According to the report published by Allied Market Research, the global custom manufacturing market generated $858.80 billion in 2021, and is projected to reach $1350.2 billion by 2031, witnessing a CAGR of 4.6% from 2022 to 2031.
Custom manufacturing is a procedure that allows companies to outsource their products without paying much heed to the production quality or timeliness. It allows businesses to design products in accordance with a customer’s unique specifications.
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Developing nations such as Russia and Brazil are coming up with new manufacturing solutions that consume less time and increase productivity. This is a prime factor that drives the growth of the market. Moreover, equipment used for customizing products reduces the dependency on manual labor, which is another factor that propels the market growth. Nonetheless, huge cost of materials and equipment used for customization hamper the growth of the market. On the other hand, introduction of smart manufacturing technologies such as artificial intelligence and IoT, which increases the accuracy of customization, offer lucrative growth opportunities for the market.
The outbreak of the Covid-19 pandemic led to the reduced demand for custom manufacturing and the halt of manufacturing of various equipment used for custom manufacturing. This hampered the growth of the market during the period. However, the resumption of regular manufacturing operations post the pandemic helped the market to operate at their full-scale capacities.
The global custom manufacturing market is bifurcated on the basis of type, product, end user, and region. Based on type, the market is divided into built-to-order products and custom products. In terms of products, the market is segmented into industrial and non-industrial. Based on end user, it is classified into automotive, aerospace, manufacturing, retail, and others. On a regional level, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key companies operating in the global custom manufacturing market include, ARAS Corporation, AVEFLOR, Con-Tech International, Custom Manufacturing & Engineering, Custom Manufacturing Corporation, Custom Mfg. Corp., Dassault Systems, DB Custom Manufacturing, DM&E, Hexagon AB, MetalTek, Micro-Mechanics, Monroe Engineering Products, Parametric Technology Corporation Inc., Promega Corporation, Siemens AG and Thomas Swan. These players adopt key developmental strategies such as product launch, partnership, business expansion and acquisition to provide improved products and services to their customers and increase market share.
Key Findings Of The Study
- The report offers an extensive analysis of the present and future trends and dynamics pertaining to the global custom manufacturing market.
- By type, the built-to-order segment was the largest market in terms of revenue in 2021.
- Based on product, the industrial segment contributed to the largest market share in 2021.
- In terms of end user, the manufacturing segment accounted for the largest market share during the forecasted timeframe.
- On a regional level, Asia-Pacific is likely to maintain its dominance in terms of revenue during the forecast period.
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