Additive Manufacturing Market Forecasts to 2028 – Global Analysis By Material Type (Alloys, Ceramics, Metals, Plastics and Other Material Types), Technology, Software, Application, End User and By Geography

Additive Manufacturing Market Forecasts to 2028 – Global Analysis By Material Type (Alloys, Ceramics, Metals, Plastics and Other Material Types), Technology, Software, Application, End User and By Geography

According to Stratistics MRC, the Global Additive Manufacturing Market is accounted for $16.9 billion in 2022 and is expected to reach $71.3 billion by 2028 growing at a CAGR of 27.1% during the forecast period. The subtractive method of manufacture, which calls for removing extra material from a block of material, differs from additive manufacturing. In industrial settings, the term additive manufacturing typically refers to 3D printing. Using a 3D printer and 3D printer software, additive manufacturing entails adding material layer by layer to create an object while referring to a three-dimensional file. Depending on the application, a suitable technology for additive manufacturing is chosen from the pool of options.

According to a survey by Sculpteo, 41% of the companies confirm that Additive Manufacturing has helped them complete their task more efficiently while improvising their process. 59% of users desire to use more sustainable materials, driven by the increasing number of bio-based materials in recent years.

Market Dynamics:

Driver:

Advantages offered by additive manufacturing

Aerospace was one of the industries that used additive manufacturing products for their performance, and lightweight, environmentally resilient additive manufacturing materials are used for aeroplane parts. Doctors, patients, and research institutes all benefit greatly from the use of additive manufacturing products in the quickly developing medical sector.

Restraint:

Lack of software efficiency

Complex and complicated shapes can now be built utilising additive manufacturing with the laser powder-bed fusion technique that was previously prohibitively expensive or difficult to produce. However, there are drawbacks to laser powder-bed fusion. It contains support structures that are hard to remove and pieces with thin walls and high aspect ratios that could fail during construction, which could limit market expansion.

Opportunity:

Increasing demand for lightweight components

The automotive and aerospace industries need to achieve a wide range of interrelated technical and financial goals, including functional performance, lead time reduction, lightweight design, cost control, and supply of safety-critical components. In order to satisfy demand, reduce fuel consumption, improve technical performance, and make lighter structures, which are all directly related to improving economic and technical performance, the airline industry must carry more payloads, which increases revenue.

Threat:

High costs of the equipment

Based on the required applications, the capital cost of an additive manufacturing equipment is expensive. Additionally, a barrier to the adoption of additive manufacturing is a lack of qualified specialists. These elements have encouraged end users to continue using traditional machines. In addition, the countries have a poor adoption rate of new technologies. As a result, these constraints are impeding the market's expansion.


Covid-19 Impact

The desire for additive manufacturing is being hampered by the COVID-19 outbreak in several applications. Lockdown measures have been implemented by governments in many different nations around the world to stop the disease's spread. As a result, supply and transportation constraints, a delay in infrastructure development, and a slowdown in manufacturing operations have all occurred. As a result, additive manufacturing is becoming less popular all over the world. These players' manufacturing and supply chain facilities are dispersed throughout several nations. The demand and supply chain for additive manufacturing materials have been significantly impacted by the pandemic.

The stereolithography segment is expected to be the largest during the forecast period

The stereolithography segment is estimated to have a lucrative growth, due to ease of operations. One of the earliest and most widely used printing techniques is stereolithography. There are a number of other benefits that are promoting the use of the technology. However, technological advancements and the intensive R&D initiatives being undertaken by researchers and industry experts are creating prospects for a number of different effective and dependable technologies.

The prototyping segment is expected to have the highest CAGR during the forecast period

The prototyping segment is anticipated to witness the fastest CAGR growth during the forecast period, due to its advantages. The prototype technique is widely employed in a variety of business sectors and industries. Prototyping is a common technique used by companies in the automotive, aerospace, and defence sectors to manufacture exact parts, components, and intricate systems. Manufacturers can build trustworthy final goods and attain improved precision through prototyping.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the expanding manufacturing sector, as well as growing population. Businesses in the region are expanding as a result of emerging economies like. To produce intricate engine parts, the aerospace industry uses additive manufacturing. The market is expected to grow as a result of the government's emphasis on promoting the use of additive manufacturing in the industrial industry.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to rise in investments by various international companies. Additionally, the market is anticipated to grow during the forecast period due to technological advancements, the implementation of novel approaches like machine learning and artificial intelligence across all industries to enhance automation, and the efficient use of R&D resources.

Key players in the market

Some of the key players profiled in the Additive Manufacturing Market include Nano Dimension Ltd., EnvisionTEC GmbH, Materialise NV, Hewlett-Packard Development Co., L.P., EOS GmbH, Arcam AB, General Electric Co., 3D Systems Corporation, SLM Solutions Group AG, ExOne Co., Stratasys Ltd., Optomec Inc., Mcor Technologies Ltd, Optomec Inc. and Materialise NV.

Key Developments:

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.

In November 2021, 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.

Material Types Covered:
• Alloys
• Ceramics
• Metals
• Plastics
• Other Material Types

Technologies Covered:
• Selective Laser Sintering
• Stereolithography
• Polyjet Printing
• Direct Metal Laser Sintering
• Electron Beam Melting
• Fuse Deposition Modeling
• Digital Light Processing
• Inkjet Printing
• Laser Metal Deposition
• Laminated Object Manufacturing
• Other Technologies

Softwares Covered:
• Inspection Software
• Scanning Software
• Printer Software
• Design Software
• Other Softwares

Applications Covered:
• Tooling
• Prototyping
• Functional Parts
• Other Applications

End Users Covered:
• Aerospace
• Architecture
• Automotive
• Consumer Goods
• Defence
• Healthcare
• Industrial
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements