What Is The Definition Of The Global Precision Turned Product Manufacturing Market?
Precision turned product manufacturing refers to the process of creating precise and intricate components through the use of turning machines, which remove material from a workpiece to produce the correct form, size, and finish. It is often performed using computer numerical control (CNC) machines, which precisely control cutting tool movement to provide accurate and consistent results.
Precision Turned Product Manufacturing Global Market Report 2024 provides data on the global precision turned product manufacturing market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The precision turned product manufacturing market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Projections Exist For The Global Precision Turned Product Manufacturing Market Size And Annual Growth Rates?
The precision turned product manufacturing industry has seen solid growth, with the market expanding from $96.51 billion in 2023 to $102.97 billion in 2024 at a CAGR of 6.7%. Growth in the past was fueled by rising demand for high-precision components, globalization, material innovations, and a focus on cost efficiency. The market is expected to reach $134.34 billion by 2028 at a CAGR of 6.9%, driven by sustainable manufacturing, rapid prototyping, additive manufacturing, supply chain resilience, and adherence to regulatory standards. Emerging trends include digital transformation, integration of additive manufacturing, demand for customization, and reshoring efforts.
Which Key Drivers Are Propelling The Precision Turned Product Manufacturing Market's Growth?
The expanding aerospace industry is expected to stimulate the growth of the precision-turned product manufacturing market. The aerospace sector focuses on the design, production, and maintenance of aircraft, spacecraft, and related systems. The growth of this industry is fueled by increased investments in military aircraft and defense systems to enhance security. Precision-turned products are critical in aerospace for creating components with tight tolerances, which are essential for ensuring safety, performance, and efficiency. In November 2022, the Aerospace Industries Association reported that aerospace industry revenues grew by 2.1% in 2021, reaching $892 billion, with exports increasing by 11.2% from 2020 to 2021. The growth of the aerospace sector is consequently driving the demand for precision-turned product manufacturing.
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What Are The Key Segments Within The Global Precision Turned Product Manufacturing Market?
The precision turned product manufacturing market covered in this report is segmented –
1) By Type: Automatic Screw Machines, Rotary Transfer Machines, Computer Numerically Controlled (CNC), Lathes Or Turning Centers
2) By Operation: Manual Operation, CNC Operation
3) By End User: Automobile, Electronics, Defense, Healthcare
How Are New Trends Impacting The Size Of The Precision Turned Product Manufacturing Market?
Leading companies in the precision turned product manufacturing market are focusing on developing sophisticated solutions, such as the 2-axis vertical turning lathe, to provide a reliable and highly accurate machining solution. A 2-axis vertical turning lathe, or vertical turret lathe (VTL), is a machine tool used for working on cylindrical parts. For instance, in November 2023, WIDMA Machining Solutions, based in India, launched the VT850 vertical turning lathe. This precision tool is designed for turning, drilling, and threading large workpieces and features FEA-optimized ribbed structures made from FG300 cast iron, which improves rigidity and vibration dampening. The VT850 is intended to expand the company’s product range, improve delivery times, and ensure reliable performance. It also includes a double row cylindrical roller bearing, which increases the spindle's stiffness and rigidity.
Which Region Drives The Highest Growth In The Precision Turned Product Manufacturing Market?
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.
