Global Additive Manufacturing Market
Description
Global Additive Manufacturing Market (by Printer Type, Material, Application, Component, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)
Market Insight:
Additive manufacturing (AM), often known as 3D printing, is an innovative approach to industrial production that uses a computer-controlled technique to create three-dimensional objects through the process of adding materials layer-by-layer. It works by directing machinery to insert material layer by layer to build accurate geometric forms using a computer-aided design (CAD) or 3D object scanner.
The future of additive manufacturing technology is bright, with increasing usage in the industrial and medical sectors. As a result, increased applications of additive manufacturing in numerous industrial verticals is one of the primary causes driving additive manufacturing demand in the coming years. The global additive manufacturing market is expected to reach US$20.40 billion by 2023, growing at a CAGR of 21.21% over the projected period.
Segment Covered:
- By Printer Type: In terms of printer type, the report offers insights of the global additive manufacturing market into four segments: Industrial 3D Printer and Desktop 3D Printer. The industrial 3D printer held largest share in the market. On the other hand, the desktop 3D printer segment is expected to grow at a significant CAGR in the forthcoming years as these are rapidly being used for home and household uses. These are also being employed in educational institutes, schools, and universities for technical instruction and research. As a result, demand for desktop printers is predicted to increase during the forecast period.
- By Material: On the basis of material, the report provides the segmentation of the global additive manufacturing market as follows: Metals, Polymers, Ceramics, and Others. The metals segment held the maximum share in the market. The market's expansion is aided by the increasing demand for metal additive manufacturing in various industries such as automotive, aerospace, healthcare and dental industry, and academic institutions.
- By Application: The report further provides the categorization of the market into three key segments, according to the application: Prototyping, Tooling & Functional Parts. Prototyping was the market leader and is anticipated to remain dominant throughout the forecasted period. Prototyping is used extensively in the automotive and aerospace and military industries to precisely design and build components, parts, and complex systems. Manufacturers can experience improved accuracy and manufacture more reliable end-products by prototyping. As a result, the growth of this segment is estimated to surge in the forecast period.
- By Component: The report also offers the segmentation of the market based on the component: Hardware, Software, and Services. The hardware segment held the highest share in the market. The strong emphasis manufacturing entities continued to put on pursuing advanced manufacturing practices and rapid prototyping allowed the hardware segment to dominate the market. The hardware segment is poised for significant growth over the forecast period owing to various factors, such as rapid industrialization, the growing demand for consumer electronics products, and many other factors.
According to this report, the global additive manufacturing market can be divided into four regions, namely, North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The countries covered in North America region are the US, Canada, and Mexico, while Europe includes Germany, The UK, France, Italy, Spain, and Rest of the Europe. Moreover, China, Japan, South Korea, India, Indonesia and Rest of the Asia Pacific are included in the Asia Pacific region.
North America held the maximum share in the market owing to increasing R&D investment in this sector coupled with an infrastructure that supports the same, advancements in technological to sustain the consumer demand and the early adoption of 3D printing technology in the region. The US market dominated the region due to advanced development in technologies. In Europe, Italy is expected to be the fastest growing region in the forecasted period. Whereas, in the Asia Pacific region, China dominated the market owing to the various imposition by the Chinese government for quality standards, strengthening monitoring, and encouraging firms to improve products, growth in spending on additive manufacturing technology development and rising efforts to improve consumer product quality and promote the Made in China mark in order to meet rising demand.
Top Impacting Factors:
Growth Drivers
- Upsurge in Demand for Personalized Medicine
- Rising Demand for Lightweight Components from Automotive Industry
- Growing Utilization in Aerospace Industry
- Expanding Consumer Electronics Industry
- High Initial Capital Requirements
- Lack of Standardized Equipment
- Surging Applications in Dentistry
- Enhanced Productivity Benefits Offered by Additive Manufacturing
- Technological Advancements
- Rising Trend of Miniaturization
- Driver: Growing Utilization in Aerospace Industry
- Challenge: High Initial Capital Requirements
- Trend: Surging Applications in Dentistry
The COVID-19 Analysis:
The COVID-19 outbreak resulted in hampering the demand for additive manufacturing in various applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. A few companies, such as SLM Solutions, ExOne and Protolabs, witnessed marginal growth.
Analysis of Key Players:
The global additive manufacturing market is highly fragmented, with a large number of small- and medium-sized manufacturers operating in the market. The key players in the global additive manufacturing market are:
- 3D Systems Corporation
- Materialise NV
- Stratasys Ltd.
- Canon Inc.
- HP, Inc.
- Proto Labs, Inc.
- General Electric (GE Additive)
- Renishaw Plc
- Desktop Metal, Inc. (EnvisionTec, Inc.)
- Electro Optic Systems (EOS) GmbH
- Autodesk Inc.
- voxeljet AG
- Optomec Inc.
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