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2024 U.S. Industry Statistics & Market Forecast - Precision Turned Product Manufacturing
Market Size & Industry Statistics
The total U.S. industry market size for Precision Turned Product Manufacturing:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The Precision Turned Product Manufacturing industry has undergone significant changes in recent years due to advancements in technology and increasing customer demands. Some key trends affecting the industry include:1. Automating Production Processes: With the advancements in automation technology, manufacturers are increasingly turning towards automated production processes to reduce labor costs, improve efficiency, and produce high-quality products at lower costs.
2. 3D Printing: The growing use of 3D printing technology is revolutionizing the way products are manufactured. Precision turned product manufacturers are leveraging 3D printing to produce complex designs with greater accuracy, speed and lower production costs.
3. Lean Manufacturing: Lean manufacturing is gaining popularity in the Precision Turned Product manufacturing industry due to its ability to streamline processes, reduce wastage and improve productivity. By utilizing lean manufacturing techniques, manufacturers have been able to deliver high-quality products at lower costs with reduced lead times.
4. Increased customization: Customers are demanding more customization in their products, and precision turned product manufacturers are responding by offering more customization options. This trend is being driven by the growing adoption of e-commerce, which has made it easier for customers to access a wide range of products.
5. Sustainable Manufacturing: Manufacturers are becoming increasingly aware of the need to balance production with environmental sustainability. Sustainable manufacturing practices improve efficiency, reduce waste, and minimize the impact on the environment. This trend is becoming increasingly important to customers, who are looking for sustainable products.
U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Precision Turned Product Manufacturing company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Precision Turned Product Manufacturing industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
|
| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Precision Turned Product Manufacturing measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 7% | Order at top of page |
||
| Chief Executives | 0% | |||
| General and Operations Managers | 3% | |||
| Office and Administrative Support Occupations | 10% | |||
| Production Occupations | 65% | |||
| Metal Workers and Plastic Workers | 38% | |||
| Machine Tool Cutting Setters, Operators, and Tenders, Metal and Plastic | 12% | |||
| Lathe and Turning Machine Tool Setters, Operators, and Tenders, Metal and Plastic | 5% | |||
| Machinists | 16% | |||
| Machinists | 16% | |||
| Other Production Occupations | 18% | |||
| Inspectors, Testers, Sorters, Samplers, and Weighers | 6% | |||
| Inspectors, Testers, Sorters, Samplers, and Weighers | 6% | |||
| Computer Numerically Controlled Tool Operators and Programmers | 9% | |||
| Computer Numerically Controlled Tool Operators | 8% | |||
Precision Turned Product Manufacturing Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Precision Turned Product Manufacturing industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Precision Turned Product Manufacturing industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Precision Turned Product Manufacturing industry. |
Source:
Innovation News
- Apr 18, 2024: Steelhead Composites patents Ionic Liquid Accumulator System For Delivering Gas
- Apr 18, 2024: Steelhead Composites patents Ionic Liquid Accumulator System For Delivering Gas
- Jan 26, 2023: Steelhead Composites patents Boss For Type Iv Composite Pressure Vessels
- May 24, 2022: Accu-Swiss trademarks "ACCU-SWISS INC." - Machine shop services
- May 31, 2020: Ella Engineering trademarks "ELLA ENGINEERING" - Machine shop services
- May 31, 2020: Ella Engineering trademarks "E" - Machine shop services
- Feb 14, 2020: UMAPM Holding raises $2 million in funding.
Recent Federal Contracts for Precision Turned Product Manufacturing- Feb 08, 2024: ALFA LAVAL INC (Chesapeake, VA) awarded $14,392
- Feb 08, 2024: ALFA LAVAL INC (Chesapeake, VA) awarded $14,392
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