Global Precision Parts Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Precision Parts Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Precision parts often require intricate features and require precise specifications. These parts may include threads, holes, grooves, or tapers that must provide an exact fit with other components. Precision Parts have been used in the manufacture and casting of components for industrial automation equipment, automotive components, medical implant components and consumer products.

Market Overview:

The latest research study on the global Precision Parts market finds that the global Precision Parts market reached a value of USD 142368.18 million in 2022. It’s expected that the market will achieve USD 196544.81 million by 2028, exhibiting a CAGR of 5.52% during the forecast period.

In order to curb the COVID-19 epidemic, most countries have introduced many policies, including border blockade and social distancing. The epidemic prevention and control measures will affect the flow of people and activities, and in turn affect logistics, making the production of manufacturing, especially labor-intensive industries, affected by the supply of raw materials and labor shortages.

For the Precision Parts industry, the blockade policy will affect the supply of raw materials and export trade of products. The social distancing policy may have a great impact on the production of products, especially for some small factories, they will spend more money to maintain production during the epidemic, and factories may face the risk of closure in some areas. With the gradual control of the epidemic, some factories began to resume operation. However, while operating production, enterprises need to protect the life and health of employees, such as purchasing masks, disinfectants and other epidemic prevention materials, disinfecting the working environment before and after the production, and testing the body temperature of employees every day to ensure the health of employees. These measures will increase the production cost of enterprises and affect the development of enterprises.

But in the long term, the COVID-19 outbreak may cause more factories to start using more automated production lines to avoid the pandemic's impact on the industry. In addition, the application of IoT technology may also bring more opportunities for industry participants.

Growing demand of healthcare industry

The technical development momentum in the field of medical care is strong. MRI scanning, X-ray equipment, kidney diagnosis, endoscope, laboratory equipment and surgical robot have become an indispensable part of medical care services. The use of technology and medical equipment has promoted far-reaching product and process innovation. The technical development of medical equipment can shorten the recovery time of patients, thus reducing medical care expenditure. Medical equipment is becoming more and more complex, more accurate, more powerful, and therefore more effective. Medical equipment manufacturers have high standards for the parts they buy. The growing demand in the field of health care will promote the development of Precision Parts industry.

Competition in the industry is fierce

For most industries the intensity of competitive rivalry is the major determinant of the competitiveness of the industry. Having an understanding of industry rivals is vital to successfully marketing a product. Positioning pertains to how the public perceives a product and distinguishes it from competitors. A business must be aware of its competitors' marketing strategy and pricing and also be reactive to any changes made. The Precision Parts industry is facing a fierce competitive position. Many companies have been doing business in this industry. They pay more attention to R&D, product innovation, channel construction and customer relationship management, trying to gain greater market share and competitive advantage.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (33.14% in 2021).

Company Overview:

Precision Castparts Corp (PCC) is one of the major players operating in the Precision Parts market, holding a share of 2.17% in 2021.

Segmentation Overview:

By type, Metal segment accounted for the largest share of market in 2021.

Metal

Metal is a substance with luster, ductility, easy conduction and heat transfer, such as stainless steel, steel, bronze, titanium. Precision Parts can be made of various metal materials.

Plastic

Plastics are a wide range of synthetic or semi-synthetic materials that use polymers as a main ingredient, such as ABS, PVC. Precision Parts can be made of various plastics materials.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2017 to 2022.

Precision parts are widely used in automotive, healthcare, aerospace, electronics and semiconductors, watches, etc.

Key Companies in the global Precision Parts market covered in Chapter 3:

BonfiglioliRiduttori
Luxshare Precision
Armor Meca
Beyonics
Greystone
Tessa Precision Products
Martinrea International
Precision Castparts Corp (PCC)
Hoppe Technologies
Sigma Components
NN Inc.
Mecachrome Group
Dana Limited
WSI Industries
Rexnord
ARC Group Worldwide
Gudel
Barnes Group
Linamar International
Shandong Liancheng Precision
Aequs
Renishaw Group

In Chapter 4 and Chapter 14.2, on the basis of types, the Precision Parts market from 2018 to 2029 is primarily split into:

Metal
Plastic
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Precision Parts market from 2018 to 2029 covers:

Automotive
Healthcare
Aerospace
Electronics and Semiconductors
Watches
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)