The Worldwide Additive Manufacturing Industry is Expected to Reach $44 Billion by 2027: Increasing Government Funding to Promote Additive Manufacturing

Dublin, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Additive Manufacturing Market: Analysis By Printer Type, By Material, By Application, By Component, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2027" report has been added to ResearchAndMarkets.com's offering.

The global additive manufacturing market in 2021 was valued at US$13.92 billion. The market is expected to reach US$44.03 billion by 2027.

Additive manufacturing (AM), also known as 3D printing, is a transformational approach to industrial production that uses a computer-controlled process to generate three-dimensional objects through the process of adding materials layer-by-layer.

It works by using a computer-aided design (CAD) or 3D object scanner that directs hardware to place material, layer-by-layer to create precise geometric shapes.

The future of additive manufacturing technologies looks promising, as the industrial and medical world is showing widening adoption.

Therefore, expanding applications of additive manufacturing in various industry verticals is one of the main factors that would drive the demand for additive manufacturing in the forthcoming years. The market is expected to grow at a CAGR of approx. 21.2% during the forecasted period of 2022-2027.

Market Dynamics:

• Growth Drivers: The global additive manufacturing market has been growing over the past few years, due to factors such as upsurge in demand for personalized medicine, rising demand for lightweight components from automotive industry, growing utilization in aerospace industry, expanding consumer electronics industry, and many other factors. Additive manufacturing is a trending business that has high demand from various industries like aerospace, automotive, medical sector, electronics, fashion etc. Seeing the potential possibility of this sector's contribution to the nation's economy, governments of different countries are coming up with a different strategy to support and promote this industry. Thus, increasing government funding to promote additive manufacturing has positively contributed to the market growth.
• Challenges: However, the market has been confronted with some challenges specifically, high initial capital requirements, lack of standardized equipment, etc.
• Trends: The market is projected to grow at a fast pace during the forecast period, due to various latest trends such as surging applications in dentistry, enhanced productivity benefits offered by additive manufacturing and technological advancements. Additionally, the trend of miniaturization is one of the most significant drivers for additive manufacturing technology, as it helps in the development of small and complex products with a high degree of accuracy. Moreover, with the increasing demand for customization and personalization, additive manufacturing provides an opportunity to produce customized products as per the requirement of the customer. Therefore, rising trend of e miniaturization is another significant factor that would drive the demand for additive manufacturing in the forthcoming years.

Impact Analysis of COVID-19 and Way Forward:

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.

Competitive Landscape:

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:

• Stratasys Ltd.
• Materialise NV
• 3D Systems Corporation
• Canon Inc.
• HP, Inc.
• Proto Labs, Inc.
• General Electric (GE Additive)
• voxeljet AG
• Renishaw Plc
• Desktop Metal, Inc. (EnvisionTec, Inc.)
• Autodesk Inc.
• Optomec Inc.
• Electro Optic Systems (EOS) GmbH

Some of the strategies among key players in the market for additive manufacturings are product launches, mergers, acquisitions, and collaborations.

For instance, in November 2021, Optomec Inc., announced the launch of two new additive manufacturing machines specifically designed for high volume production and incorporate automated part-handling options.

On the other hand, Stratasys Ltd., announced that Danish shoe manufacturer ECCO is using Stratasys Origin one 3D printing technology to accelerate product development, by allowing conceptual footwear samples to be reviewed early in the development cycle using 3D printed mold and lasts with resin materials from Henkel Loctite.

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis
3.1 Global Additive Manufacturing Market: An Analysis
3.1.1 Global Additive Manufacturing Market: An Overview
3.1.2 Global Additive Manufacturing Market by Value
3.1.3 Global Additive Manufacturing Market by Printer Type (Industrial 3D Printer and Desktop 3D Printer)
3.1.4 Global Additive Manufacturing Market by Material (Metals, Polymers, Ceramics, and Others)
3.1.5 Global Additive Manufacturing Market by Application (Prototyping, Tooling and Functional Parts)
3.1.6 Global Additive Manufacturing Market by Component (Hardware, Software, and Services)
3.1.7 Global Additive Manufacturing Market by Region
3.2 Global Additive Manufacturing Market: Printer Type Analysis
3.2.1 Global Additive Manufacturing Market by Printer Type: An Overview
3.2.2 Global Industrial 3D Printer Additive Manufacturing Market by Value
3.2.3 Global Desktop 3D Printer Additive Manufacturing Market by Value
3.3 Global Additive Manufacturing Market: Material Analysis
3.3.1 Global Additive Manufacturing Market by Material: An Overview
3.3.2 Global Metals Additive Manufacturing Market by Value
3.3.3 Global Polymers Additive Manufacturing Market by Value
3.3.4 Global Ceramics Additive Manufacturing Market by Value
3.3.5 Global Other Additive Manufacturing Market by Value
3.4 Global Additive Manufacturing Market: Application Analysis
3.4.1 Global Additive Manufacturing Market by Application: An Overview
3.4.2 Global Prototyping Additive Manufacturing Market by Value
3.4.3 Global Tooling Additive Manufacturing Market by Value
3.4.4 Global Functional Parts Additive Manufacturing Market by Value
3.5 Global Additive Manufacturing Market: Component Analysis
3.5.1 Global Additive Manufacturing Market by Component: An Overview
3.5.2 Global Additive Manufacturing Hardware Market by Value
3.5.3 Global Additive Manufacturing Software Market by Value
3.5.4 Global Additive Manufacturing Services Market by Value

4. Regional Market Analysis

5. Impact of COVID-19
5.1 Impact of COVID on Additive Manufacturing Market
5.1.1 General Impact
5.1.2 Market Changes

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Upsurge in Demand for Personalized Medicine
6.1.2 Rising Demand for Lightweight Components from Automotive Industry
6.1.3 Growing Utilization in Aerospace Industry
6.1.4 Expanding Consumer Electronics Industry
6.1.5 Increasing Government Funding to Promote Additive Manufacturing
6.1.6 Relatively Lower Production Cost for Rapid Manufacturing
6.2 Challenges
6.2.1 High Initial Capital Requirements
6.2.2 Technical Issues
6.2.3 Lack of Standardized Equipment
6.3 Market Trends
6.3.1 Surging Applications in Dentistry
6.3.2 Enhanced Productivity Benefits Offered by Additive Manufacturing
6.3.3 Technological Advancements
6.3.4 Rising Trend of Miniaturization

7. Competitive Landscape
7.1 Global Metal Additive Manufacturing Players by Market Share
7.2 Global Aerospace Additive Manufacturing Players by Market Share

8. Company Profiling
8.1 Stratasys, Ltd.
8.1.1 Business Overview
8.1.2 Operating Region
8.1.3 Business Strategy
8.2 Materialise NV
8.2.1 Business Overview
8.2.2 Operating Segment
8.2.3 Business Strategy
8.3 3D Systems Corporation
8.3.1 Business Overview
8.3.2 Operating Segment
8.3.3 Business Strategy
8.4 General Electric (GE Additive)
8.4.1 Business Overview
8.4.2 Operating Segments
8.4.3 Business Strategy
8.5 Voxeljet AG
8.5.1 Business Overview
8.5.2 Operating Segments
8.5.3 Business Strategy
8.6 Canon Inc.
8.6.1 Business Overview
8.6.2 Operating Segments
8.6.3 Business Strategy
8.7 HP, Inc.
8.7.1 Business Overview
8.7.2 Operating Segment
8.7.3 Business Strategy
8.8 Proto Labs, Inc.
8.8.1 Business Overview
8.8.2 Operating Segment
8.8.3 Business Strategy
8.9 Renishaw Plc
8.9.1 Business Overview
8.9.2 Operating Segment
8.9.3 Business Strategy
8.10 Desktop Metal, Inc. (EnvisionTec, Inc.)
8.10.1 Business Overview
8.10.2 Business Strategy
8.11 Autodesk, Inc.
8.11.1 Business Overview
8.11.2 Business Strategy
8.12 Optomec, Inc.
8.12.1 Business Overview
8.12.2 Business Strategy
8.13 Electro Optic Systems (EOS) GmbH
8.13.1 Business Overview
8.13.2 Business Strategy

For more information about this report visit https://www.researchandmarkets.com/r/6j83i1

Attachment

• Global Additive Manufacturing Market