According
to the latest analysis by We Market Research, the Additive
Manufacturing Market is on track to reach a value of $84.87 billion by
the end of 2033. Looking ahead, the market's prospects appear even more
impressive, with projections suggesting a significant increase to $17.23 billion
in 2023. This remarkable growth trajectory is underpinned by a strong compound
annual growth rate (CAGR) of 21.65% expected between 2023 and 2033.
Rising demand for customized products Have Played a
Pivotal Role in Shaping Additive Manufacturing market
Consumers
are increasingly demanding customized products that meet their specific needs
and preferences. Additive manufacturing (AM), also known as 3D printing, is a
technology that is well-suited for producing customized products. Additive
Manufacturing allows manufacturers to create products from digital designs,
which means that they can easily make changes to the design to meet the
specific needs of each customer.
The
rise of e-commerce and social media platforms have made it easier for consumers
to find and discover new products, and they have also given consumers more
opportunities to express their individuality and preferences.
The
growing popularity of DIY and personalization is bolster the demand for additive
manufacturing among consumers. Consumers are increasingly interested in
creating their own products or customizing existing products to match their
unique style. As consumers have more disposable income, they are more willing
to pay a premium for products that are customized to their liking.
Additive
Manufacturing is being used to create custom medical implants, such as bone
implants and dental implants, that are specifically designed to fit the
patient's anatomy. Additive Manufacturing is being used to create custom
prosthetics and orthotics that are more comfortable and functional for the
wearer.
Garner major
industry insights bifurcated into B2B and B2C behaviour from our 180 pages with
112 market data tables and 33 figures & charts from the report, “Additive Manufacturing Market Size - By Component (Hardware,
Software and Services), By Printer Type, Technology, By Software, By
Application, By Material and By Vertical: Global & Forecast, 2023-2033” in detail along with the
table of contents:
https://wemarketresearch.com/reports/additive-manufacturing-market/1376
Additive
Manufacturing is being used to create a wide variety of custom consumer
products, such as jewelry, eyewear, and sporting goods. Additive Manufacturing
is being used to create custom tools and fixtures for manufacturing and
industrial applications.
The
rising demand for customized products is expected to drive the growth of the
additive manufacturing market during the forecast period. Additive Manufacturing
is a versatile and powerful technology that can be used to create a wide
variety of customized products, and it is well-positioned to meet the growing
demand for personalization and mass customization.
Reduced tooling costs and lead times through Additive
Manufacturing, is poised to slash the demand for Additive Manufacturing
Traditional
tooling methods, such as CNC machining and injection molding, can be expensive
and time-consuming. This is because traditional tooling requires the creation
of physical molds or dies, which can be costly to design, manufacture, and
maintain. Additionally, traditional tooling methods can have long lead times,
as the molds or dies need to be designed, manufactured, and shipped before they
can be used to produce parts.
Additive
manufacturing (AM), also known as 3D printing, can significantly reduce tooling
costs and lead times. This is because Additive Manufacturing does not require
the creation of physical molds or dies. Instead, Additive Manufacturing builds
parts directly from digital designs, which can be easily modified without the
need to create new molds or dies. As a result, Additive Manufacturing can
reduce tooling costs by up to 90% and lead times by up to 90%. For instance,
·
GE Aviation is using Additive
Manufacturing to reduce the cost of tooling for jet engines by up to 50%.
·
Ford Motor Company is
using Additive Manufacturing to reduce the lead time for producing prototypes
by up to 80%.
·
Siemens is using Additive
Manufacturing to reduce the cost of tooling for power generation equipment by
up to 70%.
Traditional
manufacturing processes often involve lengthy lead times for tooling design,
production, and testing. Delays in tooling can significantly impact the overall
production timeline. Additive manufacturing enables rapid prototyping and
tool-less production. Design changes can be quickly implemented, and the
production process is more agile, reducing overall lead times.
In
an automotive manufacturing scenario, a traditional production line may require
several weeks to design, produce, and test molds for a new part. With additive
manufacturing, the same part can be 3D printed within a fraction of the time,
allowing for faster iteration and production.
The
reduced tooling costs and lead times associated with additive manufacturing
make it an attractive solution for industries where rapid prototyping,
customization, and small-batch production are crucial, such as aerospace,
healthcare, and automotive.
Aerospace
companies can benefit from Additive Manufacturing's ability to produce
lightweight, complex parts without the need for expensive tooling. This can
lead to faster development cycles and reduced costs for both prototyping and
end-use parts.
U.S. and China to be a game changer within the Additive
Manufacturing market
The
United States has a long history of pioneering innovation in additive
manufacturing (AM). Home to some of the world's leading Additive Manufacturing
companies, including 3D Systems, Stratasys, and HP, the US has been
instrumental in developing and advancing Additive Manufacturing technologies. The
US medical device industry is employing Additive Manufacturing to create
personalized prosthetics, implants, and surgical instruments, improving patient
outcomes and revolutionizing healthcare. The US government is investing heavily
in Additive Manufacturing research and development, supporting the growth of
the domestic Additive Manufacturing industry.
China
is experiencing rapid growth in its additive manufacturing market, fueled by
government support, increasing demand for customized products, and a growing
industrial base. China's aerospace industry is adopting Additive Manufacturing
to produce lightweight and complex aircraft components, enhancing performance
and reducing production costs. Chinese automakers are turning to Additive
Manufacturing to develop customized parts and rapid prototypes, accelerating
innovation and bringing new models to market faster. China's medical device
industry is exploring Additive Manufacturing to create personalized implants
and surgical tools, improving patient care and expanding medical device
offerings.
The
United States, China, and India are poised to play pivotal roles in shaping the
future of additive manufacturing. With their strong technological advancements,
robust industrial infrastructure, and growing demand for Additive Manufacturing
solutions, these countries are driving innovation and accelerating the adoption
of Additive Manufacturing across diverse industries.
Competitive Landscape
Major
companies operating within the Stratasys, Ltd., Materialise NV, EnvisionTec,
Inc., 3D Systems, Inc., GE Additive, Autodesk Inc., Made In Space, Canon Inc.
and Voxeljet AG among others.
Stratasys,
Ltd., Materialise NV, EnvisionTec, Inc., combined dominate the market with an
active share of around 25-30%.