Additive Manufacturing Market Size
The Global Additive Manufacturing Market reached USD 14 billion in 2022 and is projected to witness lucrative growth by reaching up to USD 62 billion by 2031. The market is growing at a CAGR of 24.5% during the forecast period 2024-2031. The Global Additive Manufacturing Market has been experiencing rapid growth in recent years and is expected to continue expanding.
Key factors driving this growth include technological advancements, increasing adoption across industries, and the numerous benefits of additive manufacturing.
In Asia-Pacific, china holds the majority of the market due to the presence of many manufacturing facilities in the region and it accounted for more than 50.4% of the regional share and India is also a significant contributor in the Asia-Pacific region, which is expected to hold over 30.1% of the regional market share during the forecast period.
Market Summary
| Metrics | Details |
| CAGR | 24.5% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (USD ) |
| Segments Covered | Technology, Material, Application and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Material Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
The Growing Demand For Additive Manufacturing Materials
The growing demand for additive manufacturing materials drives the global additive manufacturing market by increasing the range of applications, customization and performance of products and improving the quality of parts produced through additive manufacturing.
As the demand for 3D-printed parts increases, businesses seek more specialized and higher-quality materials that meet specific requirements. This demand has led to the development new and innovative materials, such as metals, polymers and ceramics, that can be used in various industries and applications.
Therefore, the growing demand for additive manufacturing materials is driving the growth of the global additive manufacturing market by increasing the range of applications, improving product performance and making it more cost-effective for businesses to use this technology.
High Initial Investment
One of the main factors restraining the growth of the global additive manufacturing market is the high initial investment required to set up an additive manufacturing facility. The cost of purchasing and maintaining additive manufacturing equipment, along with the cost of specialized software and materials, can be prohibitively expensive for many businesses.
The high initial investment required to adopt additive manufacturing can create a barrier to entry for small and medium-sized enterprises (SMEs) and startups, who may not have the financial resources to invest in this technology. This can limit the adoption of additive manufacturing and slow the market’s growth.
Market Segment Analysis
The global additive manufacturing market is segmented based on technology, material, application and region.
The Growing Adoption Of Metal Additive Manufacturing In a Variety Of Industries Drives The Global Market
The global additive manufacturing market uses various materials, including plastics, metals, ceramics and others. However, the specific material that dominates the market can vary depending on the application and industry. Regarding revenue, the metal additive manufacturing market is currently the largest global additive manufacturing market segment.
Therefore, while metal currently dominates the additive manufacturing market in terms of revenue, using other materials, such as plastics, ceramics and composites, is proliferating as the technology becomes more accessible and the range of applications expands.
The metal material segment dominated the global market with more than 50.3% of the segmental share worldwide in 2022. The plastics segment is expected to grow at a decent CAGR during the forecasted period.
Market Geographical Share
North America’s Strong Government Support, Well-Established Supply Chains And Advanced Research And Development Capabilities
North America's dominance in the global additive manufacturing market can be attributed to several factors. Governments in North America have been proactive in promoting the adoption of advanced manufacturing technologies such as additive manufacturing.
This includes initiatives to support research and development, investment in infrastructure and the development of standards and regulations. This support has helped to create a favorable environment for additive manufacturing companies to thrive.
North America has well-established supply chains for additive manufacturing, with a robust network of suppliers, manufacturers and service providers. This infrastructure enables companies to access the materials and equipment they need to produce high-quality additive manufacturing products. North America accounted for more than 35.3% of the global market share and Asia-Pacific is expected to witness the highest growth among all regions.
Additive Manufacturing Players
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.
COVID-19 Impact on Market
COVID Impact
The pandemic increased awareness and accelerated the adoption of additive manufacturing technologies in various sectors. The flexibility and agility offered by AM allowed companies to quickly adapt production lines to manufacture essential medical supplies, such as personal protective equipment (PPE), ventilator components, and testing equipment. The ability to rapidly prototype and iterate designs also proved beneficial in developing new products and solutions.
AI Impact
AI can enhance the design process in additive manufacturing by using algorithms to optimize part geometries for improved performance and reduced material usage. AI-powered design tools can generate complex and organic shapes that are difficult to achieve using traditional manufacturing methods, unlocking new possibilities in Additive manufacturing.
Russia-Ukraine War Impact
The conflict and geopolitical tensions between Russia and Ukraine can disrupt global supply chains, including those related to additive manufacturing. Both countries play significant roles in the global manufacturing ecosystem, and disruptions in their supply chains can affect the availability of raw materials, components, and machinery required for AM processes.
Key Developments
- On May 18. 2023, The US defense challenge was won by SPEE3D using cold spray additive manufacturing technology. Over USD 2 million will be invested as a result of the victory.
- On October 25, 2022, Riven, a provider of software for quality control, was acquired by Stratasys Ltd. The startup from Berkeley, California, has been a Stratasys connectivity software partner and now that its cloud-based software solution has been completely integrated into Stratasys' GrabCAD Additive Manufacturing Platform, clients employing any Stratasys 3D printer running GrabCAD Print will benefit.
- On August 8, 2022, Stratasys Ltd. acquired the additive manufacturing materials business owned by Covestro AG. Upon closure, the acquisition is anticipated to be immediately accretive. About 60 additive manufacturing materials will be offered, together with R&D facilities and operations, global development and sales teams based in Europe, the U.S. and China.
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 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
