Precision parts market seen topping $351B by 2030

The Business Research Company says the precision parts market is on track to exceed $351 billion by 2030, driven by CNC automation, lightweight materials and rising demand from aerospace, automotive and electronics. The report also finds a highly fragmented market, with the top 10 companies holding just 8% of projected 2025 revenue.

Why it matters: - The precision parts market is becoming a bigger input to advanced manufacturing across aerospace, automotive, industrial machinery, energy, electronics and medical devices. - The market’s growth is tied to higher demand for tight-tolerance components, automation, and lightweight materials that support efficiency, performance and emissions goals. - The report pegs the market at more than $351 billion by 2030, with a 9% compound annual growth rate through 2030.

What happened: - The Business Research Company released its Global Market Report 2026 on the precision parts market, covering size, trends and forecasts for 2026-2035. - The report says multitasking CNC machines are reshaping production by improving accuracy, reducing setup time and lifting efficiency. - DN Solutions showcased a new series of multitasking machines at IMTS 2024 and AMB 2024, underscoring the direction of the technology shift. - The report says the market remains highly fragmented, with the top 10 companies holding only 8% of projected 2025 revenue.

The details: - Precision Castparts Corp. and Schaeffler Group each hold about 2% of market revenue in 2025. - Sumitomo Precision Products, Howmet Aerospace, Nemak, Linamar and Martinrea each hold about 1%. - GKN Aerospace, Sandvik Precision Components and Triumph Group each hold roughly 0.3% to 0.4%. - Precision Castparts Corp. ranks as the top global seller in 2025 with a 2% share. - The company’s aerospace and industrial products segment supplies precision-engineered components, forged parts, castings and manufacturing solutions for aerospace, industrial, energy and transportation markets. - The market includes microcomponents and miniature parts, precision shafts and pins, precision rings and retaining components, precision tubes and hollow components, precision springs and elastic components, and precision housings and structural components. - Precision housings and structural components will be the largest product segment by 2030, at 28% of the market or $98 billion. - The report says that product category is supported by demand for lightweight, high-strength structural assemblies, precision metal forming, die casting, advanced alloys, higher production of industrial equipment and automation systems, and tighter dimensional accuracy. - The market also splits by material into metal, plastic, ceramic and advanced material, and composite precision parts. - By process, the report includes CNC machined, precision turning, precision milling, EDM-machined, cold-formed, precision stamped, electroformed, and micro-machined and micro-formed parts. - End-use industries include aerospace and defense, automotive and electric vehicles, electronics and semiconductors, medical and healthcare devices, industrial machinery and automation, and consumer and precision instruments. - Asia-Pacific is forecast to remain the largest regional market in 2030 at $131 billion, up from $81 billion in 2025, at a 10% CAGR. - The United States is projected to be the largest single-country market in 2030 at $92 billion, up from $60 billion in 2025, at a 9% CAGR. - The report says the precision parts market will account for about 43% of the Industrial Machinery market by 2030 and nearly 7% of the broader Machinery industry. - The report estimates the combined growth from the main product segments will add more than $118 billion between 2025 and 2030. - The biggest contributors to that increase are expected to be precision housings and structural components at $34 billion, shafts and pins at $26 billion, and rings and retaining components at $20 billion. - Additional growth is expected from microcomponents and miniature parts at $10 billion, springs and elastic components at $11 billion, and tubes and hollow components at $17 billion. - Key suppliers named in the report include Nippon Steel, ArcelorMittal, Tata Steel, POSCO, Thyssenkrupp, JFE Steel, Voestalpine, Nucor, SSAB, Baosteel, Novelis, Alcoa, Rio Tinto, Norsk Hydro, Sandvik, Kennametal, Mitsubishi Materials, Sumitomo Metal Mining, Kyocera, Corning, Schaeffler, SKF, Timken, Saint-Gobain and Hexcel. - Major distributors listed include MSC Industrial Direct, W.W. Grainger, Fastenal, Motion Industries, Applied Industrial Technologies, RS Group, Würth Group, Ferguson, HD Supply, Global Industrial, Lawson Products, Kaman, WESCO, Rexel, Sonepar, Graybar, Industrial Distribution Group, Airgas, BDI, Bearing Headquarters, Travers Tool, McMaster-Carr, Reid Supply and Zoro Tools. - End users named in the report include Toyota, General Motors, Ford, Airbus, Boeing, Siemens, Caterpillar, Komatsu, Deere, ABB, Schneider Electric, Honeywell, Emerson Electric, Rockwell Automation, FANUC, Mitsubishi Electric, Bosch Rexroth, DMG MORI, Haas Automation, Makino, Trumpf, KUKA, Atlas Copco, GE Aerospace and Lockheed Martin. - The report also says it includes market attractiveness scoring, TAM analysis, company scoring matrices, Excel forecasting dashboards, market hotspot infographics, and updated graphics and tables.

Between the lines: - The market’s fragmentation suggests no single supplier dominates demand, even as the sector becomes more technology-intensive. - Automation, machine precision and materials engineering are becoming the main competitive battlegrounds. - The report’s regional outlook points to Asia-Pacific as the manufacturing volume center, while the U.S. remains a major high-value market driven by reshoring and defense demand. - Lightweight materials and Industry 4.0 adoption are doing more than adding incremental demand; they are changing what kinds of precision parts manufacturers need.

What’s next: - The report expects continued expansion in high-precision machining, smart factory investment and advanced component manufacturing through 2030. - The largest gains are likely to come from structural components, high-tolerance parts for aerospace and medical uses, and product lines tied to automation and electrification. - Competitive pressure should remain high as manufacturers invest in automation, inspection systems and new materials to defend market share.

The bottom line: - Precision parts are moving from a niche manufacturing category to a core enabler of advanced industry, and the market is still early in its growth cycle.