New York, Jan. 26, 2024 (GLOBE NEWSWIRE) -- According to the most recent market projections released by Persistence Market Research (PMR), the global additive manufacturing market is poised to achieve a value of approximately US$ 25,899.3 Million by the conclusion of 2023. The robust demand for intricate shapes requiring precise detailing across a diverse array of industries, coupled with the extensive adoption of additive manufacturing methods in the broader manufacturing sector, is projected to propel market growth. This growth is expected to exhibit a remarkable double-digit compound annual growth rate (CAGR) of 21.6% throughout the forecast period.
The Additive Manufacturing Market, often referred to as 3D printing, is a revolutionary technology that has been reshaping industries around the world. It involves the creation of three-dimensional objects by layering materials, allowing for precision and customization like never before. This market has experienced remarkable growth due to its versatility and wide range of applications, spanning aerospace, healthcare, automotive, and more. With its potential to reduce waste, speed up production, and unlock new design possibilities, the Additive Manufacturing Market is set to continue its transformative journey into the future of manufacturing.
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Additive Manufacturing Market Report Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 25,899.3 Million | |
| Estimated Revenue 2033 | US$ 183,715.79 Million | |
| Growth Rate – CAGR | 21.6% | |
| Forecast Period | 2023-2033 | |
| No. of Pages | 280Pages | |
Key Market Segments Covered |
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Regions Covered |
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Key Companies Profiled |
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Additive Manufacturing: Market Dynamics
Drivers:
The Additive Manufacturing (AM) market is experiencing rapid growth driven by a range of key factors that are revolutionizing industries across the board. One of the primary drivers is the unparalleled design freedom offered by AM, enabling the creation of complex and intricate geometries that were previously unimaginable using traditional manufacturing methods. Cost efficiency is another critical factor, with AM significantly reducing material waste and eliminating the need for expensive tooling and molds, making it particularly cost-effective for customized or low-volume production runs. AM's ability for rapid prototyping and iterative design processes is invaluable, especially in industries like aerospace, automotive, and consumer electronics. Customization is also on the rise, particularly in healthcare and consumer goods, enabling the creation of tailor-made products. Furthermore, AM promotes supply chain resilience by enabling on-demand, localized production, which has become especially important in times of disruptions production, and sustainability efforts, aligning with environmental goals. In healthcare, it advances patient-specific implants, tissue engineering, and drug delivery systems. Integration with Industry 4.0 technologies further enhances efficiency, and the aerospace and defense sectors are early adopters, employing AM for intricate, high-performance parts. Together, these drivers underscore the transformative potential of additive manufacturing, making it a disruptive force in manufacturing and design across various industries.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/additive-manufacturing-market.asp
Restraints:
The Additive Manufacturing (AM) market, while experiencing remarkable growth and innovation, also faces several challenges and restraints. Firstly, material limitations persist, as not all materials are suitable for 3D printing, restricting its application in certain industries. Secondly, many AM processes require post-processing steps, like cleaning or machining, to achieve the desired surface finish and properties, adding to production time and costs. Thirdly, scalability remains an issue, as AM excels in low-volume, complex parts but may not be as efficient for mass production. Additionally, concerns over intellectual property rights, regulatory hurdles, and the high cost of industrial 3D printers pose obstacles to wider adoption. The shortage of a skilled workforce, sustainability challenges, and difficulties in achieving high-quality surface finish and tolerances are further restraints. Nonetheless, ongoing research, technological advancements, and industry collaboration aim to address these challenges and unlock AM's full potential.
Trends:
- Materials Innovation: The development of advanced and specialized materials is a significant trend in additive manufacturing. This includes metal powders, high-performance polymers, and biomaterials that enhance the range of applications, from aerospace components to medical implants.
- Industry 4.0 Integration: Additive manufacturing is becoming an integral part of Industry 4.0 strategies, incorporating automation, IoT connectivity, and data analytics for smarter and more efficient production processes.
- Increased Adoption in Healthcare: The healthcare sector is experiencing a surge in additive manufacturing applications, including patient-specific implants, prosthetics, and customized pharmaceuticals, offering improved patient care and outcomes.
- Sustainability Focus: Environmental sustainability is a growing concern. Additive manufacturing's reduced material waste and localized production contribute to eco-friendly manufacturing practices, making it a popular choice for sustainable production.
- Mass Customization: The ability to create highly customized and one-of-a-kind products is driving the adoption of additive manufacturing in consumer goods, fashion, and automotive industries, catering to individual preferences.
- Shift to Production: While 3D printing initially focused on prototyping, there is a noticeable shift toward using additive manufacturing for end-use production parts across various industries, indicating increased trust in its reliability and capabilities.
- Regulatory Developments: Regulatory bodies are working on establishing standards and guidelines for additive manufacturing applications, particularly in sectors like aerospace and healthcare, to ensure quality, safety, and consistency.
Regional analysis:
U.S. to lead the way in global additive manufacturing market.
United states is anticipated to lead the global additive manufacturing market with the largest installed base for 3d printer in the world. With such a dominant presene of the 3d printers in the country U.S. is likely to contribute more than one third in the revenue generated by additive manufacturing worldwide.
Despite a boom in adoption of the technology in the U.S. over the past year, over 60% of American businesses may potentially relish the benefits of 3D printing if they are not already using it, according to the 3D Printing Sentiment Index 2021. This suggests that there will be plenty of opportunity in this area in the years to come.
Refurbishing “made in china” into “intellingent manufacturing in china”
China, a significant industrialized country, has embraced 3D printing since 2012 with central government-level support measures. 2015 saw the designation of 3D printing as one of the key national goals by the Ministry of Industry and Information Technology. 2018 saw a focus on industrial 3D printing from the National Development and Reform Commission, particularly for big engines and space technology. The National Intellectual Property Administration of China identified 3D printing material firms as important assistance priorities in 2018.
The industrial sector in China has been steadily advancing additive manufacturing every year. To maintain their status as the "manufacturing hub of the world," Chinese manufacturers are spending fair capital in cutting-edge production processes. Over the upcoming assessment period of 2023 to 2033, these investments are anticipated to fuel the growth rate of the Chinese market.
Competitive Landscape
With rapid adoption of additive manufacturing across the globe and increasing number of market participants, the market transitioning towards fragmented nature. Currently prominent market players hold more than three-fourth of the market share. Technological advancements in 3d printer market and decrease in overall initial capital investment, number of market penetraters or entrants is anticipated to witness robust growth and dominance of key players is expected to witness substantial decline throughout the upcoming assessment period.
Key Segments Covered in Additive Manufacturing Industry Research
By Technology:
- Powder Bed Fusion
- Direct Energy Deposition
- Material Jetting
- Binder Jetting
- Material Extrusion
- Photo polymerization
By Application:
- Medical
- Automotive
- Aerospace & Defence
- Consumer Electronics
- Architecture
- Industrial Equipment
- Education & Research Institutions
By Product Type:
- Hardware
- Polymers Machine
- Metal Machine
- Desktop Machine
- Material
- Polymers and Composite
- Metals
- Ceramics
- Software
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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