Global precision machining industry market status and trend

In recent years, the global machining manufacturing technology has been rapid development, production efficiency and technical accuracy are constantly improved. Among them, the improvement of production efficiency mainly comes from the application and improvement of automation, and the improvement of technical precision comes from the transformation of precision machining to ultra-precision machining.

Currently, precision machining is used to produce complex parts and complete assembly of finished products, including aerospace, medical, automotive, consumer electronics, and others. Thanks to the demand support of these downstream sectors, the global precision machining market remains stable.
According to market segment statistics, the precision machining market can be divided into the outsourced market and non-outsourced market according to independent production. Among them, outsourcing has become increasingly common in the precision machining market, with the global precision machining outsourcing market reaching $148 billion in 2020, accounting for 69% of the global total.
In the outsourcing market, the precision machining market can be divided into the high-end market, mid-end market, and low-end market according to the different value of machine tools. The global high-end precision machining market is worth $38 billion. The size of the mid-market continues to grow modestly, reached $29 billion by 2020. The low-end market is worth $81bn, or 55 percent of the outsourcing market.