Dublin, Aug. 19, 2019 (GLOBE NEWSWIRE) -- The "Precision Parts Market - Global Outlook and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.

The global precision parts market is expected to grow at a CAGR of around 12% during the period 2018-2024.

Key Market Insights

  • 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.

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. Increasing demand from healthcare industry and increased outsourcing to reduce capital cost are the other factors driving the growth of global precision parts market.

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.

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

For more information about this report visit https://www.researchandmarkets.com/r/7kror9

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