Aerospace and Automotive Industries Drive Adoption of Additive Manufacturing, Propelling Market Growth

DUBLIN, Nov. 7, 2023 /PRNewswire/ -- The "Global Additive Manufacturing Market (by Printer Type, Material, Application, Component, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to  ResearchAndMarkets.com's offering.

The global additive manufacturing market is on a robust growth trajectory and is expected to reach a value of US$20.40 billion by 2023, growing at an impressive CAGR of 21.21% over the projected period. Additive manufacturing, also known as 3D printing, has emerged as a groundbreaking approach to industrial production, revolutionizing the way three-dimensional objects are created through layer-by-layer material addition.

The future of additive manufacturing looks promising, with a surge in its adoption across various industrial and medical sectors. This growth can be attributed to the increasing applications of additive manufacturing across numerous industrial verticals.

Segmentation Highlights

• Printer Type: The global additive manufacturing market is segmented into two primary categories: Industrial 3D Printers and Desktop 3D Printers. Industrial 3D printers currently hold the largest market share, while Desktop 3D printers are expected to witness significant growth due to their expanding use in home, educational, and research settings.
• Material: The market is further categorized based on materials, including Metals, Polymers, Ceramics, and Others. Metals dominate the market, driven by increased demand in automotive, aerospace, healthcare, dental, and academic industries.
• Application: In terms of application, the market is divided into Prototyping, Tooling, and Functional Parts. Prototyping leads the market and is expected to maintain its dominance due to its extensive use in automotive, aerospace, and military industries for precise component and system design.
• Component: The market is segmented into Hardware, Software, and Services, with Hardware holding the largest share. This segment is poised for significant growth, driven by factors such as rapid industrialization and increased demand for consumer electronics products.
• Geographic Coverage: The global additive manufacturing market spans across North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America leads the market, with the United States being the dominant force due to advanced technological developments and early adoption of 3D printing. Italy is expected to be the fastest-growing region in Europe, while China dominates the Asia Pacific market.

Key Drivers and Challenges

Driver: Growing Utilization in Aerospace Industry - Aerospace companies are increasingly adopting additive manufacturing to create lightweight, customized, and structurally sound parts, cutting costs and development times while reducing carbon emissions and material waste.

Challenge: High Initial Capital Requirements - The initial investment required for additive manufacturing is high, posing a barrier to implementation for some businesses. The cost of additive manufacturing equipment ranges from US$300,000 to US$1.5 million, making it less accessible for startups.

Trend: Surging Applications in Dentistry - The dental industry is witnessing a surge in the adoption of additive manufacturing, particularly in dental implants, splints, orthodontic appliances, dental models, and drill guides, leading to improved accuracy and patient comfort.

Impact of COVID-19 - The COVID-19 pandemic slowed down the demand for additive manufacturing due to lockdown measures, supply chain disruptions, and manufacturing restrictions. However, some companies managed to achieve marginal growth during this period.

Key Players - The global additive manufacturing market is highly fragmented, with key players including 3D Systems Corporation, Materialise NV, Stratasys Ltd., Canon Inc., HP, Inc., Proto Labs, Inc., General Electric (GE Additive), Renishaw Plc, Desktop Metal, Inc., Electro Optic Systems (EOS) GmbH, Autodesk Inc., voxeljet AG, and Optomec Inc.

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

Challenges

• High Initial Capital Requirements
• Lack of Standardized Equipment

Trends

• Surging Applications in Dentistry
• Enhanced Productivity Benefits Offered by Additive Manufacturing
• Technological Advancements
• Rising Trend of Miniaturization

For more information about this report visit https://www.researchandmarkets.com/r/yfck9k

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