The global additive manufacturing market size was valued at USD 15.24 Billion in 2022 and is likely to reach USD 84.73 Billion by 2031, expanding at a CAGR of 21% during the forecast period, 2023–2031. The growth of the market is attributed to the rising need for prototyping applications across various industries and industry verticals.
3D printing, also known as additive manufacturing, is a revolutionary technique to industrial production that allows for the creation of lightweight, durable parts and systems. Additive Manufacturing (AM) differs from convectional manufacturing, which involves removing unwanted material from a block of material through grinding. With the use of a 3D printer and 3D printer software, additive manufacturing entails adding material layer by layer to create a product while referring to a three-dimensional file.
Depending on the application, an appropriate additive manufacturing technology is chosen from the available options. Application of additive manufacturing include patenting, licensing, addressing copyright issues, providing consultancy services & client service, and installation services. Prototyping, developing the structure and end products, modelling, and reducing time to market are the benefits of additive manufacturing. As a result, manufacturing costs have decreased significantly, allowing firms to provide goods at fair pricing.
The Covid-19 pandemic affected the demand and supply of additive manufacturing market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Additive Manufacturing Market Trends, Drivers, Restraints, and Opportunities
- Decreased production costs compared to traditional manufacturing procedures, using additive technologies in production is projected to drive the market.
- Increasing demand for prototyping applications from several industries such as defense & aerospace, automotive, and healthcare is estimated to fuel the market.
- Misunderstandings regarding prototype procedures among small and medium-scale firms are expected to impede the market growth.
- Lack of awareness about the benefits of additive manufacturing market is estimated to hinder the market growth.
- R&D investment and technological advancement in 3D printing is anticipated to create immense opportunities for the market players during the forecast period.
Scope of Additive Manufacturing Market Report
The report on the global additive manufacturing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Additive Manufacturing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023 – 2031
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Segmentation
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Technology (Thermal Dimensional Printing, Laminated Object Manufacturing, Fused Deposition Modeling, Electron Beam Melting, Laser Sintering, Binder Jetting Printing, Polyjet Printing, and Stereolithography), Applications (Education & Research, Industrial/ Business Machines, Government & Defense, Healthcare, Consumer Products, Automotive, and Aerospace), Material Types (Ceramics, Metals, Plastics, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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3D Systems Inc.; Arcam AB; General Electric; EnvisionTEC; CleanGreen 3D; Optomec Inc.; Stratasys Ltd.; ExOne; Materialise NV; MakerBot Industries LLC; Autodesk Inc.; Canon Inc.; and Voxeljet AG
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Additive Manufacturing Market Segment Insights
The stereolithography segment accounted for a major market share in 2021
Based on technology, the market is segregated into thermal dimensional printing, laminated object manufacturing, fused deposition modeling, electron beam melting, laser sintering, binder jetting printing, polyjet printing, and stereolithography.
The stereolithography segment accounted for a major market share in 2021. Stereolithography is one of the oldest and most widely used printing methods. Apart from its ease of use, stereolithography has several other advantages that are increasing its adoption. However, technological advancements and strong research and development initiatives by industry experts and researchers are paving the way for a variety of different effective and trustworthy solutions.
The automotive segment held a key market share in 2021
In terms of applications, the market is fragmented into education & research, industrial/ business machines, government & defense, healthcare, consumer products, automotive, and aerospace. The automotive segment held around 20% of the total market share in 2021.
The adoption of 3D printing as production process has increased significantly in the last few years. Automobile manufacturers can use additive manufacturing to streamline and accelerate product development while also increasing design flexibility. The technology allows organizations to be less reliant on casting and tooling by letting them to create prototypes that do not require either, which is estimated to boost the segment.
The healthcare segment is expected to grow at a rapid pace during the forecast period owing to additive printing enables the fabrication of complex lightweight structures with different levels of customization, durability, and speed.
Medical additive manufacturing is gaining popularity, particularly in five key areas where the future growth opportunities are projected, which include, drug delivery & health monitoring, orthotics &prosthetics, general tools, anatomical models, and dentistry. By integrating computational data and powerful topological mapping tools, biomedical engineers can employ 3D printers to generate realistic models for analysis.
The ceramics segment is projected to expand at a rapid pace during the forecast period
On the basis of material types, the market is divided into ceramics, metals, plastics, and others. The plastics segment held major market share in 2021. Additive manufacturing with plastics enables for low-volume plastic part manufacturing without the use of a mold, easy and fast design modification and iteration, and reduced lead times. Increased knowledge of the benefits of employing plastics for additive manufacturing is projected to drive the demand.
The ceramics segment is projected to expand at a rapid pace during the forecast period due to increased demand for large-scale production of high-precision technical ceramic components. Despite the fact that ceramic additive manufacturing is a new process, growth of the segment is attributed to R&D investments by key players for AM technologies such as inkjet printing and FDM. Using the AM process, manufacturers can build complex, sensitive parts faster and with great accuracy and precision. Moreover, improved material utilization allows manufacturers to significantly reduce their production costs. These benefits are projected to boost the segment.
Regional Analysis
In terms of regions, the Additive Manufacturing Market Share is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America dominated the market in 2021, owing to existence of key players in the region, which is driving technological advancement and increasing number of patents. Furthermore, technological developments, adoption of novel approaches such as machine learning and artificial intelligence in every industry for boosting automation, and proper utilization of R&D resources are expected to propel the market during the forecast period.
Asia Pacific is estimated to register a significant CAGR during the forecast period owing to the expanding manufacturing sector in countries like India and China, as well as growing population.
Segments
The global additive manufacturing market has been segmented on the basis of
Technology
- Thermal Dimensional Printing
- Laminated Object Manufacturing
- Fused Deposition Modeling
- Electron Beam Melting
- Laser Sintering
- Binder Jetting Printing
- Polyjet Printing
- Stereolithography
Applications
- Education & Research
- Industrial/ Business Machines
- Government & Defense
- Healthcare
- Consumer Products
- Automotive
- Aerospace
Material Types
- Ceramics
- Metals
- Plastics
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- 3D Systems Inc.
- Arcam AB
- General Electric
- EnvisionTEC
- CleanGreen 3D
- Optomec Inc.
- Stratasys Ltd.
- ExOne
- Materialise NV
- MakerBot Industries LLC
- Autodesk Inc.
- Canon Inc.
- Voxeljet AG.
Competitive Landscape
Key players competing in the additive manufacturing market include 3D Systems Inc.; Arcam AB; General Electric; EnvisionTEC; CleanGreen 3D; Optomec Inc.; Stratasys Ltd.; ExOne; Materialise NV; MakerBot Industries LLC; Autodesk Inc.; Canon Inc.; and Voxeljet AG. Some of these players are using several market strategies such as acquisitions, mergers, collaborations, partnerships, capacity expansion, and product launches to enhance their market shares, generate revenue, and raise their production line of the business in the coming years. For instance,
- In November 2021, Optomec Inc. has introduced two new additive manufacturing machines that are specifically built for large scale production and include robotic part-handling capabilities.
- Stratasys Ltd. announced that ECCO, a Danish shoe company, is using Stratasys Origin one 3D printing technology to speed up product development by providing abstract footwear specimens to be analysed early in the process using 3D printed mould and lasts made with Henkel Loctite resin materials.
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