The growing demand from the aerospace industry and the growth of the healthcare industry are driving market growth.
Additive Manufacturing Market Size – USD 80.7 Million in 2019, Growth - CAGR of 14.7%, Trends – High demand from developing nations.
The global Additive Manufacturing Market is forecasted to reach USD 243.2 Million by 2027, according to a new report by Reports and Data. The market is witnessing a high growth rate due to the increasing demand for complex design and low volume automotive parts. The automotive industry has played a major part in increasing the adoption of additive manufacturing techniques. Many companies have replaced the traditional manufacturing processes with additive manufacturing as it is faster and a cost-effective process.
Additive Manufacturing or hybrid 3D provides a key benefit of reducing wastage, due to which many players are continuously adopting it. This process enables manufacturers to use only the necessary material for production. The development of 3D printing technology and new products in the market is a key factor for the growth of the market.
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Top Companies: Equispheres, Carpenter Technology Corporation, Voxeljet AG, Hoganas AB, Renishaw PLC, Materialise NV, 3D Systems Corporation, GKN PLC, ExOne GmbH, and Arcam AB, among others.
Further Key Finding from the Report Suggestion:
- In terms of Material, Nickel is forecasted to grow at a CAGR of 14.9% in the forecast period. It exhibits properties, such as minimizing corrosion, which allows it to be used for a long time without replacement. The product finds extensive applications in the aerospace industry.
- The Tooling and Mold segment is forecasted to grow at a CAGR of 14.4% in the forecast period. Additive Manufacturing is used in making molds as it speeds up the process of production, along with leading to the production of better-quality parts.
- In terms of Application, Prototype is forecasted to grow at a CAGR of 14.7% in the forecast period. This is because newer products are being tried and tested to be produced through Additive Manufacturing.
- The Middle East and African region are forecasted to grow at a CAGR of 14.6% in the forecast period. This is due to the presence of countries, such as the UAE and Saudi Arabia in the region, which are witnessing high growth rates in the aerospace and automotive industries.
- China is one of the fastest-growing countries in terms of the adoption of Additive Manufacturing. The high growth comes from the increased number of manufacturing industries in the region, along with the growth of the automotive industry.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Additive Manufacturing Market is segmented into:
Material Outlook (Revenue, USD Million; 2017-2027)
- Titanium
- Aluminum
- Steel
- Nickel
- Others
End-Use Outlook (Revenue, USD Million; 2017-2027)
- Aerospace
- Tooling and Mold
- Medical
- Others
Application Outlook (Revenue, USD Million; 2017-2027)
- Repair
- Production
- Prototype
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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