New York, United States , April 19, 2024 (GLOBE NEWSWIRE) -- The Global Additive Manufacturing Market Size is to Grow from USD 19.97 Billion in 2023 to USD 143.3 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.78% during the projected period.
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Additive manufacturing (AM) is distinct from subtractive manufacturing, which is removing superfluous material from a block of material by grinding it away. The term "additive manufacturing" most frequently refers to 3D printing in industrial applications. Using a 3D printer and 3D printing software, additive manufacturing is the process of layer-by-layer adding material to create an object from a three-dimensional file. An appropriate additive manufacturing technology is selected from the available possibilities based on the application. One of the key drivers of the additive manufacturing sector is the rising need for customized products. Due to 3D printing, manufacturers can now produce products that are precisely tailored to each customer's needs. This is especially helpful for companies in the aerospace, automotive, and healthcare sectors. Moreover, because additive manufacturing uses only the materials necessary to complete a product, it offers a higher material efficiency. Compared to traditional manufacturing, additive manufacturing has many advantages for the environment. However, most people consider prototypes to be only an expensive pre-manufacturing process. These beliefs, coupled with the looming lack of technological know-how and standard operating procedures, are expected to impede the growth of the additive manufacturing market worldwide.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Additive Manufacturing Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Metal, Plastic, Alloys, and Ceramics), By Technology (Stereolithography, Fused Disposition Modelling, Laser Sintering, Binder Jetting Printing, Polyjet Printing, Electron Beam Melting, Laminated Object Manufacturing, and Others), By Application (Automotive, Healthcare, Aerospace, Consumer Goods, Industrial, Defense, Architecture, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The metal segment is anticipated to hold the greatest share of the global additive manufacturing market during the projected timeframe.
Based on the material type, the global additive manufacturing market is divided into metal, plastic, alloys, and ceramics. Among these, the metal segment is anticipated to hold the greatest share of the global additive manufacturing market during the projected timeframe. The growth of the metal material segment can be attributed to the substantial usage of metal material in additive manufacturing techniques in major industries such as consumer electronics and autos. Metal 3D printing is another term for metal additive manufacturing. Food is heated using heat sources like as electrons or lower beams to wire or powder form in metal additive manufacturing so it may be shaped into the desired product. Metal additive manufacturing is used to create prototypes and models, and it has many additional uses.
The stereolithography segment is anticipated to hold the greatest share of the global additive manufacturing market during the projected timeframe.
Based on the technology, the global additive manufacturing market is divided into stereolithography, fused disposition modeling, laser sintering, binder jetting printing, polyjet printing, electron beam melting, laminated object manufacturing, and others. Among these, the stereolithography segment is anticipated to hold the greatest share of the global additive manufacturing market during the projected timeframe. Stereolithography is one of the oldest and most popular printing processes available today. Stereolithography is becoming more and more popular due to its many advantages and ease of use.
The healthcare segment is anticipated to hold the greatest share of the global additive manufacturing market during the projected timeframe.
Based on the application, the global additive manufacturing market is divided into automotive, healthcare, aerospace, consumer goods, industrial, defense, architecture, and others. Among these, the healthcare segment is anticipated to hold the greatest share of the global additive manufacturing market during the projected timeframe. The healthcare industry is predicted to grow quickly as additive manufacturing is utilized more and more to manufacture artificial muscles and tissues that resemble real tissues for use in replacement treatments.
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North America is expected to hold the largest share of the global additive manufacturing market over the forecast period.
North America is expected to hold the largest share of the global additive manufacturing market over the forecast period. This is because additive manufacturing technology was adopted by the region early on and widely, North America has dominated market growth. Established sectors like aerospace, automotive, and healthcare have consistently fueled the need for applications utilizing 3D printing technology. Furthermore, the United States' extensive network of universities, creative entrepreneurs, and government assistance have greatly assisted the region's scientific achievements and economic expansion.
Asia Pacific is predicted to grow at the fastest pace in the global additive manufacturing market during the projected timeframe. The sustained modernizations and developments that the existing manufacturing companies in the region are seeking are largely responsible for the market's growth. Asia Pacific is becoming a center for the manufacturing of automobiles, consumer electronics, and healthcare.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Additive Manufacturing Market are Optomec, Inc., 3D Systems, Inc., Arcam AB, 3DCeram, Canon, Inc., Autodesk, Inc., EnvisionTec, Inc., Dassault Systemes, ExOne, EOS (Electro Optical Systems) GmbH, HP Inc., GE Additive, Materialise NV, madeinspace.us, and Other Key Vendors.
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Recent Developments
- In March 2023, 3D Systems, Inc. announced the debut of two new printing materials, NextDent Cast and Base, as well as a printing platform called NextDent LCD1. The materials are designed to raise the quality of the materials, and the printing platform is an easy-to-use small-format printer. The company introduced these items to assist its clients in accelerating the adoption of additive manufacturing.
Market Segmentation:
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Additive Manufacturing Market based on the below-mentioned segments:
Global Additive Manufacturing Market, By Material Type
- Metal
- Plastic
- Alloys
- Ceramics
Global Additive Manufacturing Market, By Technology
- Stereolithography
- Fused Disposition Modelling
- Laser Sintering
- Binder Jetting Printing
- Polyjet Printing
- Electron Beam Melting
- Laminated Object Manufacturing
- Others
Global Additive Manufacturing Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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