Screw machined parts are essential across industries, but the pace of demand growth varies. While some sectors see steady demand, others are poised for faster growth, driven by technological advances, demographic shifts, and sustainability goals. As these industries evolve, the need for precision components rises. But which sectors are leading this surge?
Automotive: Electrification Drives New Demand
As the automotive industry shifts toward electric vehicles (EVs), demand for precision-engineered parts is rapidly increasing. EVs require some screw machined components that are not found in traditional internal combustion engine (ICE) vehicles, such as battery connectors, cooling system fittings, bus bars, and rotor shafts for electric motors.
With the global EV market projected to grow from $396.4 billion in 2024 to $620.3 billion by 2030, and sales expected to reach 17 million units by the end of 2024, the automotive sector is set to become one of the fastest-growing consumers of screw machined parts. This surge in demand is driven by the unique mechanical and electrical requirements of EVs, making precision machining critical to their production.
Aerospace: Precision Parts Fuel Growth
The aerospace sector is seeing a resurgence after pandemic-related disruptions, with aircraft deliveries expected to grow by 4% annually through 2034. Demand for lightweight, fuel-efficient aircraft is driving the need for precision-machined components, such as titanium parts, heat-resistant alloys, and custom fittings for fuel systems.
The ultralight and light aircraft market is projected to grow from $9.3 billion in 2023 to $18.4 billion by 2028, at a compound annual growth rate (CAGR) of 14.4%. As the industry focuses on efficiency, the aerospace sector remains a major driver of screw machined components.
Wind Energy: Machined Parts for Sustainability
Global efforts to reduce carbon emissions are propelling investment in wind energy, with the market expected to grow from $89.6 billion in 2023 to $260.8 billion by 2034. Wind turbines—especially those in challenging environments like offshore or cold climates—rely heavily on screw machined parts for components such as main shafts, gearboxes, and nacelle fasteners. As wind energy becomes a cornerstone of renewable energy strategies, the need for durable, high-strength machined parts will rise significantly.
Medical Devices: Rising Demand for Precision
The aging global population is fueling rapid growth in the medical device sector, where precision components are crucial for everything from surgical instruments to orthopedic implants. By 2030, one in six people worldwide will be over the age of 60, driving demand for medical devices that manage age-related conditions.
Screw machined parts play a key role in producing diagnostic equipment, respiratory devices, and implantable medical technologies. With the medical device market expanding, screw machining will continue to be a vital part of this sector’s growth.
As a U.S.-based company with 30 years of experience, Source Machining Specialties specializes in helping U.S. manufacturers with their manufacturing needs in India. We’re so confident in our Indian production facilities that we invite you to a site audit at our expense. Discover more about our capabilities and services, and let’s start a conversation.
