Custom Manufacturing Market to Reach $1.35 Trillion, Globally, by 2031 at 4.6% CAGR: Allied Market Research

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Feb 14, 2023, 10:31 ET

PORTLAND, Ore., Feb. 14, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Custom Manufacturing Market by Type (Built-To-Order Products, Custom Products), by Product (Industrial, Non-Industrial), by End user (Automotive, Aerospace, Manufacturing, Retail, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global custom manufacturing industry was estimated at $858.8 billion in 2021, and is anticipated to hit $1.35 trillion by 2031, registering a CAGR of 4.6% from 2022 to 2031. The report offers an explicit analysis of the changing market trends, top segments, key investment pockets, value chain, competitive scenario, and regional landscape.

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Determinants of growth-

Growing awareness in different developing countries and increasing expenditure by government bodies in different countries such as India and Brazil are giving way to the adoption of new solutions for manufacturing which in turn is fueling the growth of the global custom manufacturing market. Moreover, the fact that the custom manufacturing process helps in saving the labor cost due to introduction of machines for customizing products is expected to create lucrative opportunities for the key players in the industry.

Covid-19 Scenario-

The outbreak of the pandemic had a negative impact on the global custom manufacturing market, as demand for customized products experienced a sharp decline during the lockdown.
The manufacturing and production activities were also hampered, which aggravated the market condition even more. However, the market is getting back on track at a fast pace.

The built-to-order products segment to dominate by 2031-

By type, the built-to-order products segment contributed to nearly three-fifths of the global custom manufacturing market share in 2021, and is expected to lead the trail by 2031, due to growing inclination toward desired customization. The custom products segment, however, is expected to exhibit the fastest CAGR of 4.9% from 2022 to 2031, owing to increase in restrictions on use of plastic.

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The industrial segment to maintain the lion's share-

Based on product, the industrial segment generated nearly two-thirds of the global custom manufacturing market revenue in 2021, and is expected to lead the trail by 2031. This is because custom manufacturing has become a preferred choice in heavy industries. The non-industrial segment, simultaneously, would manifest the fastest CAGR of 4.9% from 2022 to 2031, due to increase in manufacturing of customized products for the open market.

The manufacturing segment to rule the roost-

By end-user, the manufacturing segment garnered more than one-fourth of the global custom manufacturing market share in 2021, and is expected to retain its dominance by 2031. This is due to surge in demand for custom manufacturing in manufacturing and production. The others segment, on the other hand, is expected to exhibit the fastest CAGR of 6.4% from 2022 to 2031, owing to rise in demand for custom made products.

Asia-Pacific garnered the major share in 2021-

Based on region, Asia-Pacific held the major share in 2021, generating nearly two-fifths of the global custom manufacturing market. This is attributed to extensive manufacturing across China and India. LAMEA, on the other hand, would garner the fastest CAGR of 7.4% by 2031. Rapid industrialization and urbanization in the developing countries of the region fuel the market growth.

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Key players in the industry-

Con-Tech International
ARAS Corporation
Hexagon AB
Promega Corporation
Thomas Swan
Custom Manufacturing & Engineering
AVEFLOR
Parametric Technology Corporation Inc
Siemens AG
Custom Manufacturing Corporation
Custom Mfg. Corp.
Dassault Systemes
DB Custom Manufacturing
DM&E
MetalTek
Micro-Mechanics
Monroe Engineering Products

The report analyzes these key players in the global custom manufacturing market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance & product portfolio, and so on.

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