The micromachining market size is projected to reach US$ 6.10 billion by 2031 from US$ 3.27 billion in 2023. The market is expected to register a CAGR of 8.1% in 2023–2031. Products miniaturization and growing demand for artificial intelligence, augmented reality, virtual reality, and the Internet of Things are likely to remain key micromachining market trends.
The micromachining market is growing at a rapid pace due to the high demand from the automotive industry and the rising use of laser machining and electrochemical machining. The market is expanding steadily, driven by the increasing government spending to expand the automotive industry and the growing production of electric vehicles. Moreover, the growing initiatives for product awareness and the development of sensor fusion technology are providing lucrative opportunities for market growth.
Micromachining is the process of creating 3D and 2D structures at the micrometer scale. Prior to technological advancements, watch parts were considered tiny components; nevertheless, micro components have subsequently been used in a range of industries, including electronics and biomedical implants. Micromachining applications, such as welding, cutting, 3D machining, and micro-milling, have grown in response to increased demand for compact, cost-effective, and practical goods in industries such as semiconductors and electronics, automotive, aerospace, and medicine. Improvements in these industries are creating significant growth opportunities for the market. Additionally, the adoption of micromachining for micro-component production in the automotive, consumer electronics, healthcare, and aerospace industries is driving the market.
Micromachining is becoming increasingly popular in the automotive industry due to its widespread use. It is used in fuel injection technology, specifically fuel injector nozzles. Fuel injection technology boosts vehicle mileage. Fuel injector nozzles are micromachined using the EDM process. The use of laser technology in micromachining in the automobile industry raises the necessity for seamless welding and bonding for various vehicle components. Furthermore, micromachining also supports the car in consuming less fuel, which increases its demand among consumers and drives the market.
Additionally, the growing demand for electric vehicles among consumers is boosting the market during the forecast period. Micromachining is extensively used in the construction of electrovoltaic cells, which has greatly expanded the automotive industry. However, the expanding automotive industry and increasing demand for electric vehicles among consumers across the globe are driving the market during the forecast period.
In recent years, the number of consumer-awareness-raising events has increased, and governments of various nations are planning to schedule micromachining-based events or conferences to create awareness among users. For instance, The International Research Conference is planning to organize an International Conference on Micromachining (ICM) scheduled on June 27-28, 2024, in Istanbul, Türkiye. This conference covers all aspects of micromachining, including the most recent breakthroughs, trends, and concerns, as well as real issues faced and solutions implemented in the field of micromachining, which has accelerated market growth in the near future.
Key segments that contributed to the derivation of the micromachining market analysis are process, raw material, and application.
The geographic scope of the micromachining market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
In terms of revenue, the Asia Pacific market accounted for the largest micromachining market share due to the presence of major automotive component manufacturers in countries including China, India, and South Korea. These manufacturers are highly demanding micromachining for manufacturing major automobile components such as fuel injectors, electrical assemblies, and automotive sensors. Furthermore, growing awareness related to the benefits provided by micromachining and rising demand from the railway and energy industry is boosting the market.
The regional trends and factors influencing the Micromachining Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Micromachining Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.27 Billion |
| Market Size by 2031 | US$ 6.10 Billion |
| Global CAGR (2023 - 2031) | 8.1% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Process
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Micromachining Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Micromachining Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The micromachining market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for micromachining and strategies:
The “Micromachining Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The incremental growth expected to be recorded for the global micromachining market during the forecast period is US$ 2.83 billion.
The global micromachining market is expected to reach US$ 6.10 billion by 2031.
The key players holding majority shares in the global micromachining market are 3D-Micromac AG, 4JET Microtech GmbH, IPG Photonics Corporation, KJ Laser Micromachining, and OpTek Ltd.
Products miniaturization and growing demand for artificial intelligence, augmented reality, virtual reality, and the Internet of Things to play a significant role in the global micromachining market in the coming years.
The high demand from the automotive industry and the rising use of laser machining and electrochemical machining are the major factors that propel the global micromachining market.
The global micromachining market was estimated to be US$ 3.27 billion in 2023 and is expected to grow at a CAGR of 8.1% during the forecast period 2023 - 2031.