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Precision Turned Product Manufacturing Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Precision Turned Product Manufacturing Market Size
The precision turned product manufacturing market has grown strongly in recent years. It is projected to grow from $102.97 billion in 2024 to $110.33 billion in 2025, at a CAGR of 7.1%. This growth is driven by the demand for high-precision components, globalization, outsourcing trends, material innovations, and the focus on cost efficiency.
The precision turned product manufacturing market is set to grow to $143.26 billion by 2029 at a CAGR of 6.7%. This growth is driven by the demand for sustainable manufacturing, rapid prototyping, additive manufacturing, supply chain resilience, and adherence to regulatory standards. Key trends include digital transformation, additive manufacturing integration, customization, reshoring, and localization.
What Are the Primary Growth Drivers for the Precision Turned Product Manufacturing Market?
The expanding aerospace sector is poised to boost the growth of the precision-turned product manufacturing market. The aerospace industry involves the design, manufacturing, and maintenance of aircraft, spacecraft, and related technologies. Increased investment in military aircraft and defense systems for national security and evolving global threats is fueling the industry's growth. Precision-turned product manufacturing is crucial in producing high-quality components that meet the rigorous safety and performance requirements of aerospace systems. These components enhance operational efficiency, fuel economy, and maintenance reliability. For example, in November 2022, the Aerospace Industries Association, a US-based trade association, reported that the aerospace industry generated $892 billion in revenue in 2021, reflecting a 2.1% increase. Additionally, aerospace and defense exports grew by 11.2% to $100.4 billion between 2020 and 2021. Therefore, the expanding aerospace sector is propelling the precision-turned product manufacturing market.
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Who Are the Dominant Companies Influencing Precision Turned Product Manufacturing Market Trends?
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.
How Is the Precision Turned Product Manufacturing Market Evolving?
Leading firms in the precision turned product manufacturing market are advancing solutions like the 2-axis vertical turning lathe to deliver standard machining solutions with exceptional accuracy. A 2-axis vertical turning lathe, or vertical turret lathe (VTL), is a machine tool used for machining cylindrical workpieces. For instance, in November 2023, WIDMA Machining Solutions, an India-based metalworking tools manufacturer, introduced the VT850 vertical turning lathe. This precision machining tool is designed for turning, drilling, and threading operations on large workpieces. It features heavily ribbed FEA (Finite Element Analysis)-optimized structures made from FG300 cast iron, ensuring superior rigidity and vibration dampening. The VT850 expands WIDMA's standard product portfolio, enhances customer turnaround time, and guarantees consistent performance. Notably, it includes a double-row cylindrical roller bearing to improve spindle stiffness and rigidity.
What Are the Different Segmentations in the 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
Subsegments:
1) By Automatic Screw Machines: Single-Spindle Automatic Screw Machines, Multi-Spindle Automatic Screw Machines
2) By Rotary Transfer Machines: Horizontal Rotary Transfer Machines, Vertical Rotary Transfer Machines
3) By Computer Numerically Controlled (CNC): CNC Lathes, CNC Milling Machines, CNC Grinding Machines
4) By Lathes Or Turning Centers: Horizontal Turning Centers, Vertical Turning Centers
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Which Region Is at the Forefront of the Precision Turned Product Manufacturing Market?
North America was the largest region in the precision turned product manufacturing market in 2024. 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.
What Is Covered In The Precision Turned Product Manufacturing Global Market Report?
- Market Size Analysis: Analyze the Precision Turned Product Manufacturing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Precision Turned Product Manufacturing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Precision Turned Product Manufacturing Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Precision Turned Product Manufacturing Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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