Precision Parts Market Analysis

Type (Metal, Plastic)

By the end of 2037, it is expected that there will be USD 75.6 billion worth of revenue generated from the metal segment in the precision parts market. The rising demand in the automation industry is a major driver for the market. silicon steel has been a popular material of choice for the precision parts industry as it is strong & resistant to corrosion; making this material a primary choice in the medical device manufacturing sector. Moreover, the Electronic car market provides a major boost for the industry.

Application (Automotive, Aerospace, Electronics, Consumer packed goods, Healthcare)

The precision parts market is expected to be dominated by the aerospace segment during the forecast period garnering 45% of the market. The need to precisely construct to prevent aircraft damage owing to conditions faced by aircraft based on speed, air currents, and extreme pressure. Increasing the manufacturing of defense jets and aircraft for national security is a major boost to the industry globally.  Increasing capital investments in the space sector over the last decade has a major impact on the market.

Product (Electroformed, Retaining Rings, Tubing products, Metal Stampings, Spring anchors, Cold-formed micro components)

Precision parts market from the electroforms segment is anticipated to hold the largest revenue share over the forecast period. Increased customization in the automotive industry to drive the market forward. Integration of electroforms in the medical industry, particularly in the production of nebulizer plates is a major boost for the precision parts market.

Distribution Channel (Online, Offline)

Based on distribution channel, the precision parts market is segmented into online and offline, out of the two offline segment is expected to generate the largest revenue by the end of 2037. While online segment is expected to grow with the highest CAGR during the forecast period. The growing demand for high-precision components is met through online sales, as a result of integrating IoT and AI.

Our in-depth analysis of the global precision parts market includes the following segments: