Global Additive Manufacturing Market

Additive Manufacturing Market Size, Share, Growth Analysis, By Printer Type (3D Printer, 3D Bio Printer), By Technology (Electron Beam Melting (EBM), Laser Beam Melting), By Application (Orthopedic, Dental), By Material (Homogeneous Materials, Heterogeneous Materials), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20I2150 | Region: Global | Published Date: August, 2024
Pages: 202 | Tables: 179 | Figures: 79

Additive Manufacturing Market Insights

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.

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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).

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. 'Stratasys Ltd. (USA) ', '3D Systems Corporation (USA) ', 'EOS GmbH (Germany) ', 'Materialize NV (Belgium) ', 'General Electric Company (GE Additive) (USA) ', 'SLM Solutions Group AG (Germany) ', 'EnvisionTEC GmbH (Germany) ', 'HP Inc. (USA) ', 'Voxeljet AG (Germany) ', 'Renishaw plc (UK) ', 'Optomec Inc. (USA) ', 'Ultimaker BV (Netherlands) ', 'Desktop Metal, Inc. (USA) ', 'Carbon, Inc. (USA) ', 'Prodways Group (France) ', 'XYZprinting, Inc. (Taiwan) ', 'The ExOne Company (USA) ', 'Nano Dimension Ltd. (Israel) ', 'Additive Industries (Netherlands) ', 'Markforged, Inc. (USA) ', 'Brightlands Materials Center (Netherlands)'

One of the key drivers of the additive manufacturing market is the growing demand for customized products. 3D printing allows manufacturers to produce products that are tailored to the specific needs of individual customers, which is particularly important in industries such as aerospace, automotive, and healthcare.

Shift from Prototyping to Production: The additive manufacturing industry is increasingly shifting from prototyping to production applications. As 3D printing technologies improve and become more efficient, manufacturers are using them to produce end-use parts and products, rather than just prototypes. This is driving the growth of the additive manufacturing market in a wide range of industries.

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.

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Global Additive Manufacturing Market

Report ID: SQMIG20I2150

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