent Vendors
- AccuRounds Inc.
- Aequs Private Ltd
- Anton Haring KG
- Armor Meca
- Berger Holding
- Beere Precision Products Inc
- Beyonics Technology Ltd.
- BOOSTER Precision Components
- Bruder GmbH Prazisionswerkzeuge
- Bonfiglioli
- Caldwell Manufacturing Company
- Coler Supply Solutions Ltd
- Consolidated Precision Products Corp
- Dana Motion Systems Italia
- DATRON AG
- Doncasters
- E-Fab Inc
- FANUC Corporation
- GKN Automotive Ltd
- Greystone Technologies Inc.
- Gudel AG
- Hitchiner Manufacturing Co. Inc.
- Hoppe Technologies
- IPE Group Ltd
- Impro Industries Ltd
- KERN-LIEBERS GmbH & Co. KG
- KPTEC Group
- Lampin Corporation
- Macht Technologies (P) Ltd.
- Mecachrome Group
- Meiban Group
- Mendritzki Gruppe
- Mieruch & Hofmann
- Pacific West America Inc.
- Paradigm Precision
- Precision Castparts Corp (PCC)
- Petersen Precision
- Sigma Components Ltd
- SKF Group
- SMC Corporation
- Tessa Precision Products Inc
- WSI Industries Inc
- Zollern GmbH & Co. KG
- Raytheon Technologies Corporation
KEY QUESTIONS ANSWERED
- What is the growth rate of the global precision parts market?
- How big is the global precision parts market?
- Which region dominates the global precision parts market share?
- What are the significant trends in the precision parts industry?
- Who are the key players in the global precision parts market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 516 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $234.8 Billion |
| Forecasted Market Value (USD) by 2029 | $403.22 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Scope & Coverage
2 Premium Insights
3 Market at a Glance
4 Introduction
5 Market Opportunities & Trends
5.1 Increased Focus on Lightweight Materials
5.2 Industry 4.0 & Smart Precision Manufacturing
5.3 Rise in Commercial Construction and Projects
5.4 Increased Prominence of EVs
5.5 Application of Additive Manufacturing Across All Industries
5.6 Rising Adoption of Sustainable Products
6 Market Growth Enablers
6.1 Growing Adoption of Precision Parts
6.2 Growing Demand from Healthcare Industry
6.3 Advancement in CNC and Milling Machinery
6.4 Increasing Demand for Commercial & Defence Aircraft
6.5 Favorable Government Policies and Incentives
6.6 Increased Construction in Hospitality Industry
7 Market Restraints
7.1 Fluctuations in Raw Material Pricing
7.2 End-user Variability
7.3 Turbulent Global Political and Trade Relations
7.4 High Competition & Price Sensitivity
8 Market Landscape
8.1 Market Overview
8.2 Market Size & Forecast
8.3 Five Forces Analysis
9 Product Type
9.1 Market Snapshot & Growth Engine
9.2 Market Overview
9.3 Cold Formed Microcomponents
9.4 Electroforming
9.5 Retaining Rings
9.6 Metal Stampings
9.7 Others
10 Material Type
10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Metal
10.4 Plastic
10.5 Other
11 End-user
11.1 Market Snapshot & Growth Engine
11.1.1 Market Overview
11.2 Automotive
11.3 Electronics & Semiconductor
11.4 Aerospace
11.5 Healthcare
11.6 Industrial Equipment
11.7 Defense
11.8 Heavy Equipment
11.9 Marine & Offshoring
11.10 Others
12 Automotive
12.1 Market Snapshot & Growth Engine
12.2 Market Overview
12.3 Light, Medium, & Heavy Commercial Vehicles
12.4 Light Passenger Vehicles
12.5 Two-Wheelers & Three-Wheelers
13 Distribution Channel
13.1 Market Snapshot & Growth Engine
13.2 Market Overview
13.3 Offline
13.4 Online
14 Geography
14.1 Market Snapshot & Growth Engine
14.2 Geographic Overview
14.2.1 Regional Analysis
15 APAC
16 North America
17 Europe
18 Latin America
19 Middle East & Africa
20 Competitive Landscape
20.1 Competition Overview
20.1.1 Competitive Landscape of the Precision Parts Market
20.1.2 Key Market Players
21 Key Company Profiles
22 Other Prominent Vendors
For more information about this report visit https://www.researchandmarkets.com/r/j7lb1e
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