Global Additive Manufacturing Market Outlook

Global Additive Manufacturing Market Outlook

Additive manufacturing refers to the process of combining materials to create parts using a 3D model data or computed-aided design (CAD), typically layer by layer. This method stands in contrast to subtractive manufacturing and formative manufacturing approaches. Commonly referred to as 3D printing, AM differs from traditional manufacturing methods that rely on removing excess material through drilling, cutting, and grinding. The global additive manufacturing market in terms of revenue grew at a CAGR of 18.6% from USD12,049 million in 2020 to USD 20,078 million in 2023. This trend is expected to continue in the coming years with the global additive manufacturing market expected to grow at a CAGR of 19.0% from 2023 to 2028, reaching USD 47,994 million in 2028.

The additive manufacturing market encompasses various components, including hardware, materials, and services, all of which contribute to its revenue forecast. Within the hardware category, there are machine printers and components designed for both industrial and desktop applications. These machines play a crucial role in the 3D printing process. The hardware segment is anticipated to exhibit the CAGR of 15.9% during the forecast period from 2023 to 2028.

The aerospace & defense segment generated USD 3,761 million in revenue in 2022. It is projected to reach USD 11,410 million by 2028, representing a CAGR of 20.5% over the forecast period of 2023 to 2028. The aerospace and defense sector has been at the forefront of utilizing technology to create increasingly intricate components, and one such technology is additive manufacturing. Within this market, AM is primarily utilized for the production of prototypes and mechanical parts. However, there are numerous ongoing projects aimed at developing the capability to 3D print parts directly in space and on the battlefield, catering to specific needs or replacement requirements.

The global additive manufacturing market has witnessed substantial growth in terms of revenue, driven primarily by the North America sectors. In 2022, the market was valued at USD 6,269 million, and it is projected to reach USD 19,047 million by the year 2028, representing a remarkable CAGR of 20.1% during the forecast period.

In the short term, small manufacturing companies offering customized services are set to compete with global industry leaders in the additive manufacturing market. Their advantages of low setup costs and absence of economies of scale make them formidable contenders. Low-cost printers and materials from China are expected to boost competitiveness. Innovative leaders invest in research and development to pioneer AM technologies, while others wait for prices to decrease and validated applications to expand. Key players include Stratasys, Ltd., 3D Systems Corporation, Desktop Metal, Inc., GE Additive, HP Inc., Markforged Holding Corp., Materialise N.V., Proto Labs, Inc., SLM Solutions Group AG, Velo3D Inc., Xerox Holdings Corporation, Formlabs Inc., EOS GmbH, Prodways Group SA, Cal-Comp Electronics (Thailand) PCL, Farsoon Technologies Co., Ltd., Xi'an Bright Laser Technologies Co., Ltd., Harn Engineering Solutions PCL, Sodick Co., Ltd., Guangdong Fenghua Zhuoli Technology Co., Ltd., Nano Dimension Ltd., XJet Ltd., Massivit 3D Printing Technologies Ltd., among others.

This study aims to analyze the global market for various segments of additive manufacturing, including:

Component: Hardware, Materials, and Services.
End-User: Aerospace & Defense, Manufacturing, Automotive, Consumer Goods, Healthcare, Construction, and Others.
Region: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa (MEA).