diff --git a/mlir/docs/DefiningDialects/AttributesAndTypes.md b/mlir/docs/DefiningDialects/AttributesAndTypes.md
--- a/mlir/docs/DefiningDialects/AttributesAndTypes.md
+++ b/mlir/docs/DefiningDialects/AttributesAndTypes.md
@@ -866,17 +866,33 @@
 respectively generate calls to:
 
 ```c++
-LogicalResult parseFoo(AsmParser &parser, FailureOr<int> &foo);
+LogicalResult parseFoo(AsmParser &parser, int &foo);
 void printFoo(AsmPrinter &printer, int foo);
 ```
 
+As you can see, by default parameters are passed into the parse function by 
+reference. This is only possible if the C++ type is default constructible.
+If the C++ type is not default constructible, the parameter is wrapped in a
+`FailureOr`. Therefore, given the following definition: 
+
+```tablegen
+let parameters = (ins "NotDefaultConstructible":$foobar);
+let assemblyFormat = "custom<Fizz>($foobar)";
+```
+
+It will generate calls expecting the following signature for `parseFizz`:
+
+```c++
+LogicalResult parseFizz(AsmParser &parser, FailureOr<NotDefaultConstructible> &foobar);
+```
+
 A previously bound variable can be passed as a parameter to a `custom` directive
 by wrapping it in a `ref` directive. In the previous example, `$foo` is bound by
 the first directive. The second directive references it and expects the
 following printer and parser signatures:
 
 ```c++
-LogicalResult parseBar(AsmParser &parser, FailureOr<int> &bar, int foo);
+LogicalResult parseBar(AsmParser &parser, int &bar, int foo);
 void printBar(AsmPrinter &printer, int bar, int foo);
 ```
 
@@ -885,8 +901,7 @@
 For example, `StringRefParameter` expects the parser and printer signatures as:
 
 ```c++
-LogicalResult parseStringParam(AsmParser &parser,
-                               FailureOr<std::string> &value);
+LogicalResult parseStringParam(AsmParser &parser, std::string &value);
 void printStringParam(AsmPrinter &printer, StringRef value);
 ```
 
diff --git a/mlir/include/mlir/Dialect/LLVMIR/LLVMTypes.h b/mlir/include/mlir/Dialect/LLVMIR/LLVMTypes.h
--- a/mlir/include/mlir/Dialect/LLVMIR/LLVMTypes.h
+++ b/mlir/include/mlir/Dialect/LLVMIR/LLVMTypes.h
@@ -219,7 +219,7 @@
 } // namespace detail
 
 /// Parse any MLIR type or a concise syntax for LLVM types.
-ParseResult parsePrettyLLVMType(AsmParser &p, FailureOr<Type> &type);
+ParseResult parsePrettyLLVMType(AsmParser &p, Type &type);
 /// Print any MLIR type or a concise syntax for LLVM types.
 void printPrettyLLVMType(AsmPrinter &p, Type type);
 
diff --git a/mlir/include/mlir/IR/AttributeSupport.h b/mlir/include/mlir/IR/AttributeSupport.h
--- a/mlir/include/mlir/IR/AttributeSupport.h
+++ b/mlir/include/mlir/IR/AttributeSupport.h
@@ -264,6 +264,19 @@
   static void initializeAttributeStorage(AttributeStorage *storage,
                                          MLIRContext *ctx, TypeID attrID);
 };
+
+// Internal function called by ODS generated code.
+// Default initializes the type within a FailureOr<T> if T is default
+// constructible and returns a reference to the instance.
+// Otherwise, returns a reference to the FailureOr<T>.
+template <class T>
+decltype(auto) unwrapForCustomParse(FailureOr<T> &failureOr) {
+  if constexpr (std::is_default_constructible_v<T>)
+    return failureOr.emplace();
+  else
+    return failureOr;
+}
+
 } // namespace detail
 
 } // namespace mlir
diff --git a/mlir/lib/Dialect/LLVMIR/IR/LLVMTypeSyntax.cpp b/mlir/lib/Dialect/LLVMIR/IR/LLVMTypeSyntax.cpp
--- a/mlir/lib/Dialect/LLVMIR/IR/LLVMTypeSyntax.cpp
+++ b/mlir/lib/Dialect/LLVMIR/IR/LLVMTypeSyntax.cpp
@@ -356,9 +356,8 @@
   return type;
 }
 
-ParseResult LLVM::parsePrettyLLVMType(AsmParser &p, FailureOr<Type> &type) {
-  type.emplace();
-  return dispatchParse(p, *type);
+ParseResult LLVM::parsePrettyLLVMType(AsmParser &p, Type &type) {
+  return dispatchParse(p, type);
 }
 
 void LLVM::printPrettyLLVMType(AsmPrinter &p, Type type) {
diff --git a/mlir/lib/Dialect/LLVMIR/IR/LLVMTypes.cpp b/mlir/lib/Dialect/LLVMIR/IR/LLVMTypes.cpp
--- a/mlir/lib/Dialect/LLVMIR/IR/LLVMTypes.cpp
+++ b/mlir/lib/Dialect/LLVMIR/IR/LLVMTypes.cpp
@@ -33,10 +33,8 @@
 // custom<FunctionTypes>
 //===----------------------------------------------------------------------===//
 
-static ParseResult parseFunctionTypes(AsmParser &p,
-                                      FailureOr<SmallVector<Type>> &params,
-                                      FailureOr<bool> &isVarArg) {
-  params.emplace();
+static ParseResult parseFunctionTypes(AsmParser &p, SmallVector<Type> &params,
+                                      bool &isVarArg) {
   isVarArg = false;
   // `(` `)`
   if (succeeded(p.parseOptionalRParen()))
@@ -49,10 +47,10 @@
   }
 
   // type (`,` type)* (`,` `...`)?
-  FailureOr<Type> type;
+  Type type;
   if (parsePrettyLLVMType(p, type))
     return failure();
-  params->push_back(*type);
+  params.push_back(type);
   while (succeeded(p.parseOptionalComma())) {
     if (succeeded(p.parseOptionalEllipsis())) {
       isVarArg = true;
@@ -60,7 +58,7 @@
     }
     if (parsePrettyLLVMType(p, type))
       return failure();
-    params->push_back(*type);
+    params.push_back(type);
   }
   return p.parseRParen();
 }
@@ -81,11 +79,10 @@
 // custom<Pointer>
 //===----------------------------------------------------------------------===//
 
-static ParseResult parsePointer(AsmParser &p, FailureOr<Type> &elementType,
-                                FailureOr<unsigned> &addressSpace) {
-  addressSpace = 0;
+static ParseResult parsePointer(AsmParser &p, Type &elementType,
+                                unsigned &addressSpace) {
   // `<` addressSpace `>`
-  OptionalParseResult result = p.parseOptionalInteger(*addressSpace);
+  OptionalParseResult result = p.parseOptionalInteger(addressSpace);
   if (result.has_value()) {
     if (failed(result.value()))
       return failure();
@@ -96,7 +93,7 @@
   if (parsePrettyLLVMType(p, elementType))
     return failure();
   if (succeeded(p.parseOptionalComma()))
-    return p.parseInteger(*addressSpace);
+    return p.parseInteger(addressSpace);
 
   return success();
 }
diff --git a/mlir/test/lib/Dialect/Test/TestAttributes.cpp b/mlir/test/lib/Dialect/Test/TestAttributes.cpp
--- a/mlir/test/lib/Dialect/Test/TestAttributes.cpp
+++ b/mlir/test/lib/Dialect/Test/TestAttributes.cpp
@@ -164,12 +164,11 @@
 // TestCustomAnchorAttr
 //===----------------------------------------------------------------------===//
 
-static ParseResult parseTrueFalse(AsmParser &p,
-                                  FailureOr<std::optional<int>> &result) {
+static ParseResult parseTrueFalse(AsmParser &p, std::optional<int> &result) {
   bool b;
   if (p.parseInteger(b))
     return failure();
-  result = std::optional<int>(b);
+  result = b;
   return success();
 }
 
diff --git a/mlir/test/lib/Dialect/Test/TestTypes.cpp b/mlir/test/lib/Dialect/Test/TestTypes.cpp
--- a/mlir/test/lib/Dialect/Test/TestTypes.cpp
+++ b/mlir/test/lib/Dialect/Test/TestTypes.cpp
@@ -89,23 +89,21 @@
 // TestCustomType
 //===----------------------------------------------------------------------===//
 
-static LogicalResult parseCustomTypeA(AsmParser &parser,
-                                      FailureOr<int> &aResult) {
-  aResult.emplace();
-  return parser.parseInteger(*aResult);
+static LogicalResult parseCustomTypeA(AsmParser &parser, int &aResult) {
+  return parser.parseInteger(aResult);
 }
 
 static void printCustomTypeA(AsmPrinter &printer, int a) { printer << a; }
 
 static LogicalResult parseCustomTypeB(AsmParser &parser, int a,
-                                      FailureOr<std::optional<int>> &bResult) {
+                                      std::optional<int> &bResult) {
   if (a < 0)
     return success();
   for (int i : llvm::seq(0, a))
     if (failed(parser.parseInteger(i)))
       return failure();
   bResult.emplace(0);
-  return parser.parseInteger(**bResult);
+  return parser.parseInteger(*bResult);
 }
 
 static void printCustomTypeB(AsmPrinter &printer, int a, std::optional<int> b) {
@@ -117,8 +115,7 @@
   printer << *b;
 }
 
-static LogicalResult parseFooString(AsmParser &parser,
-                                    FailureOr<std::string> &foo) {
+static LogicalResult parseFooString(AsmParser &parser, std::string &foo) {
   std::string result;
   if (parser.parseString(&result))
     return failure();
diff --git a/mlir/test/mlir-tblgen/attr-or-type-format.td b/mlir/test/mlir-tblgen/attr-or-type-format.td
--- a/mlir/test/mlir-tblgen/attr-or-type-format.td
+++ b/mlir/test/mlir-tblgen/attr-or-type-format.td
@@ -593,7 +593,7 @@
 
 // TYPE-LABEL: ::mlir::Type TestNType::parse
 // TYPE: parseFoo(
-// TYPE-NEXT: _result_a,
+// TYPE-NEXT: ::mlir::detail::unwrapForCustomParse(_result_a),
 // TYPE-NEXT: 1);
 
 // TYPE-LABEL: void TestNType::print
diff --git a/mlir/tools/mlir-tblgen/AttrOrTypeFormatGen.cpp b/mlir/tools/mlir-tblgen/AttrOrTypeFormatGen.cpp
--- a/mlir/tools/mlir-tblgen/AttrOrTypeFormatGen.cpp
+++ b/mlir/tools/mlir-tblgen/AttrOrTypeFormatGen.cpp
@@ -612,7 +612,8 @@
   for (FormatElement *arg : el->getArguments()) {
     os << ",\n";
     if (auto *param = dyn_cast<ParameterElement>(arg))
-      os << "_result_" << param->getName();
+      os << "::mlir::detail::unwrapForCustomParse(_result_" << param->getName()
+         << ")";
     else if (auto *ref = dyn_cast<RefDirective>(arg))
       os << "*_result_" << cast<ParameterElement>(ref->getArg())->getName();
     else