Global Additive Manufacturing Market - 2023-2030

Global Additive Manufacturing Market - 2023-2030

The Global Additive Manufacturing Market reached US$ 14 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 62 billion by 2030. The market is growing at a CAGR of 24.5% during the forecast period 2023-2030.

Additive manufacturing finds applications in various industries, including aerospace, automotive, healthcare, consumer goods, industrial manufacturing, and architecture. It allows for rapid prototyping, efficient production of complex parts, customization, lightweight designs, and the ability to create intricate structures not feasible with traditional manufacturing methods.

The automotive application segment hold 1/3rd of market shares in 2022 and is expected to grow significantly during the forecast period.

Market Dynamics

The Growing Demand For Additive Manufacturing Materials

Additive manufacturing allows for greater customization and personalization of products, often requiring specialized materials that meet specific performance requirements. This has created a demand for high-quality materials that can produce parts with unique properties, such as flexibility, durability and conductivity.

In addition to expanding the range of applications and improving product performance, the growing demand for additive manufacturing materials makes it more cost-effective for businesses to use this technology.

The cost of materials used in additive manufacturing has declined, making it more accessible to companies of all sizes. As a result, manufacturers are investing in developing new and specialized materials, which will continue to drive the growth of the global additive manufacturing market.

High Initial Investment

High initial investment also includes the cost of equipment and materials and a need for skilled personnel trained in additive manufacturing technologies. This can further hinder adoption, as businesses may need to invest in training programs or hire new employees with the necessary skills and expertise. Furthermore, there may be regulatory barriers that need to be overcome, such as obtaining permits or certifications for Use of additive manufacturing in certain industries or applications. This can add to the overall cost of additive manufacturing and further restrict its adoption.

Despite these challenges, the growing demand for additive manufacturing will drive continued investment in this technology.

COVID-19 Impact Analysis

The disruptions caused by the pandemic prompted organizations to reassess their supply chain strategies and explore additive manufacturing as a means to enhance resilience. AM's ability to produce components locally, reduce lead times, and mitigate risks associated with supply chain disruptions has gained attention and investment from businesses seeking to build more resilient supply networks.

Russia-Ukraine War Impact Analysis

Ukraine is known for its mineral resources, including titanium, a critical material in additive manufacturing, especially in the aerospace industry. Any disruptions in the supply of such materials from Ukraine can impact the availability and cost of raw materials for additive manufacturing globally.

The war and geopolitical tensions in the region can lead to market instability, affecting investor confidence, trade policies, and economic conditions. Uncertainty and volatility in the region can impact the willingness of businesses to invest in additive manufacturing technologies and infrastructure.

Artificial Intelligence Impact Analysis

AI can assist in the development and selection of materials for additive manufacturing. Machine learning algorithms can analyze material properties, performance data, and historical printing parameters to identify optimal material choices for specific applications. This accelerates material research and facilitates the adoption of new materials in additive manufacturing.

Segment Analysis

The global additive manufacturing market is segmented based on technology, material, application and region.

Owing To Its Strength, Corrosion Resistance And Low Weight, Metal Dominates The Global Additive Manufacturing Market

Within the metal additive manufacturing market, titanium is one of the most commonly used materials. This is due to its strength, low weight and corrosion resistance, making it an ideal material for aerospace and medical applications. Other metals commonly used in additive manufacturing include stainless steel, aluminum and cobalt-chromium.

However, the Use of plastics in additive manufacturing is also proliferating, particularly in industries such as consumer products and electronics, where the ability to produce complex geometries and customized designs is highly valued. Within the plastic additive manufacturing market, materials such as polyamide (nylon), polyetherimide (PEI) and polycarbonate (PC) are commonly used.

Geographical Analysis

North America’s strong government support, well-established supply chains and advanced research and development capabilities

North America strongly focuses on research and development, with many universities and institutions dedicated to advancing additive manufacturing technology. This has resulted in the development of new materials, software and hardware that have helped to push the boundaries of what is possible with additive manufacturing.

North America has a high adoption of additive manufacturing by industries such as aerospace, defense and healthcare. These industries have embraced the technology due to its ability to produce complex parts and components quickly and cost-effectively and its potential to improve product performance and reduce waste.

Therefore, the combination of strong government support, well-established supply chains and advanced research and development capabilities has enabled North America to establish itself as a global additive manufacturing market leader. The U.S. is the largest contributor in the region, accounting for more than 75.8% of the regional share and is also expected to retain its dominance during the forecast period.

Competitive Landscape

The major global players include Stratasys Ltd., 3D Systems Corporation, EOS GmbH, Materialise NV, SLM Solutions Group AG,Renishaw PLC, Ultimaker BV, HP Inc., GE Additive and EnvisionTEC GmbH.

Why Purchase the Report?
• To visualize the global additive manufacturing- market segmentation based on technology, material, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous additive manufacturing market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Additive Manufacturing Market Report Would Provide 61 Tables, 69 Figures and 184 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies