Global Precision Parts Market Size By Type(Metal, Plastic), By Application(Aerospace, Automotive, Electronics, Healthcare, Consumer Packaged Goods), By Geographic Scope And Forecast

List of Tables

Precision Parts Market Size And Forecast

Precision Parts Market size was valued at USD 1.131 Billion in 2024 and is projected to reach USD 2.158 Billion by 2032, growing at a CAGR of 8.41% from 2026 to 2032.

The growth of 3D printing and rising demand from the Healthcare Industry will lead to driving the growth of the Global Precision Parts Market. The advancement in CNC and milling machinery will likely propel the growth of the market. The Global Precision Parts Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Precision Parts Market Definition

Precision parts are extremely precise machinery parts which are custom fabricated to meet the continuing needs and expectation of customers. The precision components generally produced with a diversity of materials including metals such as stainless steel, brass, copper, bronze, aluminium, steel, titanium, specialized alloys; and plastics to ensure stability and functions of engineering. These products are widely used in several end use industries such as aerospace, automotive, medical, electronics, oil & gas among others.

The precision parts market is fragmented and dominated by long-term operating and well-established players occupying major market share. Some of the key players operating in the market include Barnes Group, NN Inc., Armor Meca and Martinrea International among others. These players are investing in research and development activities to undertake technological advancements and develop new and novel application. Also, these players have focused on product differentiation and price parity to maintain foothold in the market.

Global Precision Parts Market Overview

Growth on account of the rise in industrial automation and innovation within the healthcare and medical devices industry drives the market. The worldwide industrial automation market is growing continuously because the demand for integrated and scalable products is at an all-time high. Industries across the planet are witnessing a shift to digitalization within the assembly line. Factories at the surface level are not in the longer run, but they have to gather data from different sensors to live throughput, and systems got to provide analysis in real-time and controls for optimized performance.

As technology providers are increasingly forging partnerships with medical device OEMs, there arises a requirement for highly optimized solutions. As technology providers are increasingly forging partnerships with medical device OEMs, there arises a requirement for highly optimized solutions which is likely to create lucrative opportunities for the market. However, the demand for key components and spare parts is about to grow high, facilitating the straightforward availability of precision parts.

The increased adoption of automation within the manufacturing of watches and therefore the usage of the latest metal and alloys have significantly contributed to the increased growth of precision parts. The demand for precision products in the marine and offshore drilling industry is predicted to stay stable over the forecast period. As the growth of 3D Printing, as well as demand from the healthcare industry, will likely propel the market growth. Increased outsourcing to reduce capital cost and also, open architectures, and rising subscription-based cad software are expected for the growth of the industry.

Precision Parts Market, By Type

Metal
Plastic
Other

Based on Type, The market is bifurcated into Metal, Plastic, and Other. The Metal segment is anticipated to be largest segment in the market. Some of the most common raw materials utilized in precision machining processes are stainless steel, aluminum, copper, steel, titanium, and brass. Stainless steel is one of the most popular raw material used for precision machining, because for its strength and resistance to corrosion. One of the biggest advantage of stainless steel is that it can be welded vacuum tight. Moreover, there are many different types of stainless with a variety of treatment options available in the market, which changes the properties of the material, and the way it machines..

Precision Parts Market, By Application

Aerospace
Automotive
Electronics
Healthcare
Consumer Packaged Goods
Others
Based on Application, The market is bifurcated into Aerospace, Automotive, Electronics, Healthcare, Consumer Packaged Goods, and Others. The Aerospace is anticipated to be largest segment in the market. In the aerospace industry, high speeds, fast air currents and extreme pressure are three conditions devices encounter on a daily basis. To avoid damage to the aircraft, engineers must precisely construct every component. Machining for the aerospace and aviation industries must meet high precision requirements, which often reach as tight as 0.0004 inches. Machinists must create these tolerances with extra durable materials such as titanium, aluminum, nickel, alloys and plastics. Parts made for the aerospace and aviation industry include many different components of aircraft and the devices that service them including: Manifolds, Bushings, Airfoils, Landing gear parts, Electrical connectors, Antennae, and Radio frequency suppression materials

Precision Parts Market, By Geography

North America
Europe
Asia Pacific
Rest of the world
On the basis of Geography, The Global Precision Parts Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North American region holds a large share in the Precision Parts market. The US is one of the largest automotive industries in the world and this is another major factor driving the growth of precision parts market in the region. According to the study, in 2018, light vehicle sales reached to 17.2 million units, which is the fourth consecutive year to reach 17 million units sales. The US is the second largest producer and seller of automotive vehicles in the world. Rising spending on R&D initiatives in automotive industry is also creating significant impact on global precision parts demand.

Key Players

The "Global Precision Parts Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Barnes group, NN Inc., Martinrea International, Linamar International, WM Berg, Renishaw Group, ARC Group Worldwide, Beyonics and others.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Product Code: 63934

1 INTRODUCTION

1.1 MARKET DEFINITION
1.2 MARKET SEGMENTATION
1.3 RESEARCH TIMELINES
1.4 ASSUMPTIONS
1.5 LIMITATIONS

2 RESEARCH METHODOLOGY

2.1 DATA MINING
2.2 SECONDARY RESEARCH
2.3 PRIMARY RESEARCH
2.4 SUBJECT MATTER EXPERT ADVICE
2.5 QUALITY CHECK
2.6 FINAL REVIEW
2.7 DATA TRIANGULATION
2.8 BOTTOM-UP APPROACH
2.9 TOP DOWN APPROACH
2.10 RESEARCH FLOW
2.11 DATA SOURCES

3 EXECUTIVE SUMMARY

3.1 MARKET OVERVIEW
3.2 GLOBAL PRECISION PARTS MARKET GEOGRAPHICAL ANALYSIS (CAGR %)
3.3 GLOBAL PRECISION PARTS MARKET, BY TYPE (USD MILLION)
3.4 GLOBAL PRECISION PARTS MARKET, BY ORGANIZATION SIZE (USD MILLION)
3.5 GLOBAL PRECISION PARTS MARKET, BY APPLICATION (USD MILLION)
3.6 FUTURE MARKET OPPORTUNITIES
3.7 GLOBAL MARKET SPLIT

4 MARKET OUTLOOK

4.1 GLOBAL PRECISION PARTS MARKET OUTLOOK
4.2 DRIVERS
- 4.2.1 REDUCED DOWNTIME, COST-EFFECTIVENESS, AND INCREASED PRODUCTIVITY DRIVES THE MARKET
- 4.2.2 GROWING ADOPTION OF MOBILE PRECISION PARTS SOLUTIONS
- 4.2.3 RISING POPULARITY OF CLOUD-BASED SOLUTIONS
4.3 RESTRAINTS
- 4.3.1 LOW LEVEL OF PROFICIENCY AND DISADVANTAGES ASSOCIATED TO THE PRODUCT
4.4 IMPACT OF COVID -19 ON THE MARKET
4.5 OPPRTUNITIES
- 4.5.1 ADVENT OF INTERNET OF THINGS (IOT) AND ARTIFICIAL INTELLIGENCE (AI)
- 4.5.2 RISE OF APM TO PROVIDE FUTURE GROWTH OPPORTUNITIES
4.6 PORTER'S FIVE FORCES ANALYSIS

5 MARKET, BY TYPE

5.1 OVERVIEW
5.2 Metal
5.3 Plastic
5.4 Other

6 MARKET, BY ORGANIZATION SIZE

6.1 OVERVIEW
6.2 LARGE BUSINESSES
6.3 MIDSIZED BUSINESSES
6.4 SMALL BUSINESSES

7 MARKET, BY APPLICATION

7.1 OVERVIEW
7.2 Aerospace
7.3 Automotive
7.4 Electronics
7.5 Healthcare
7.6 Consumer Packaged Goods
7.7 Others

8 MARKET, BY GEOGRAPHY

8.1 OVERVIEW
8.2 NORTH AMERICA
- 8.2.1 U.S.
- 8.2.2 CANADA
- 8.2.3 MEXICO
8.3 EUROPE
- 8.3.1 GERMANY
- 8.3.2 U.K.
- 8.3.3 FRANCE
- 8.3.4 REST OF EUROPE
8.4 ASIA-PACIFIC
- 8.4.1 CHINA
- 8.4.2 JAPAN
- 8.4.3 INDIA
- 8.4.4 REST OF ASIA-PACIFIC
8.5 ROW
- 8.5.1 MIDDLE EAST AND AFRICA
- 8.5.2 LATIN AMERICA

9 COMPETITIVE LANDSCAPE

9.1 OVERVIEW
9.2 COMPETITIVE SCENARIO
9.3 COMPANY MARKET RANKING ANALYSIS,

10 COMPANY PROFILES

10.1 IBM MAXIMO
- 10.1.1 COMPANY OVERVIEW
- 10.1.2 COMPANY INSIGHTS
- 10.1.3 PRODUCT BENCHMARKING
- 10.1.4 KEY DEVELOPMENT
- 10.1.5 SWOT ANALYSIS
10.2 INFOR
- 10.2.1 COMPANY OVERVIEW
- 10.2.2 COMPANY INSIGHTS
- 10.2.3 PRODUCT BENCHMARKING
- 10.2.4 KEY DEVELOPMENT
- 10.2.5 SWOT ANALYSIS
10.3 SAP
- 10.3.1 COMPANY OVERVIEW
- 10.3.2 COMPANY INSIGHTS
- 10.3.3 SEGMENT BREAKDOWN
- 10.3.4 PRODUCT BENCHMARKING
- 10.3.5 SWOT ANALYSIS
10.4 UPKEEP TECHNOLOGIES, INC
- 10.4.1 COMPANY OVERVIEW
- 10.4.2 COMPANY INSIGHTS
- 10.4.3 PRODUCT BENCHMARKING
- 10.4.4 KEY DEVELOPMENT
10.5 EZMAINTAIN
- 10.5.1 COMPANY OVERVIEW
- 10.5.2 COMPANY INSIGHTS
- 10.5.3 PRODUCT BENCHMARKING
- 10.5.4 KEY DEVELOPMENT
10.6 MATE PCS LLC
- 10.6.1 COMPANY OVERVIEW
- 10.6.2 COMPANY INSIGHTS
- 10.6.3 PRODUCT BENCHMARKING
10.7 ORACLE
- 10.7.1 COMPANY OVERVIEW
- 10.7.2 COMPANY INSIGHTS
- 10.7.3 SEGMENT BREAKDOWN
- 10.7.4 PRODUCT BENCHMARKING
- 10.7.5 KEY DEVELOPMENT
10.8 IPS
- 10.8.1 COMPANY OVERVIEW
- 10.8.2 COMPANY INSIGHTS
- 10.8.3 PRODUCT BENCHMARKING
- 10.8.4 KEY DEVELOPMENT
10.9 EMAINT
- 10.9.1 COMPANY OVERVIEW
- 10.9.2 COMPANY INSIGHTS
- 10.9.3 PRODUCT BENCHMARKING
10.10 MAINTENANCE CONNECTION
- 10.10.1 COMPANY OVERVIEW
- 10.10.2 COMPANY INSIGHTS
- 10.10.3 PRODUCT BENCHMARKING
10.11 HIPPO CMMS
- 10.11.1 COMPANY OVERVIEW
- 10.11.2 COMPANY INSIGHTS
- 10.11.3 PRODUCT BENCHMARKING
- 10.11.4 PRICING ANALYSIS
10.12 ACCRUENT TMS
- 10.12.1 COMPANY OVERVIEW
- 10.12.2 COMPANY INSIGHTS
- 10.12.3 PRODUCT BENCHMARKING
- 10.12.4 KEY DEVELOPMENT
10.13 ANGUS SYSTEM
- 10.13.1 COMPANY OVERVIEW
- 10.13.2 COMPANY INSIGHTS
- 10.13.3 PRODUCT BENCHMARKING
10.14 UTILITY CLOUD
- 10.14.1 COMPANY OVERVIEW
- 10.14.2 COMPANY INSIGHTS
- 10.14.3 PRODUCT BENCHMARKING
10.15 PROPERTY TRAK
- 10.15.1 COMPANY OVERVIEW
- 10.15.2 COMPANY INSIGHTS
- 10.15.3 PRODUCT BENCHMARKING
10.16 GXPREADY
- 10.16.1 COMPANY OVERVIEW
- 10.16.2 COMPANY INSIGHTS
- 10.16.3 PRODUCT BENCHMARKING
10.17 FACTORY VIEW ONLINE
- 10.17.1 COMPANY OVERVIEW
- 10.17.2 COMPANY INSIGHTS
- 10.17.3 PRODUCT BENCHMARKING
10.18 CWORKS
- 10.18.1 COMPANY OVERVIEW
- 10.18.2 COMPANY INSIGHTS
- 10.18.3 PRODUCT BENCHMARKING
- 10.18.4 PRODUCT PRICING ANALYSIS
10.19 MANWINWIN
- 10.19.1 COMPANY OVERVIEW
- 10.19.2 COMPANY INSIGHTS
- 10.19.3 PRODUCT BENCHMARKING
- 10.19.4 PRICING ANALYSIS
- 10.19.5 KEY DEVELOPMENT
10.2 COMMA CMMS
- 10.20.1 COMPANY OVERVIEW
- 10.20.2 COMPANY INSIGHTS
- 10.20.3 PRODUCT BENCHMARKING