$40.4bn
$X.Xbn
192k
16,244
$XX.Xbn
The Machine Shop Services industry slumped in recent years, impacted by challenges like the COVID-19 pandemic in 2020 and accompanying economic volatility marked by heightened inflation. Revenue has depressed at a CAGR of 3.0% through the end of 2024 to an estimated $40.4 billion, including an expected 3.0% drop in 2024 alone. This downturn is partly because of volatility in steel and aluminum prices, driven by production halts in 2020 and ongoing post-pandemic supply chain issues, which have increased production costs across the industry.
Industry revenue has declined at a CAGR of 3.1 % over the past five years, to reach an estimated $40.4bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
BTM Company LLC | 51.3 | 2.3 | 4.5 | |
Karlee Company | 47.4 | 2.1 | 4.4 | |
3d Medical | 39.2 | 1.7 | 4.4 |
To view the market share and analysis for all 27 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Machine centers, Turning centers and lathes and Grinding . Machine centers is the largest segment of the Machine Shop Services in the US.
Machine centers face decline from economic volatility
The Machine Shop Services industry cuts raw materials into specified shapes and sizes using tools such as lathes, milling machines, grinders and drill presses. Almost all forms of metal product fabrication involve machining and manufacturers may also machine plastic and composite materials.
Purchase this report to view all 27 major companies in this industry.
NAICS 33271 - Machine Shop Services in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Volatile commodity prices harm service providers. Since machine shops rely on growing input costs that can be passed onto consumers, the inconsistent steel and aluminum price...
Learn about an industry's products and services, markets and trends in international trade.
Technological innovation benefits a diverse set of products. Machine shops harnessed this development as technological innovation grew to refine their production process.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
A high manufacturing presence benefits machine shops. Since machine shops rely on downstream manufacturing markets, any region with a robust manufacturing base will benefit m...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
High industry fragmentation ensures that only some companies control a large market segment. The local nature of machine shops creates many small shops that operate with few ...
Learn about the performance of the top companies in the industry.
No company owns more than a 5.0% share of the market. The industry is highly competitive and lacks any clear leader in the market, with many companies competing over differen...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Strong manufacturing performance boosts machine shops. As growth in the manufacturing sector occurs, higher demand for machine shop services will enable industry growth.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Dependence on price stability harms profitability for machine shops. As costs for goods such as steel decline, industry shops cannot pass excess costs from price growth onto ...
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Machine Shop Services in the US industry in United States is $40.4bn in 2024.
There are 16,244 businesses in the Machine Shop Services in the US industry in United States, which has declined at a CAGR of 1.7 % between 2019 and 2024.
The market size of the Machine Shop Services in the US industry in United States has been declining at a CAGR of 3.1 % between 2019 and 2024.
Over the next five years, the Machine Shop Services in the US industry in United States is expected to grow.
The biggest companies operating in the Machine Shop Services market in United States are BTM Company LLC, Karlee Company and 3d Medical
Turning services to produce cylindrical components and Drilling and boring services are part of the Machine Shop Services in the US industry.
The company holding the most market share in United States is BTM Company LLC.
The level of competition is high and steady in the Machine Shop Services in the US industry in United States.