Additive Manufacturing Market to Cross USD 74.70 Billion With a Growing CAGR of 20.6% Over the Forecast Period 2023-2030 | Research by SNS Insider

According to SNS Insider’s research, as technology continues to advance and new applications emerge, the additive manufacturing market is expected to play an increasingly pivotal role in the manufacturing landscape.

Pune, Sept. 25, 2023 (GLOBE NEWSWIRE) -- “The Additive Manufacturing Market, as reported by SNS Insider, had an estimated value of USD 16.69 billion in 2022. It is projected to grow at a compound annual growth rate (CAGR) of 20.6% during the forecast period from 2023 to 2030, ultimately reaching USD 74.70 billion by the end of the decade.”

Market Overview

Additive manufacturing, often referred to as 3D printing, is a revolutionary technology that has transformed the way objects and prototypes are created. Unlike traditional subtractive manufacturing processes, which involve cutting and shaping materials from a solid block, additive manufacturing builds objects layer by layer from digital 3D models. This process has gained immense popularity across various industries due to its versatility, efficiency, and potential for customization. Additive manufacturing is widely used in product development for quickly creating prototypes, reducing time-to-market.

Market Analysis

The additive manufacturing market, also known as 3D printing, has been experiencing rapid growth in recent years, driven by a combination of technological advancements, expanding applications, and changing market dynamics. Continuous advancements in 3D printing technologies, including improved printing speed, precision, and materials compatibility, have expanded the capabilities of additive manufacturing. This has led to a broader range of applications across various industries. The COVID-19 pandemic highlighted the vulnerabilities in global supply chains. Additive manufacturing offers a decentralized production model, allowing companies to produce parts and products locally, reducing the risks associated with supply chain disruptions. The aerospace and automotive industries have been early adopters of additive manufacturing. AM allows for the production of lightweight, complex, and high-performance components, leading to fuel efficiency improvements and cost reductions.

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Major Players Listed in this Report are:

  • GE Additive
  • Autodesk Inc
  • Made In Space
  • Stratasys Ltd
  • Materialise NV
  • EnvisionTec Inc
  • 3D Systems, Inc
  • Canon Inc
  • Voxeljet AG & Other Players

Additive Manufacturing Market Report Scope:

Report Attributes Details
Market Size in 2022  US$ 16.69 Bn
Market Size by 2030  US$ 74.70 Bn
CAGR  CAGR of 20.6% From 2023 to 2030
Base Year  2022
Forecast Period  2023-2030
Historical Data  2020-2021
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)

Key Takeaway from Additive Manufacturing Market Study

  • In the dynamic realm of additive manufacturing, the industrial 3D printer segment has emerged as a dominant force, reshaping the landscape of manufacturing processes. Industrial 3D printers excel in producing intricate and highly precise components. Their capacity to manufacture complex geometries with micron-level accuracy has unlocked unprecedented design possibilities.
  • The dominance of printer software in the market is an exciting development that promises further innovation and growth. With its enhanced precision, optimized workflow, material compatibility, integration with Industry 4.0, open-source collaboration, and scalability, printer software is poised to be the driving force behind the continued expansion of 3D printing technology across various sectors.

Recent Developments

  • AML3D, an innovative additive manufacturing company, is set to revolutionize the US Navy's submarine fleet with a groundbreaking nickel-aluminium-bronze (NAB) prototype order. This development marks a significant step forward in the Navy's pursuit of advanced technologies and materials to enhance the performance and durability of its underwater vessels.
  • Interfacial Consultants LLC, a distinguished member of the NAGASE Group, has recently made a strategic move in the world of advanced manufacturing by acquiring M. Holland Company's 3D Printing Group. This acquisition marks a significant development in the additive manufacturing sector, signaling Interfacial Consultants' commitment to innovation and expansion in this rapidly evolving industry.

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Market Dynamics Analysis

Owing to Advancements in Technology Coupled with Rising Aerospace and Automotive Applications”

The additive manufacturing market is experiencing a dynamic landscape shaped by several key drivers, restraints, challenges, and threats. One of the primary drivers fueling its growth is the increasing demand for cost-effective and efficient manufacturing processes across various industries, including aerospace, automotive, healthcare, and consumer goods. Additive manufacturing offers significant advantages such as reduced material wastage, rapid prototyping, and design flexibility, which are pushing its adoption. Moreover, advancements in 3D printing technologies, materials, and software are driving innovation in this sector. However, the market faces several restraints and challenges. High initial capital investment for advanced 3D printing equipment and the limited availability of skilled professionals remain significant barriers to entry for many businesses. Additionally, regulatory hurdles and concerns related to intellectual property rights pose challenges to widespread adoption. Material limitations and quality control issues also hinder the full realization of additive manufacturing's potential.

Additive Manufacturing Market Key Segments:

By Component

  • Hardware
  • Software
  • Services

By Printer Type

  • Desktop 3D Printer
  • Industrial 3D Printer

By Technology

  • Stereolithography
  • Fuse Deposition Modeling
  • Selective Laser Sintering
  • Direct Metal Laser Sintering
  • Polyjet Printing
  • Inkjet Printing
  • Electron Beam Melting
  • Laser Metal Deposition
  • Digital Light Processing
  • Laminated Object Manufacturing
  • Others

By Software

  • Design Software
  • Inspection Software
  • Printer Software
  • Scanning Software

By Application

  • Prototyping
  • Tooling
  • Functional Parts

By Vertical Outlook

  • Industrial Additive Manufacturing
    • Automotive
    • Aerospace & Defense
    • Healthcare
    • Consumer Electronics
    • Power & Energy
    • Others
  • Desktop Additive Manufacturing
    • Educational Purpose
    • Fashion & Jewellery
    • Objects
    • Dental
    • Food
    • Others

By Material

  • Polymer
  • Metal
  • Ceramic

Key Regional Developments

North America, particularly the United States, has been a leader in the additive manufacturing market. The presence of major companies, research institutions, and a robust entrepreneurial ecosystem has contributed to the region's leadership. Europe has a strong focus on industrial manufacturing applications of additive manufacturing, especially in countries like Germany. This includes the automotive, machinery, and tooling industries. Many countries in the Asia-Pacific region are heavily investing in research and development in the additive manufacturing sector, making it a hotspot for innovation.

Impact of Recession on Additive Manufacturing Market Growth

The impact of an ongoing recession on the additive manufacturing market is multifaceted. While there may be challenges such as reduced growth and decreased consumer demand in some sectors, there are also opportunities arising from the need for supply chain resilience, cost savings, and diversification. The ultimate outcome will depend on how businesses, governments, and consumers adapt to the evolving economic landscape.

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Table of Contents

1. Introduction

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Additive Manufacturing Market, By Component

9. Additive Manufacturing Market, By Printer Type

10. Additive Manufacturing Market, By Technology

11. Additive Manufacturing Market, By Software

12. Additive Manufacturing Market, By Application

13. Additive Manufacturing Market, By Vertical

14. Additive Manufacturing Market, By Material

15. Regional Analysis

16. Company Profile

17. Competitive Landscape

18. USE Cases and Best Practices

19. Conclusion

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