Custom Manufacturing Market Research, 2031
The global custom manufacturing market size was valued at $858.8 billion in 2021, and is projected to reach $1,350.2 billion by 2031, growing at a CAGR of 4.6% from 2022 to 2031. Custom manufacturing is the process of manufacturing, engineering and designing products with unique specifications and design for each customer. The size of the order could vary from one-off batches to large and from smaller to larger.
Growing awareness in different developing countries and growing spending by the government in different countries such as India and Brazil is leading to the adoption of new solutions for manufacturing which in turn is a major factor driving the growth of the market. In addition, the custom manufacturing process helps in saving the labor cost due to introduction of machines for customizing the product which in turn is driving the custom manufacturing market growth.
However, huge cost for customers product is a factor restraining the custom manufacturing market share due to cost added from high cost of materials and equipment for customization.
Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. This led to decline in manufacturing of various equipment used for custom manufacturing as well as their demand in the market, thereby restraining the growth of the custom manufacturing market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of custom manufacturing companies at their full-scale capacities, that helped the market to recover by end of 2021.
On the contrary, introduction of smart technologies for manufacturing such as artificial intelligence and IoT is leading to more accuracy while customization which is expected to offer lucrative custom manufacturing market opportunity.
The custom manufacturing market is segmented into Type, Product and End user. On the basis of type, it is classified into built-to-order products and custom products. By products, it is divided into industrial and non-industrial. By end user, it is categorized into automotive, aerospace, manufacturing, retail and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, in 2021 the built-to-order segment dominated the custom manufacturing market, in terms of revenue, and custom products segment is expected to witness growth at the highest CAGR during the forecast period. As per product, in 2021, the industrial segment led the market, and the non-industrial segment expected to exhibit highest CAGR in the near future. By end user, the manufacturing segment led the market in 2021, in terms of revenue and others segment is anticipated to register highest CAGR during the forecast period. By end user, the private segment led the market in 2021, in terms of revenue and is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2021; however, LAMEA is anticipated to register highest CAGR during the forecast period.
The major players profiled in the global custom manufacturing market overview 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. Major companies in the market have adopted product launch, partnership, business expansion, and acquisition as their key developmental strategies to offer better products and services to customers in the custom manufacturing industry.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the custom manufacturing market analysis from 2021 to 2031 to identify the prevailing custom manufacturing market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the custom manufacturing market forecast.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global custom manufacturing market trends, key players, market segments, application areas, and market growth strategies.
Custom Manufacturing Market Report Highlights
By End user
Key Market Players
DB Custom Manufacturing, Parametric Technology Corporation Inc, Thomas Swan, Siemens AG, MetalTek, Con-Tech International, AVEFLOR, DM&E, ARAS Corporation, Custom Manufacturing & Engineering, Dassault Systemes, Custom Mfg. Corp., Monroe Engineering Products, Micro-Mechanics, Custom Manufacturing Corporation, Hexagon AB, Promega Corporation
The custom manufacturing market has a significant scope in Asia-Pacific and is the largest shareholder of the custom manufacturing industry, owing to large manufacturing and connectivity infrastructure and a strong foothold in the manufacturing industry. In addition, the government of South Korea is also promoting inclusion of smart manufacturing technologies in industries such as automotive and consumer packaged goods to provide effective manufacturing solutions.
Increase in use of mobiles, smart phones, and connected devices technologies across business processes and manufacturing departments fuels growth of the custom manufacturing market. In addition, inclusion of IoT, machine learning, and robotics in production companies enable effective custom manufacturing process.
Furthermore, major key players such as Hexagon AB, Siemens AG and Dassault Systems are expanding its custom manufacturing solutions in different developing countries such as India, Russia, and Brazil, owing to growth in demand by customers for customized products.