Additive Manufacturing Market is Projected to Reach USD 94.18 Billion in 2032
The global additive manufacturing market size was USD 16.94 Billion in 2022 and is expected to reach USD 94.18 Billion in 2032, and register a revenue CAGR of 21% during the forecast period. Increasing use of additive manufacturing technology across a range of industries, rising demand for lightweight and high-performance materials, and requirement to cut back on manufacturing lead times and costs are major factors driving market revenue growth.
In the healthcare industry, 3D data obtained from scans are used to manufacture 3D printing models, which enables surgeons to practice intricate surgical techniques on realistic models and to be more precise and operate faster. Additive manufacturing is used in the dental industry on a large scale to develop accurate and tailored solutions to fix dental problems. Patient-specific implants are also being manufactured using 3D printing technologies. 3D printed surgical cutting and drilling tools, prosthetics, artificial organs, and designer drugs are other applications of additive manufacturing that have huge potential to drive market growth. Growth of the healthcare industry across the globe, especially in developing countries, to prevent the spread of various types of diseases and reduce mortality rate, is expected to drive market revenue growth.
Some Key Highlights from the Report
• Among technology segments, stereolithography segment accounted for largest revenue share in 2021 and is expected to register a faster revenue CAGR during the forecast period. Stereolithography is the most common form of additive manufacturing process, and a major advantage of this process is that parts/components can be manufactured in a short time, as the time required for curing is less. The process is currently used to join metal and ceramic powder via sintering, which is expected to drive segment revenue growth.
• Among application segments, automotive segment accounted for largest revenue share in 2021. There is unprecedented and industrywide adoption of 3D printing as a manufacturing technique in the automotive industry, as it is giving car manufacturers the ability to streamline and speed up product development. Another major advantage of additive manufacturing is the high degree of design flexibility the technology offers. It enables companies to be less dependent on tooling and casting, since it allows for the creation of prototypes that do not require either of them, which is expected to increase adoption of additive manufacturing and drive revenue growth of the segment.
• Additive manufacturing market in North America accounted for largest revenue share in 2021. Presence of AM industry giants in the region is supporting growth of the technology and the number of patents. Advancements in technology, adoption of innovative methods, such as artificial intelligence and machine learning, in every sector for promoting automation, and proper utilization of resources for R&D are expected to continue to drive market growth in North America during the forecast period.
• Additive manufacturing market in Asia-Pacific is expected to register a faster revenue CAGR during the forecast period. The key factors driving market growth in the region include a growing manufacturing sector in countries such as China and India, coupled with rising population in these countries. Increasing support from governments in countries in the region to adopt additive manufacturing technologies on a large scale, to develop modern infrastructure that can promote sustainable growth and reduce input costs, is expected to drive market revenue growth.
• In November 2021, 3D Systems announced a host of innovations designed to enhance customer success and catalyze industries. The company introduced high-throughput 3D printing technologies to provide industry-leading post-processing, improved additive manufacturing software, and a new production grade photopolymer.
• Companies profiled in the global market report include 3D Systems Inc., Arcam AB, General Electric, EnvisionTEC, CleanGreen 3D, Optomec Inc., Stratasys Ltd., ExOne, Materialise NV, and MakerBot Industries LLC.
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Additive Manufacturing Market: Key Players
Some major companies included in the global additive manufacturing market report are:
• Stratasys Ltd.
• 3D Systems Corporation
• ExOne Co.
• General Electric Co.
• EOS GmbH
• SLM Solutions Group AG
• Materialise NV
• EnvisionTEC GmbH
• Arcam AB
• Hewlett-Packard Development Co., L.P.
• Nano Dimension Ltd.
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