USD 16.72 billion
Report ID:
SQMIG20I2150 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|
Tables:
179 |
Figures:
79
Global Additive Manufacturing Market size was valued at around USD 16.72 billion in 2022 and is expected to rise from USD 20.20 billion in 2023 to reach a value of USD 91.59 Billion by 2031, at a CAGR of 20.8% over the forecast period (2024–2031).
The market is anticipated to expand as a result of factors including the rising demand for prototype applications from different industries and industrial verticals, particularly healthcare, automotive, and aerospace & defense, as well as the aggressive research and development in 3D printing. Additive manufacturing refers to the process of layer-by-layer adding material to an object while using a 3D printer and 3D printer software. Depending on the application, a suitable technology for additive manufacturing is chosen from the pool of options.
Providing installation services, advisory services, customer support, and managing various aspects of copyright, licensing, and patenting are all included in the deployment of additive manufacturing. Additive manufacturing enables prototyping, developing the structure and final items, modeling, and shortening the time to market. Due to the huge reduction in production costs, businesses are now better able to offer competitive prices on their products. The use of 3D printers will probably increase as a result of these benefits.
The adoption of additive manufacturing is hampered by small- and medium-scale manufacturers' misconceptions about the prototype procedures. Instead of attempting to reap the benefits of prototyping, some firms are deliberating before viewing investments in prototyping as responsible investments. Prototyping is typically thought of as just a costly stage before manufacturing. Such beliefs, as well as the impending lack of technical expertise and accepted process controls, are anticipated to impede market expansion.
The impact of the COVID-19 epidemic on the overall economy has had a significant negative influence on the global market for additive manufacturing. Lockdowns and restrictions on the transportation of individuals and products imposed by various governments around the globe as part of the efforts to prevent the spread of the coronavirus had a negative impact on the production of additive manufacturing printers, there was a labor shortage, and the supply chain and logistics were frequently disrupted.
US Additive Manufacturing Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.72 billion
Largest Segment
3D Printer
Fastest Growth
3D Printer
Growth Rate
20.8% CAGR
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The global additive manufacturing market is segmented based on printer type, component, technology, software, application, material, and region. Based on printer type, the market is segmented into desktop 3d printer and industrial 3d printer. Based on components, the market is segmented into hardware, software, services. Based on technology, the market is segmented into stereolithography, fused deposition modeling, selective laser sintering, direct metal laser sintering, polyjet printing, inkjet printing, electron beam melting, laser metal deposition, digital light processing, laminated object manufacturing, and others. In terms of software, the market is segmented into design software, inspection software, printer software, and scanning software. Based on application, the market is segmented into prototyping, tooling, and functional parts. With respect to material, the market is segmented into polymer, metal, and ceramic. Regionwise, the global additive manufacturing market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Additive Manufacturing Market Analysis by Printer Type
The market was dominated by the industrial 3D printer sector, which accounted for more than 63% of global revenue. Industrial 3D printers are widely used for several common applications including prototyping, designing, and tooling across a variety of industries and industrial verticals, including automotive, electronics, aerospace & defense, and healthcare, among others. The industrial 3D printer sector is anticipated to maintain its dominance over the market during the projected period due to the widespread usage of additive manufacturing for tooling, prototyping, and design.
Hobbyists and small businesses were the only ones who could first use desktop 3D printers. Desktop 3D printers are, nevertheless, increasingly used in home and household settings. Universities, colleges, and other educational institutions are also utilizing desktop 3D printers for technical instruction and research. Smaller companies frequently purchase desktop 3D printers and expand their product and service offerings to include additive manufacturing and other related services. As a result, it is predicted that the demand for desktop printers would rise significantly during the course of the forecast year.
Additive Manufacturing Market Analysis by Technology
The market was dominated by the stereolithography category, which contributed over 8% of total revenue. Stereolithography is one of the oldest and most commonly used printing processes. Stereolithography is becoming more popular due to its ease of usage as well as a variety of additional advantages. However, technological advancements and the aggressive R&D initiatives being pursued by researchers and industry experts are creating opportunities for a number of other effective and dependable technologies.
In addition to stereolithography, there are a number of additional additive manufacturing processes available. Among them are inkjet printing, polyjet printing process, laser metal deposition, electron beam melting, digital light processing, laminated item manufacturing, direct metals laser sintering, fused deposition modeling, and other procedures. While DLP, EBM, inkjet printing, and DMLS are also significantly gaining ground due to their applicability in specialized additive manufacturing processes, FDM is also widely adopted.
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North America held a revenue share of more than 34%, dominating the market for additive manufacture. Nations with developed economies like the United States and Canada are found in North America. These countries are known for being among the first to adopt cutting-edge technologies. But Europe overtook Asia to overtake it as the second-largest regional market. Geographically speaking, Europe is the biggest continent.
Asia Pacific is expected to increase significantly. Over the forecast period, the regional market is anticipated to grow at the highest CAGR. The continued advancements and innovations achieved by the established manufacturers in the area are particularly responsible for the rise of the regional market. Consumer electronics, healthcare, and the automotive industries are all rapidly moving their manufacturing to Asia Pacific. Over the course of the forecast period, rapid urbanization is anticipated to be a major factor in driving the adoption of three-dimensional printing throughout the region.
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Additive Manufacturing Market Drivers
Increased Demand for Customized Products
Additive Manufacturing Market Restraints
High Initial Investment Costs
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Market participants are continuously developing additive manufacturing technologies in response to the rising demand for three-dimensional printing from established organizations in the automotive, healthcare, and aerospace & military industries for production purposes. In order to create new items, major industry businesses typically use additive manufacturing. Market leaders like Stratasys, Ltd. are extending the use of additive manufacturing beyond prototype to the entire industrial value chain.
Additive Manufacturing Market Top Player’s Company Profiles
Additive Manufacturing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global additive manufacturing market analysis, we found that the market is anticipated to expand as a result of factors including the rising demand for prototype applications from different industries and industrial verticals, particularly healthcare, automotive, and aerospace & defense, as well as the aggressive research and development in 3D printing. 3D printing is well-suited for on-demand manufacturing, as it allows for quick and efficient production of low-volume, customized parts. This trend is particularly important in industries such as healthcare, where personalized medical devices and implants can be produced on-demand using 3D printing.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 16.72 billion |
Market size value in 2031 | USD 91.59 Billion |
Growth Rate | 20.8% |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Additive Manufacturing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Additive Manufacturing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Additive Manufacturing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Additive Manufacturing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Product ID: SQMIG20I2150