Precision parts are highly precise machinery components manufactured based on the custom requirements of the customers. These parts are used in automotive parts, industrial automation equipment, medical devices, and aerospace among others. The precision parts are manufactured using various materials such as stainless steel, aluminum, copper, titanium, bronze, and plastic among others. The global precision parts market is anticipated to grow with a CAGR of 8.19% over the forecast period, i.e., 2021 - 2025. Factors such as the increasing industrial automation, shift from Industry 4.0 to Industry 5.0, surge in manufacturing output of industries, and the rising shipments of aircrafts are anticipated to boost the market growth. Besides this, the surge in electric vehicle sales, and the increasing demand for precision parts from the healthcare industry, are also expected to contribute to the market growth. The global precision parts market is estimated to garner a revenue of around USD 270 Billion by the end of 2025, up from a revenue of near to USD 120 Billion in the year 2015.
The global precision parts market is segmented by numerous segments, which include segmentation by product, application, type, distribution channel, and by region. On the basis of product, the market is segmented into cold-formed micro components, electroforms, retaining rings, metal stampings, tubing products, spring anchors, and others. By the end of 2025, amongst all these segments, the electroforms segment is projected to generate the largest revenue of close to USD 75 Billion, up from a revenue of about USD 30 Billion in the year 2015.
By region, the global precision parts market is segmented into North America, Europe, Asia, South America and Rest of World. Out of these, the market in Asia region is anticipated to generate the largest revenue of around USD 100 Billion by the end of 2025. Additionally, in the year 2015, the market in the region, generated a revenue of close to USD 35 Billion.
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.
The global precision parts market is segmented by numerous segments, which include segmentation by product, application, type, distribution channel, and by region. On the basis of product, the market is segmented into cold-formed micro components, electroforms, retaining rings, metal stampings, tubing products, spring anchors, and others. By the end of 2025, amongst all these segments, the electroforms segment is projected to generate the largest revenue of close to USD 75 Billion, up from a revenue of about USD 30 Billion in the year 2015.
By region, the global precision parts market is segmented into North America, Europe, Asia, South America and Rest of World. Out of these, the market in Asia region is anticipated to generate the largest revenue of around USD 100 Billion by the end of 2025. Additionally, in the year 2015, the market in the region, generated a revenue of close to USD 35 Billion.
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.
Table of Contents
1. Market Definition and Research Methodology
4. Market Dynamics
12. Global Precision Parts Market
13. North America Precision Parts Market
14. South America Precision Parts Market
15. Europe Precision Parts Market
16. Asia Precision Parts Market
17. Rest of World Precision Parts Market
Companies Mentioned
- 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.
