Precision Parts Market - Global Outlook and Forecast 2019-2024

Date: August 13, 2019
Pages: 241
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Report type: Strategic Report
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Precision Parts Market - Global Outlook and Forecast 2019-2024
The global precision parts market is expected to grow at a CAGR of around 12% during the period 2018–2024.

The development and usage of new substrate materials, the growing prominence of Asian manufacturing, the increased automation expenditure, and advancements in CNC and milling machinery are some of the prominent factors expected to contribute significantly in the growth of the precision parts market.

The precision parts market is set to display an impressive growth during the forecast period due to the rise of industry 4.0, and Internet of Things (IoT). Further, 3D printing has started to play a decisive role in the global precision parts market. Additive 3D printing technology reduces the overall material waste, cost, and time in the manufacturing sector. The automotive industry and the healthcare sector are the prominent end-users of printing technique. Further, open architectures and rising subscription-based CAD software are emerging trends, which are expected to change the precision machining outlook. Increaseing demand from healthcare industry and increased outsourcing to reduce capital cost are the other factors driving the growth of global precision parts market.

The study considers the present scenario of the precision parts market and its market dynamics for the period 2018−2024. The study covers a detailed overview of various market growth enablers, restraints, and trends. It covers both the demand and supply aspect of the market. The study also profiles and examines leading companies and other prominent companies operating in the precision parts market.

The research report on the precision parts market covers market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis. The market study includes insights on segmentation by end-users (watches, healthcare, aerospace, electronics and semiconductors, automotive, and others) and geography (APAC, Europe, North America, Latin America, and MEA).

Precision Parts Market: Segmentation

This market research report includes a detailed segmentation of the market by the end-users and geography. Stringent regulations and technological transformations in the automotive industry are vital factors contributing to the growth of the market. The automotive segments witnessed the largest market share in 2018. While autonomous driving and new mobility solutions are expected to affect traditional vehicle manufacturers, it is seen as an opportunity for precision parts manufacturers. Hence, restructuring agreements between auto component suppliers and automobile manufacturers are expected to affect the growth of the segment.

Further, the growth of the fabrication industry in Taiwan and South East Asia has accelerated the growth of precision parts manufacturing market in APAC. Germany, France, Italy, the UK, and Spain are the significant players in the aerospace precision market. The increased demand for commercial and defense aircraft is driving the precision parts market in the region.

The increased adoption of automation in the manufacturing of watches and the usage of new metal and alloys have significantly contributed to the increased growth of precision parts. The precision parts market by other segments comprises construction, defense, marine and offshoring, heavy equipment, and power tools. The demand for precision products in marine and offshore drilling industry is expected to remain stable over the forecast period.

Market Segmentation by End-users
  • Aerospace
  • Automotive
  • Electronics and Semiconductors
  • Healthcare
  • Watches
  • Others
Precision Parts Market: Geography

APAC was leading the global precision parts market in 2018 with the increasing growth in consumption. Aerospace, electronics and semiconductor, and automotive industries have tremendously contributed to the growth of the market in the APAC region. Vendors are focusing on the expansion of facilities in APAC and South America due to significant growth potential for high-precision products.

In North America, the easy availability of raw materials, along with easy access to the largest consumer markets has increased the growth of value-added manufacturing output. The demand for precision manufacturing in the US is driven by the massive size of end-user industries such as automotive, aerospace, defense, marine, and healthcare. The European precision parts market is large and is driven by the demand from key end-user industries in Germany, the UK, Italy, and France. With significant R&D budgets and the presence of eminent players, precision parts manufacturing market in Europe is growing significantly.

In Latin America, the precision parts market is likely to be driven by expansionary investments in infrastructure and potential synergistic demands from sectors such as automotive, power transmission. Small and medium enterprises dominate the precision parts manufacturing industry in MEA. The market mainly depends on the economic growth of Middle Eastern countries such as Turkey, Saudi Arabia, and Israel.

Market Segmentation by Geography
  • APAC
    • Australia
    • China
    • India
    • Japan
    • Singapore
    • South Korea
  • Europe
    • France
    • Germany
    • Italy
    • Spain
    • UK
  • North America
    • Canada
    • US
  • Latin America
    • Argentina
    • Brazil
    • Chile
    • Mexico
  • MEA
    • Egypt
    • Israel
    • Saudi Arabia
    • Turkey
Key Vendor Analysis

The precision parts market is highly fragmented with no major vendors having a significant share in the market. They are mainly located near manufacturing hubs to collaborate for the design and development of precision parts. The vendor's selection criteria mainly depend on the access to the raw material and the production line of the manufacturing facility. The market is characterized by vendors that are either application-specific vendors or product-specific vendors or service multiple vendors at any point in time. The precision parts manufacturing market is not known for mergers and acquisitions and is limited to the specific regions.

Key Vendors
  • Barnes Group
  • NN Inc.
  • Martinrea International
  • Linamar International
  • WM Berg
  • Renishaw Group
  • ARC Group Worldwide
Other Prominent Vendors
  • Aequs
  • Armor Meca
  • Beyonics
  • BonfiglioliRiduttori
  • Dana Brevini Power Transmission
  • Greystone
  • Gudel
  • Hoppe Technologies
  • Mecachrome Group
  • Precision Castparts Corp (PCC)
  • Sigma Components
  • Tessa Precision Products
  • WSI Industries
Key Market Insights

The report provides the following insights into the precision parts market for the forecast period 2019–2024.
  • Offers market sizing and growth prospects of the precision parts market for the forecast period 2019–2024.
  • Provides comprehensive insights on the latest industry trends, market forecast, and growth drivers in the precision parts market.
  • Includes a detailed analysis of market growth drivers, challenges, and investment opportunities.
  • Delivers a complete overview of market segments and the regional outlook of the precision parts market.
  • Offers an exhaustive summary of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the precision parts market.
1 RESEARCH METHODOLOGY

2 RESEARCH OBJECTIVES

3 RESEARCH PROCESS

4 SCOPE & COVERAGE

4.1 Market Definition
  4.1.1 Inclusions
  4.1.2 Exclusions
4.2 Base Year
4.3 Scope of the study
4.4 Market Segments
  4.4.1 Market Segmentation by Application
  4.4.2 Market Segmentation by Geography

5 REPORT ASSUMPTIONS & CAVEATS

5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

6 MARKET AT A GLANCE

7 INTRODUCTION

7.1 Overview
7.2 Vendor Selection Procedure
  7.2.1 RFP Procedure
  7.2.2 Due Diligence
  7.2.3 Post Selection - Contract
  7.2.4 Supplier and Raw Materials Snapshot
  7.2.5 Price Trend Snippet
7.3 MacroEconomic Factors

8 MARKET DYNAMICS

8.1 Market Growth Enablers
  8.1.1 Growth of 3D Printing
  8.1.2 Demand from Healthcare Industry
  8.1.3 Advancement in CNC and Milling Machinery
  8.1.4 Increased Outsourcing to Reduce Capital Cost
  8.1.5 Open Architectures and Rising Subscription-based CAD Software
8.2 Market Growth Restraints
  8.2.1 Inadequate Progress of Micro-factory and Micro-manufacturing
  8.2.2 Risks Due to Stringent Regulations
  8.2.3 High Degree of End-user Variability and Market Risks
  8.2.4 Infringements and Intellectual Property Violation Concerns
8.3 Market Opportunities & Trends
  8.3.1 Development and Usage of New Substrate Materials
  8.3.2 Increased Prominence of Asian Manufacturing
  8.3.3 Increase in Automation Expenditure
  8.3.4 Rise of Industry 4.0 and Smart Precision Manufacturing

9 PRECISION PARTS MARKET LANDSCAPE

9.1 Market Overview
9.2 Market Size & Forecast
9.3 Five Forces Analysis
  9.3.1 Threat of New Entrants
  9.3.2 Bargaining Power of Suppliers
  9.3.3 Bargaining Power of Buyers
  9.3.4 Threat of Substitutes
  9.3.5 Competitive Rivalry

10 BY END-USERS

10.1 Market Snapshot & Growth Engine
10.2 Market Overview
10.3 Automotive
  10.3.1 Market Size & Forecast
  10.3.2 Demand Insights
  10.3.3 Macroeconomic Insights
10.5 Electronics & Semiconductors
  10.5.1 Market Size & Forecast
  10.5.2 Semiconductor Industry
  10.5.3 Consumer Electronics Industry
10.6 Aerospace
  10.6.1 Market Size & Forecast
  10.6.2 Demand Insights
  10.6.3 Supplier Insights
10.7 Healthcare
  10.7.1 Market Size & Forecast
10.8 Watches
  10.8.1 Market Size & Forecast
10.9 Other End-Users
  10.9.1 Market Size & Forecast

11 BY GEOGRAPHY

11.1 Market Snapshot & Growth Engine
11.2 Overview
  11.2.1 Raw Material Procurement
  11.2.2 Geographic Landscape

12 APAC

12.1 Market Overview
  12.1.1 Demand Drivers
  12.1.2 Manufacturing Landscape
  12.1.3 Raw Material Availability
12.2 Market Size & Forecast
12.3 Market By End-Users
12.4 Key Countries
  12.4.1 China: Market Size & Forecast
  12.4.2 Japan: Market Size & Forecast
  12.4.3 Singapore: Market Size & Forecast
  12.4.4 South Korea: Market Size & Forecast
  12.4.5 Australia: Market Size & Forecast
  12.4.6 India: Market Size & Forecast

13 EUROPE

13.1 Market Overview
  13.1.1 Precision Parts Manufacturing Outlook
  13.1.2 Demand Insights
  13.1.3 Raw Material Insights
13.2 Market Size & Forecast
13.3 Market By End-Users
13.4 Key Countries
  13.4.1 Germany: Market Size & Forecast
  13.4.2 France: Market Size & Forecast
  13.4.3 Italy: Market Size & Forecast
  13.4.4 UK: Market Size & Forecast
  13.4.5 Spain: Market Size & Forecast

14 NORTH AMERICA

14.1 Market Overview
  14.1.1 Demand Insights
14.2 Market Size & Forecast
14.3 Market By End-Users
14.4 Key Countries
  14.4.1 US: Market Size & Forecast
  14.4.2 Canada: Market Size & Forecast

15 LATIN AMERICA

15.1 Market Overview
  15.1.1 Key Insights
15.2 Market Size & Forecast
15.3 Market By End-Users
15.4 Key Countries
  15.4.1 Mexico: Market Size & Forecast
  15.4.2 Brazil: Market Size & Forecast
  15.4.3 Argentina: Market Size & Forecast
  15.4.4 Chile: Market Size & Forecast

16 MIDDLE-EAST & AFRICA

16.1 Market Overview
  16.1.1 Key Insights
  16.1.2 Raw Material Insights
16.2 Market Size & Forecast
16.3 Market By End-Users
16.4 Key Countries
  16.4.1 Saudi Arabia: Market Size & Forecast
  16.4.2 Turkey: Market Size & Forecast
  16.4.3 Egypt: Market Size & Forecast
  16.4.4 Israel: Market Size & Forecast

17 COMPETITIVE LANDSCAPE

17.1 Competition Overview

18 KEY COMPANY PROFILES

18.1 Barnes Group Inc
  18.1.1 Business Overview
  18.1.2 Major Product Offerings
  18.1.3 Key Strengths
  18.1.4 Key Strategies
  18.1.5 Key Opportunities
18.2 NN Inc
  18.2.1 Business Overview
  18.2.2 Major Product Offerings
  18.2.3 Key Strengths
  18.2.4 Key Strategies
  18.2.5 Key Opportunities
18.3 Martinrea International
  18.3.1 Business Overview
  18.3.2 Major Product Offerings
  18.3.3 Key Strengths
  18.3.4 Key Strategies
  18.3.5 Key Opportunities
18.4 Linamar International
  18.4.1 Business Overview
  18.4.2 Major Product Offerings
  18.4.3 Key Strengths
  18.4.4 Key Strategies
  18.4.5 Key Opportunities
18.5 WM Berg
  18.5.1 Business Overview
  18.5.2 Major Product Offerings
  18.5.3 Key Strengths
  18.5.4 Key Strategies
  18.5.5 Key Opportunities
18.6 Renishaw International
  18.6.1 Business Overview
  18.6.2 Major Product Offerings
  18.6.3 Key Strengths
  18.6.4 Key Strategies
  18.6.5 Key Opportunities
18.7 ARC Group Worldwide
  18.7.1 Business Overview
  18.7.2 Major Product Offerings
  18.7.3 Key Strengths
  18.7.4 Key Strategies
  18.7.5 Key Opportunities

19 OTHER PROMINENT VENDORS

19.1 Beyonics
  19.1.1 Business Overview
  19.1.2 Product Offerings
19.2 WSI Industries
  19.2.1 Business Overview
  19.2.2 Product Offerings
19.3 Precision Castparts Corp
  19.3.1 Business Overview
  19.3.2 Product Offerings
19.4 Sigma Components
  19.4.1 Business Overview
  19.4.2 Product Offerings
19.5 Aequs
  19.5.1 Business Overview
  19.5.2 Product Offerings
19.6 Mechachrome Group
  19.6.1 Business Overview
  19.6.2 Product Offerings
19.7 Greystone
  19.7.1 Business Overview
  19.7.2 Product Offerings
19.8 Armor Meca
  19.8.1 Business Overview
  19.8.2 Product Offerings
19.9 Gudel
  19.9.1 Business Overview
  19.9.2 Product Offerings
19.10 Bonfiglioli Riduttori
  19.10.1 Business Overview
  19.10.2 Product Offerings
19.11 Tessa Precision Products
  19.11.1 Business Overview
  19.11.2 Product Offerings
19.12 Dana Brevini Power Transmission
  19.12.1 Business Overview
  19.12.2 Product Offerings
19.13 Hoppe Technologies
  19.13.1 Business Overview
  19.13.2 Product Offerings

20 REPORT SUMMARY

20.1 Key Takeaways
20.2 Quantitative Summary
  20.2.1 Global Market
  20.2.2 APAC
  20.2.3 Europe
  20.2.4 Latin America
  20.2.5 Middle-East & Africa

21 APPENDIX

21.1 Abbreviations

LIST OF EXHIBITS

Exhibit 1 Segmentation of Global Precision Parts Manufacturing Market
Exhibit 2 Market Size Calculation Approach 2018
Exhibit 3 Engagement Model
Exhibit 4 Supply and Supplier Market Snapshot
Exhibit 5 GDP Growth 2010–2023 (annual % change)
Exhibit 6 Global GDP Growth 2017 (annual % change)
Exhibit 7 Growth of 3D Printing
Exhibit 8 Cost Components of 3D Printing
Exhibit 9 Demand from Healthcare Industry
Exhibit 10 Healthcare Industry Snippet
Exhibit 11 Advancement in CNC and Milling Machinery
Exhibit 12 Increased Outsourcing to Reduce Capital Cost
Exhibit 13 Open Architectures and Rising Subscription-based CAD Software
Exhibit 14 Inadequate Progress of Micro-factory and Micro-manufacturing
Exhibit 15 Risks Due to stringent regulations
Exhibit 16 High Degree of End-user Variability and Market Risks
Exhibit 17 Infringements and Intellectual Property Violation Concerns
Exhibit 18 Development and Usage of New Substrate Materials
Exhibit 19 Increased Prominence of Asian Manufacturing
Exhibit 20 Increase in Automation Expenditure
Exhibit 21 Rise of Industry 4.0 and Smart Precision Manufacturing
Exhibit 22 Geographical Growth Momentum and Market Share
Exhibit 23 US Economic Snapshot
Exhibit 24 Global Precision Parts Manufacturing Market 2018−2024 ($ billion)
Exhibit 25 Five Forces Analysis 2018
Exhibit 26 Incremental Growth by End-users 2018−2024
Exhibit 27 End-users Growth Momentum and Market Share
Exhibit 28 Automotive Industry and US-China Impact
Exhibit 29 Global Automotive Precision Parts Manufacturing Market 2018−2024 ($ billion)
Exhibit 30 Global Electronics & Semiconductors Precision Parts Manufacturing Market 2018−2024 ($ billion)
Exhibit 31 Global Aerospace Precision Parts Manufacturing Market 2018−2024 ($ billion)
Exhibit 32 Global Healthcare Precision Parts Manufacturing Market 2018−2024 ($ billion)
Exhibit 33 Global Watches Precision Parts Manufacturing Market 2018−2024 ($ billion)
Exhibit 34 Global Other Precision Parts Manufacturing Market 2018−2024 ($ billion)
Exhibit 35 Incremental Growth by Geography 2018−2024
Exhibit 36 Precision Parts Manufacturing Best Practices
Exhibit 37 Steel Output 2010-2017 (million tons)
Exhibit 38 Impact of Drivers and Challenges in APAC
Exhibit 39 Risk Assessment – APAC
Exhibit 40 Precision Parts Manufacturing Market in APAC 2018–2024 ($ billion)
Exhibit 41 Incremental Growth in APAC 2018–2024
Exhibit 42 Precision Parts Manufacturing Market in China 2018–2024 ($ billion)
Exhibit 43 Precision Parts Manufacturing Market in Japan 2018–2024 ($ billion)
Exhibit 44 Precision Parts Manufacturing Market in Singapore 2018–2024 ($ billion)
Exhibit 45 Precision Parts Manufacturing Market in South Korea 2018–2024 ($ billion)
Exhibit 46 Precision Parts Manufacturing Market in Australia 2018–2024 ($ billion)
Exhibit 47 Precision Parts Manufacturing Market in India 2018–2024 ($ billion)
Exhibit 48 Major End-user Industries for Precision Parts in Key European Countries
Exhibit 49 Risk Assessment - Europe
Exhibit 50 Precision Parts Manufacturing Market in Europe 2018–2024 ($ billion)
Exhibit 52 Incremental Growth in Europe 2018–2024
Exhibit 53 Germany: Market Snippet
Exhibit 54 Precision Parts Manufacturing Market in Germany 2018–2024 ($ billion)
Exhibit 55 Precision Parts Manufacturing Market in France 2018–2024 ($ billion)
Exhibit 56 Precision Parts Manufacturing Market in Italy 2018–2024 ($ billion)
Exhibit 57 Precision Parts Manufacturing Market in UK 2018–2024 ($ billion)
Exhibit 58 Precision Parts Manufacturing in Market in Spain 2018–2024 ($ billions)
Exhibit 59 Risk Assessment – North America
Exhibit 60 Global Precision Parts Manufacturing Market in North America 2018–2024 ($ billion)
Exhibit 61 Incremental Growth in North America 2018–2024
Exhibit 62 Precision Parts Manufacturing Market in US 2018–2024 ($ billion)
Exhibit 63 Precision Parts Manufacturing Market in Canada 2018–2024 ($ billion)
Exhibit 64 Risk Assessment – Latin America
Exhibit 65 Precision Parts Manufacturing Market in Latin America 2018–2024 ($ billion)
Exhibit 66 Incremental Growth in Latin America 2018–2024
Exhibit 67 Precision Parts Manufacturing Market in Mexico 2018–2024 ($ million)
Exhibit 68 Precision Parts Manufacturing Market in Brazil 2018–2024 ($ million)
Exhibit 69 Precision Parts Manufacturing Market in Argentina 2018–2024 ($ million)
Exhibit 70 Precision Parts Manufacturing Market in Chile 2018–2024 ($ million)
Exhibit 71 Risk Assessment –Middle East and Africa
Exhibit 72 Precision Parts Manufacturing Market in MEA 2018–2024 ($ billion)
Exhibit 73 Incremental Growth in MEA 2018–2024
Exhibit 74 Precision Parts Manufacturing Market in Saudi Arabia 2018–2024 ($ million)
Exhibit 75 Precision Parts Manufacturing Market in Turkey 2018–2024 ($ million)
Exhibit 76 Precision Parts Manufacturing Market in Egypt 2018–2024 ($ million)
Exhibit 77 Precision Parts Manufacturing Market in Israel 2018–2024 ($ million)

LIST OF TABLES

Table 1 Key Caveats
Table 2 Currency Conversion 2013−2018
Table 3 List of CAD Software – Open Source and Closed Source
Table 4 Geographical Mapping of Market Risks for Precision Part Manufacturers
Table 5 APAC: Precision Parts Manufacturing Market by End-users ($ billion)
Table 6 Japan: Steel Production Data
Table 7 Europe: Precision Parts Manufacturing Market by End-users ($ billion)
Table 8 North America: Precision Parts Manufacturing Market by End-users ($ billion)
Table 9 Latin America: Precision Parts Manufacturing Market by End-users ($ million)
Table 10 MEA: Precision Parts Manufacturing Market by End-users ($ million)
Table 11 Company: Product Offerings
Table 12 NN Inc: Product Offerings
Table 13 Martinrea International: Product Offerings
Table 14 Linamar: Product Offerings
Table 15 WM Berg: Product Offerings
Table 16 Renishaw: Product Offerings
Table 17 ARC Group Worldwide: Product Offerings
Table 18 Beyonics: Key Product Offerings
Table 19 WSI Industries: Product Offerings
Table 20 Precision Castparts Corp: Key Product Offerings
Table 21 Sigma Components: Key Product Offerings
Table 22 Aequs: Key Product Offerings
Table 23 Mechachrome Group: Key Product Offerings
Table 24 Greystone: Key Product Offerings
Table 25 Armor Meca: Key Product Offerings
Table 26 Gudel: Key Product Offerings
Table 27 Bonfiglioli Riduttori: Key Product Offerings
Table 28 Tessa Precision Products: Key Product Offerings
Table 29 Dana Brevini Power Transmission: Key Product Offerings
Table 30 Hoppe Technologies: Key Product Offerings
Table 31 Global Precision Parts Manufacturing Market by End-users ($ billion)
Table 32 Global Precision Parts Manufacturing Market by End-users (%)
Table 33 Global Precision Parts Manufacturing Market by Geography ($ billion)
Table 34 Global Precision Parts Manufacturing Market by Geography (%)
Table 35 APAC: Precision Parts Manufacturing Market by End-users ($ billion)
Table 36 Europe: Precision Parts Manufacturing Market by End-users ($ billion)
Table 37 North America: Precision Parts Manufacturing Market by End-users ($ billion)
Table 38 Latin America: Precision Parts Manufacturing Market by End-users ($ million)
Table 39 MEA: Precision Parts Manufacturing Market by End-users ($ million)
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