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INDUSTRIAL AUTOMATION & EQUIPMENT

Precision Parts Market Segmentation by Product (Cold-Formed Micro Components, Electroforms, Retaining Rings, Metal Stampings, Tubing Products, Spring Anchors, and Others); by Application (Automotive Components, and Non-Automotive Components); by Type (Metal, Plastic, and Others); and by Distribution Channel (Online, and Offline) – Global Demand Analysis & Opportunity Outlook 2015-2025

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Extensive insights into the Growth of Precision Parts Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS

  • May 2021: Renishaw plc announced that it has launched functionally safe variants of its enclosed linear absolute encoder system series, FORTiS. The encoder, which is certified with ISO 13849:2015 PLd, IEC 61508:2010 SIL2, IEC 61800-5-2:2016 SIL2 functional safety standards, would allow machine tool builders to make safer machines.

  • September 2020: Barnes Group Inc. announced that its aerospace business unit, Barnes Aerospace, has entered into a long-term agreement with General Electric Corporation’s aviation unit, GE Aviation, for manufacturing components of the LEAP engine program.

  • June 2017: Beyonics International announced that it has plans to invest an addition USD 3 Million for building its new facility of metal stamping operation at the i-Park Industrial Park in Bandar Indahpura in Singapore.

Global Precision Parts Market Highlights Over 2015 - 2025

The global precision parts market is estimated to garner a revenue of USD 268.30 Billion by the end of 2025 by growing at a CAGR of 8.19% over the forecast period, i.e., 2021 – 2025. Moreover, in the year 2015, the market in the region registered a revenue of USD 115.66 Billion. The growth of the market can be attributed to growing demand for precision parts from different end-use industries, as these parts are used to manufacture different devices, especially in the healthcare industry, automotive, and aerospace industry. In the healthcare industry, medical devices, such as diagnostic equipment, surgical tools, bone screws, implants, insulin pumps, and defibrillators, use precision parts to attain different machining capabilities. Moreover, with the recent surge in the medical devices industry, the demand for these precision parts has also increased massively, which in turn, is anticipated to drive the market growth.

Precision Parts Market GraphOn the other hand, the rising shipment of aircrafts and its parts worldwide, backed by the rising preferences for air travel amongst individuals globally, is also anticipated to create numerous business opportunities for market growth. For instance, according to the statistics by the General Aviation Manufacturers Association (GAMA), total piston airplane shipments and total turbine airplane shipments increased from 889 units and 2020 units respectively in the year 2010 to 1324 units and 1334 units respectively in the year 2019. The industry utilizes different types of precision parts, including precision motors, which is estimated to boost the market growth in the coming years.

Airplane Shipments Graph

The growth of the market can also be attributed to the rising industrial automation, increasing shift from Industry 4.0 to Industry 5.0, growing industrial manufacturing output, and the surge in sales of electric vehicles globally. CLICK TO DOWNLOAD SAMPLE REPORT

Global Precision Parts Market Regional Synopsis

Regionally, the global precision parts market is segmented into five major regions including North America, Europe, Asia, South America and Rest of World. The market in Asia region is anticipated to generate the largest revenue of USD 101.95 Billion by the end of 2025, up from a revenue of USD 35.78 Billion in the year 2015. The market in the region is also anticipated to grow with the highest CAGR of 10.4% during the forecast period. The growth of the market in the region can primarily be attributed to the increasing sales of electric vehicles in countries, such as China and India, along with the presence of a strong manufacturing hub for such precision parts in the region. According to the statistics by the International Energy Agency (IEA), total electric car stock in China increased from 0.21 Million in the year 2015 to 2.58 Million in the year 2019.

Electric Car Stock Graph

Moreover, amongst the countries in the region, the market in India is expected to garner a revenue of USD 8.68 Billion by the end of 2025. On the other hand, the market in North America is expected to grow with the second-highest CAGR of 8.8% during the forecast period.

The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Growth Drivers and Challenges Impacting the Growth of the Global Precision Parts Market

Growth Drivers

  • Increasing Innovation in the Healthcare and Medical Device Manufacturing Industry
  • Rising Demand for Commercial and Defense Aircraft
  • Rise in Industrial Automation
  • Growing Sales of Electric Vehicles

Challenges

  • Fluctuating Prices of Raw Materials
  • Lack of Technical Expertise for Manufacturing these Parts

Global Precision Parts Market Segmentation Synopsis

The global precision parts market is segmented by product into cold-formed micro components, electroforms, retaining rings, metal stampings, tubing products, spring anchors, and others. Amongst these segments, the electroforms segment is projected to generate the largest revenue of USD 75.59 Billion by the end of 2025, up from a revenue of USD 31.78 Billion in the year 2015. By application, the market is segmented into automotive components, and non-automotive components. Out of these, the automotive components segment is anticipated to generate the largest market revenue by the end of 2025, while the non-automotive components segment is projected to grow with the highest CAGR of 8.4% during the forecast period. By type, the market is segmented into metal, plastic, and others. Out of these, the metal segment is projected to generate the largest revenue of USD 180.15 Billion by the end of 2025. By distribution channel, the market is segmented into online and offline, out of which, the offline segment is expected to generate the largest revenue by the end of 2025, while the online segment is predicted to grow with the highest CAGR of 9.0% during the forecast period.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global precision parts market that are included in our report are Sigma Components Holdings Ltd, Beyonics Pte Ltd, Tessa Precision Products, Inc., Barnes Group Inc., NN, Inc., Linamar Corporation, Renishaw plc, ARMOR MECA, Precision Castparts Corp., and others.

Key Reasons to Buy Our Report

  • The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.
  • It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.
  • The report includes detailed company profiles of the major players dominating the market.
  • We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.
  • We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

FREQUENTLY ASKED QUESTIONS

Global Precision Parts Market TOC

  1. Market Definition and Research Methodology
    1. Market Assumption and Segmentation
    2. Assumptions and Acronyms
    3. Research Objective
    4. Research Methodology
  2. Executive Summary
  3. Value Chain Analysis
  4. Market Dynamics
    1. Drivers
    2. Challenges
    3. Trends
    4. Opportunities
  5. Regulatory & Standards Landscape
  6. Industry Risk Analysis
  7. Industry Growth Outlook
  8. Technology Outlook Analysis
  9. COVID-19 Impact on the Global Precision Parts Market
  10. Competitive Positioning
  11. Competitive Landscape
  12. Global Precision Parts Market
    1. By Value (USD Million)
    2. Global Precision Parts Market Segmentation Analysis 2015-2025
      1. By Product
        1. Cold-Formed Micro Components
        2. Electroforms
        3. Retaining Rings
        4. Metal Stampings
        5. Tubing Products
        6. Spring Anchors
        7. Others
      2. By Application
        1. Automotive Components
        2. Non-Automotive Components
          1. Defense and Allied
          2. Engineering and Capital Goods
          3. Aerospace
          4. Power
          5. Others
      3. By Type
        1. Metal
        2. Plastic
        3. Others
      4. By Distribution Channel
        1. Online
        2. Offline
          1. Specialty Stores
          2. Others
      5. By Region
        1. North America
        2. South America
        3. Europe
        4. Asia
          1. India
        5. Rest of World
  13. North America Precision Parts Market
    1. Market by Value (USD Billion)
      1. By Product
        1. Cold-Formed Micro Components
        2. Electroforms
        3. Retaining Rings
        4. Metal Stampings
        5. Tubing Products
        6. Spring Anchors
        7. Others
      2. By Application
        1. Automotive Components
        2. Non-Automotive Components
          1. Defense and Allied
          2. Engineering and Capital Goods
          3. Aerospace
          4. Power
          5. Others
      3. By Type
        1. Metal
        2. Plastic
        3. Others
      4. By Distribution Channel
        1. Online
        2. Offline
          1. Specialty Stores
          2. Others
  14. South America Precision Parts Market
    1. Market by Value (USD Billion)
      1. By Product
      2. By Application
      3. By Type
      4. By Distribution Channel
  15. Europe Precision Parts Market
    1. Market by Value (USD Billion)
      1. By Product
      2. By Application
      3. By Type
      4. By Distribution Channel
  16. Asia Precision Parts Market
    1. Market by Value (USD Billion)
      1. By Product
      2. By Application
      3. By Type
      4. By Distribution Channel
  17. Rest of World Precision Parts Market
    1. Market by Value (USD Billion)
      1. By Product
      2. By Application
      3. By Type
      4. By Distribution Channel

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