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Decoding the Demand, Trends, and Insights of Precision Turned Product Manufacturing Market
Precision Turned Product Manufacturing Global Market Report 2024
According to The Business Research Company's, 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 in the historic period can be attributed to increasing demand for high-precision component, globalization and outsourcing, innovation in materials, emphasis on cost efficiency.
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 growth in the forecast period can be attributed to demand for sustainable manufacturing, rapid prototyping, additive manufacturing, supply chain resilience, regulatory compliance and Industry standards. Major trends in the forecast period include digital transformation, additive manufacturing Integration, customization and personalization, reshoring and localization.
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Market Drivers and Trends:
The growing aerospace industry is expected to propel the growth of the precision-turned product manufacturing market going forward. The aerospace industry refers to the sector involved in the design, manufacturing, and maintenance of aircraft, spacecraft, and related systems. The aerospace industry is experiencing growth due to increasing global investments in military aircraft and defense systems to enhance national security and respond to evolving threats. Precision-turned product manufacturing is used to produce high-quality components with tight tolerances essential for safety and performance in aerospace systems. Precision-turned products improve aerospace systems' overall efficiency and functionality, enabling smoother operation, fuel efficiency, and decreased maintenance requirements. For instance, in November 2022, according to a report published by the Aerospace Industries Association, a US-based trade association, aerospace industry revenue in 2021 grew by 2.1% to $892 billion, while aerospace and defense exports increased by 11.2% to $100.4 billion between 2020 and 2021. Therefore, the growing aerospace industry is driving the growth of the precision turned product manufacturing market.
Major companies operating in the precision turned product manufacturing market are developing advanced solutions, such as a 2-axis vertical turning lathe, to provide a standard solution for machining and unmatched accuracy. A 2-axis vertical turning lathe, also known as a vertical turret lathe (VTL), is a type of machine tool used for the machining of cylindrical workpieces. For instance, in November 2023, WIDMA Machining Solutions, an India-based manufacturer of metalworking tools, launched the VT850 vertical turning lathe, a precision machining tool used for turning, drilling, and threading operations on large workpieces. The VT850 features heavily ribbed FEA (Finite Element Analysis)-optimized structures made of FG300 cast iron, enhancing rigidity and vibration dampening during operations. This tool is designed to enhance the company's standard product portfolio, improve turnaround time for customers, and ensure consistent performance. Additionally, key features of the VT850 include a double row cylindrical roller bearing, enhancing the spindle's stiffness and rigidity.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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.
Precision Turned Product Manufacturing Market 2024 Key Insights:
• 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%.
• Impact Of Growing Aerospace Industry On The Precision Turned Product Manufacturing Market
• Introducing Advanced Solutions In Precision Turned Product Manufacturing
• North America was the largest region in the precision turned product manufacturing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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