Global Precision Turned Product Manufacturing Market Size To Worth USD 184 Billion by 2033 | CAGR of 6.02%
Category: Machinery & EquipmentGlobal Precision Turned Product Manufacturing Market Size To Worth USD 184 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Precision Turned Product Manufacturing Market Size is to Grow from USD 102.52 Billion in 2023 to USD 184 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.02% during the projected period.
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Browse key industry insights spread across 263 pages with 122 Market data tables and figures & charts from the report on the "Global Precision Turned Product Manufacturing Market Size, Share, and COVID-19 Impact Analysis, By Operation (Manual Operation and CNC Operation), By Machine Types (Automatic Screw Machines, Rotary Transfer Machines, Computer Numerically Controlled (CNC), and Lathes or Turning Centers), By End-User (Industries, Automobile, Electronics, Defense, and Healthcare), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/precision-turned-product-manufacturing-market
Precision turned products are components shaped by rotating a workpiece on a lathe and using a cutting tool for precise specifications. Techniques include facing, chamfering, threading, tapping, drilling, and knurling, often with Swiss and CNC machining. These products are vital in industries requiring high accuracy, like aerospace, automotive, medical, and electronics. They feature high precision and fit perfectly in assemblies, exemplified by shafts, pins, connectors, fasteners, and valves. Benefits include high accuracy, superior functionality, longevity, reduced waste, and energy savings. Lean manufacturing principles ensure minimal material removal and consistent quality in large volumes. The global precision turned product manufacturing market is growing due to the rising demand for high-precision components in the aerospace, automotive, and electronics industries. Advancements in CNC systems have boosted efficiency and accuracy, promoting market expansion. Outsourcing to cost-effective regions like China and India also contributes to growth. Additionally, the adoption of automation, Industry 4.0, and lean manufacturing enhances productivity and quality. Innovations in materials science have expanded the use of alloys and composites, while sustainable manufacturing and the need for complex, custom components create new opportunities, driving the market forward. However, the global precision turned product manufacturing market might face challenges like high initial investment costs, dependency on skilled labor, raw material price fluctuations, and strict environmental regulations.
The CNC operation segment is anticipated to hold the greatest share of the global precision turned product manufacturing market during the projected timeframe.
Based on the operation, the global precision turned product manufacturing market is divided into manual operation and CNC operation. Among these, the CNC operation segment is anticipated to hold the greatest share of the global precision turned product manufacturing market during the projected timeframe. CNC operation provides high precision, speed, and the ability to produce complex parts with tight tolerances, essential for the aerospace, automotive, and electronics industries. Its programmability and adaptability make CNC machines highly flexible, and appealing to manufacturers.
The computer numerically controlled (CNC) machines segment is anticipated to hold the greatest share of the global precision turned product manufacturing market during the projected timeframe.
Based on machine types, the global precision turned product manufacturing market is divided into automatic screw machines, rotary transfer machines, computer numerically controlled (CNC), and lathes or turning centers. Among these, the computer numerically controlled (CNC) machines segment is anticipated to hold the greatest share of the global precision turned product manufacturing market during the projected timeframe. CNC machines automate operations, ideal for producing complex parts with tight tolerances, operating 24/7 to boost capacity and reduce labor costs. Their innovation and efficiency make them the preferred choice for precision turned product manufacturing across industries.
The automobile segment is anticipated to grow at the fastest pace in the global precision turned product manufacturing market during the projected timeframe.
Based on end-user, the global precision turned product manufacturing market is divided into industries, automobile, electronics, defense, and healthcare. Among these, the automobile segment is anticipated to grow at the fastest pace in the global precision turned product manufacturing market during the projected timeframe. Growth is driven by the demand for high-performance, fuel-efficient, electric, and autonomous vehicles requiring intricate components like engine parts and transmissions. The automotive industry's focus on lightweight, low-emission vehicles boosts the need for high-precision components.
North America is anticipated to hold the largest share of the global precision turned product manufacturing market over the forecast period.
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North America is anticipated to hold the largest share of the global precision turned product manufacturing market over the forecast period. This dominance is driven by the established manufacturing industry in the U.S., catering to aerospace, automotive, and electronics sectors needing high-precision components. Leading companies like Stanley Black & Decker, Parker Hannifin, and Doosan boost North America's market share. The region's strong economic foundation, advanced technology, and emphasis on innovation and quality control support market growth.
Asia Pacific is expected to grow at the fastest pace in the global precision turned product manufacturing market over the forecast period. The rapid growth is driven by increased factory numbers and the economy, boosting demand for precision turned components in electronics, automotive, and aerospace. Heavy investments in high-tech manufacturing and CNC machines, a skilled workforce and favourable business conditions in India and China, further support this expansion.
Major vendors in the Global Precision Turned Product Manufacturing Market include Haas Automation Inc., Moog Inc., Sandvik AB, FANUC Corporation, Hurco Companies Inc., Parker Hannifin Corporation, Hardinge Inc., DMG MORI Co. Ltd., Stanley Black & Decker Inc., Tsugami Corporation, NSK Ltd., Barnes Group Inc., Gleason Corporation, Doosan Corporation, Kennametal Inc., and Others.
Recent Developments
- In August 2023, Samvardhana Motherson International (SAMIL) completed the acquisition of a 100% stake in Rollon Hydraulics. Rollon is engaged in manufacturing, assembly, and supply of high precision turned parts, spools, and other machined components with critical engineering applications for the agriculture and off-highway segment from its two facilities based out of Bengaluru (India).
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Precision Turned Product Manufacturing Market based on the below-mentioned segments:
Global Precision Turned Product Manufacturing Market, By Operation
- Manual Operation
- CNC Operation
Global Precision Turned Product Manufacturing Market, By Machine Types
- Automatic Screw Machines
- Rotary Transfer Machines
- Computer Numerically Controlled (CNC)
- Lathes or Turning Centers
Global Precision Turned Product Manufacturing Market, By End-User
- Industries
- Automobile
- Electronics
- Defense
- Healthcare
Global Precision Turned Product Manufacturing Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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