According to the new market research report on the "Micromachining Market by Type (Traditional, Non-traditional, Hybrid), Process (Additive, Subtractive, Others), Axis (3 axes, 4 axes, 5 axes), Industry (Automotive, Aerospace & Defense), and Geography - Global Forecast to 2025", The global micromachining market size is projected to reach USD 3.3 billion by 2025 from USD 2.4 billion in 2020, at a CAGR of 6.2%. The growth of this market can be attributed to the increasing preference for laser-based micromachining over traditional processes and increasing demand for miniaturization of microelectronic devices.
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Non-traditional micromachining segment to grow at the highest CAGR during the forecast period
Non-traditional micromachining consists of sub-types such as electrochemical micromachining, electrical discharge micromachining, ultrasonic micromachining, and laser micromachining. Laser micromachining and ultrasonic micromachining are some of the dominant sub-types of micromachining that offer ease of use, precision, and extensive usage in various industries. These advantages of laser and ultrasonic micromachining drives the market for non-traditional type micromachining.
Additive process of micromachining market to hold the highest growth rate during the forecast period
Additive machining or manufacturing is also known as 3D printing. The additive micromachining consists of surface micromachining which is further sub-segmented into chemical vapor deposition (CVD), electrodeposition, epitaxy, and physical vapor deposition (PVD).
With the increasing use of 3D printing for micromachining in industries such as medical & aesthetics, and semiconductor & electronics as it offers application flexibility and mass production of customized equipment heralds the highest growth rate of the additive process in micromachining market.
5-axes micromachining to witness the highest growth rate during the forecast period
5-axes micromachining is used in highly specialized industries for its precision. The application of the 5-axes is prominent in manufacturing medical components, automotive, military-grade products, petrochemical industry parts, and aerospace components. The addition of the 5th axis in the micromachining system increases the potential applications of the machine. Improved precision requires less movement of the material for micromachining, which drives the growth rate of the 5-axes micromachining market.
Automotive industry to hold the largest share of micromachining in 2019
Micromachining is used widely in the global automotive industry. For example, fuel injector nozzles are used in fuel injection technology of various automobiles. This fuel injection technology not only improves the mileage of the vehicle but also consumes less fuel.
Fuel injector nozzles are typically micromachined by the EDM process. The laser technology in micromachining is used widely in seamless welding and bonding in the automotive industry for various vehicle components. Electronic components used in automobiles and electro voltaic cells used in electric vehicles are driving the market for the automotive industry.
North America was the largest market for micromachining in 2019
North America accounted for a significant share of the global micromachining market in 2019. The region (for this study) includes the US, Canada, and Mexico. Leading companies in this region provide the most developed micromachining to various industries such as automotive and aerospace & defense. Some of the prominent companies from North America include General Motors, Ford, General Electric, Rockwell Automation, and Coherent, among others, that widely use micromachined products. The presence of all major companies, strong industrial demand, and steady supply-side drive the market in North America.
“APAC to be the largest market for micromachining during the forecast period.”
APAC is anticipated to be the fastest-growing region for micromachining due to technological innovations and adoption of the micromachining in the automotive and medical & aesthetics. Emerging economies in APAC are growing significantly in the micromachining market. The market in this region is led by China, India, and Japan, among others.
The APAC region is a promising and emerging market for micromachining owing to factors such as growing economies and booming automotive and manufacturing industries. A few leading micromachining manufacturing companies are from Japan, such as Makino, which offer innovative micromachining across different sectors.
Major players operating in the global micromachining market are Coherent, Inc. (US), Georg Fischer Ltd. (Switzerland), Makino Milling Machine Co., Ltd. (Japan), Lumentum Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd (Japan), DATRON Dynamics, Inc. (US), Han’s Laser Technology Industry Group Co., Ltd (China), Electro Scientific Industries, Inc. (US), IPG Photonics Corporation (US), and Heraeus Holding GmbH (Germany), among others. Other companies include OMAX CORP. (US), 3D Micromac (Germany), Lasea (Belgium), Posalux SA (Switzerland), SCANLAB GmbH (Germany), Tornos S. A. (Switzerland), Swisstec 3D Akus AG (Switzerland), Kugler GmbH (Germany), and GFH GmbH (Germany), among others.
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