New York, Feb. 03, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the Organisation for Economic Co-operation and Development (OECD), the index of industrial production in the manufacturing sector in the European Union (27 countries) and the United States, recorded 106.54 (2015=100) and 99.13 respectively in the year 2019. In the EU, this was an increase from 101.99 in the year 2016. Moreover, in countries such as Slovenia and Poland, the indexes recorded in the year 2019 were 127.47 and 123.09 respectively. On the other hand, according to the statistics by the General Aviation Manufacturers Association (GAMA), shipments of the single-engine piston, multi-engine piston, turboprops, and business jets grew from 781 units, 108 units, 368 units, and 763 units respectively in the year 2010 to 1111 units, 213 units, 525 units, and 809 units respectively in the year 2019.
Research Nester has recently released a report on “Precision Parts Market: Global Demand Analysis & Opportunity Outlook 2015-2025” which is studied for the forecast period of 2021-2025. The report includes the value chain analysis of the market, along with the key market dynamics, which include the growth drivers, challenges, latest trends, and opportunities. In addition, the report also covers the industry risk analysis and the impact of COVID-19 on the overall market growth.
The manufacturing industry around the globe is witnessing steady growth since the last few years, backed by the growing adoption of automation systems in industries and for the rising shift towards Industry 5.0. The surge in exports, which according to the International Trade Center (ITC), grew from USD 15797329860 Thousand in the year 2016 t0 USD 19169698116 Thousand in the year 2018, is one of the major factors contributing to the demand for manufacturing products worldwide. Backed by the growing manufacturing industry worldwide, the demand for machinery components, such as precision parts, is also increasing rapidly, which is one of the major factors anticipated to drive the growth of the global precision parts market. The market, which registered a revenue of USD 115.66 Billion in the year 2015, is further projected to touch USD 268.30 Billion by the end of 2025, by growing with a CAGR of 8.19% during the forecast period.
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The growth of the market can also be attributed to the growing sales of electric vehicles worldwide, which according to the International Energy Agency (IEA), grew by 6% from the year 2018 to touch 2.1 Million in the year 2019. Besides this, the rising demand for medical devices in the healthcare industry, where precision parts are used for manufacturing diagnostic equipment and other devices, such as insulin pumps, defibrillators, bone screws, and others, are also projected to boost the market growth. According to the statistics by the International Trade Administration (ITA), the market for medical devices was estimated to touch USD 435.8 Billion by the end of 2020, up from USD 339.5 Billion in the year 2016.
The global precision parts market is segmented on the basis of geographical analysis into North America, Europe, Asia, South America, and the Rest of World. Out of the market in all these regions, the market in Asia registered the largest market revenue of USD 35.78 Billion in the year 2015 and is further projected to touch USD 101.95 Billion by the end of 2025, by growing with the highest CAGR of 10.4% during the forecast period. Moreover, amongst the market in the countries in the region, the market in India is expected to generate a revenue of USD 8.68 Billion by the end of 2025, by growing with a CAGR of 9.1% during the forecast period. On the other hand, the market in Europe is projected to generate the second-largest revenue of USD 64.39 Billion by the end of 2025, up from a revenue of USD 46.87 Billion in the year 2020.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, 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).
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 all these segments, the electroforms segment generated the largest revenue of USD 31.78 Billion in the year 2015 and is further expected to touch USD 75.59 Billion by the end of 2025, by growing with a CAGR of 8.5% during the forecast period. In Asia, the segment is projected to grow with a CAGR of 10.6% during the forecast period and further attain revenue of USD 28.45 Billion by the end of 2025. On the other hand, in North America, the cold-formed micro components segment is anticipated to grow with the highest CAGR of 9.8% during the forecast period.
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The global precision parts market is further segmented by type into metal, plastic, and others. Amongst all these segments, the metal segment generated the largest revenue of USD 78.83 Billion in the year 2015 and is further projected to reach USD 180.15 Billion by the end of 2025, by growing with a CAGR of 8.0% during the forecast period. In Asia, the segment is projected to garner a revenue of USD 68.55 Billion by the end of 2025 and grow with a CAGR of 10.3% during the forecast period, while in Europe, the plastic segment is anticipated to grow with the highest CAGR of 7.6% during the forecast period.
The global precision parts market is also segmented by application and by distribution channel.
Global Precision Parts Market, Segmentation by Application
- Automotive Components
- Non-Automotive Components
- Defense and Allied
- Engineering and Capital Goods
- Aerospace
- Power
- Others
Global Precision Parts Market, Segmentation by Distribution Channel
- Online
- Offline
- Specialty Stores
- Others
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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.
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