Contract Manufacturing Market Overview, Growing Demand and Scope 2023

The global market for contract manufacturing should grow from $2.0 trillion in 2018 to $2.7 trillion in 2023 with a compound annual growth rate (CAGR) of 6.6% from 2018 through 2023.

Report Scope:

Globally, contract manufacturing is expected to grow at a CAGR of over 6.6% during the forecast period. The contract manufacturing market is segmented based on verticals that have a noteworthy contribution to market growth. Some verticals included in the market analysis are consumer electronics, aerospace and defense, energy, food processing and manufacturing, personal care, healthcare and life sciences, packaging, automotive and furniture. The consumer electronics vertical further renders information about electronic equipment used in home appliances, Smartphones, IT components, laptops and computers and accessories. The aerospace and defense sector provides contract manufacturing services for engines, airframes, fabrication, parts of satellites, assembly of components and space electronics. The report includes information about the energy sector for solar energy, wind energy and hydropower. The report provides supply chain analysis of original equipment manufacturers (OEMs), sub-contract manufacturers, raw material suppliers and product design and engineering firms, among others.

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The major geographic regions covered in the report are North America (the U.S. and Canada,), Europe (U.K., Italy, France, Germany and Spain), Asia-Pacific (China, Japan and India) and the rest of the world (RoW) (Latin America, the Middle East and Africa). Estimated values are based on manufacturers’ total revenues. Projected and forecasted revenue values are in constant U.S. dollars (USD), unadjusted for inflation. The study covers the global market for contract manufacturing. The selection of countries included in this report was mainly based on the total revenue generated. Major countries included in the report are the U.S., Canada, Germany, the U.K., Spain, Italy, France, China, Japan and India.

The competitive landscape of the global market for contract manufacturing is discussed at length. Major companies involved in contract manufacturing are profiled in the report, with a description of product portfolios and recent developments. All categories are discussed in detail, describing each segment, measuring market size, identifying market drivers, forecasting for 2018-2023 and assessing competitors and competitor market shares.

Report Includes:

- 26 data tables and 32 additional tables
- An overview of the global contract manufacturing market
- Analyses of global market trends with data from 2017 and 2018, and projections of compound annual growth rates (CAGRs) through 2023
- Discussion of underlying technologies and factors influencing the demand, including current trends, stringent government regulations, technological achievements and other macroeconomic factors
- Identification of the companies that are best positioned to meet this demand because of their proprietary technologies, strategic alliances or other advantages
- A relevant patent analysis
- Competitive landscape covering major manufacturers and suppliers of contract manufacturing equipment. Major companies including Catalent Inc., Foxconn Technology Group, Flextronics International Ltd., Jabil Inc., Patheon N.V., and Zober Industries

Summary

Contract manufacturing comes about via a contract between two firms; one firm develops and manufactures products under the label or brand of another firm. Contract manufacturers offer design, manufacturing, part/component assembly and logistics services to various companies built on the brand company’s methodology or customer design, formulas or specifications. Contract manufacturers provide customized services per the need of the customer. Contract manufacturers manufacture labeled products for government and private companies, pharmaceutical companies and OEMs. Companies prefer contract manufacturing for various reasons based on economic conditions and investment
capabilities of the hiring company. Companies hire contract manufacturers to reduce capital investment and increase flexibility. Companies often turn to contract manufacturing to improve the quality of the product and to increase production capacity.

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Rising government contracts are driving the market for contract manufacturing across the globe. The governments of different countries get support from contract manufacturers via the design innovative products, the redesign of existing products and the reduction of overall manufacturing costs. For instance, U.S. defense contractors are not able to handle too many orders in-house. So, they hire contract manufacturers for electronics services such as mechanical and electrical assemblies, power systems and electronic circuit card assembly. The increasing demand for a quality product without investing in expensive machinery and a workforce are major factors contributing to the growth of the
global contract manufacturing market. Based on these factors, the market for contract manufacturing is estimated to grow at a CAGR of REDACTED during the forecast period (2018-2023). The market was valued at REDACTED in 2017 and estimated to reach REDACTED in 2023.

Increasing use of contract manufacturers by companies will increase dependability on third parties to improve cost position, achieve strong supply chain performance and enhance innovations. Selection and management of contract manufacturers is important for companies. Managing supplier relationships and creating a suitable business model to manage contract manufacturing reduces the risks associated with contract manufacturing. Risks of contract manufacturing include loss of control, quality concern and loss of sensitive commercial or technical information. Companies managing contract manufacturers effectively and efficiently can maintain strong performance in supply chains and reduce the risks associated with contract manufacturing.

Contract manufacturing services are used by several industries: consumer electronics, semiconductor, aerospace and defense, energy, healthcare and life science, food manufacturing, personal care, packaging and automotive industries. In the electronics industry, the Electronic Manufacturing Service (EMS) provider offers various electronic services on a contract basis. EMS provides design, testing, manufacturing and distribution of electronic components and assemblies for OEMs. Further, contract manufacturing services are widespread: from printed circuit board design to satellite instrumentation. An OEM can outsource particular products and can offer supplementary services to various subcontractors, improving logistics or distribution.

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