Additive Manufacturing Market Size, Share, Growth Analysis, By Printer Type(3D Printer, and Industrial 3D Printer), By Component(Hardware, Software), By Technology(Stereolithography, Fused Deposition Modeling), By Software(Design Software, Inspection Software), By Application(Prototyping, Tooling), By Material(Polymer, Metal) - Industry Forecast 2024-2031

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.