Additive Manufacturing Market size to accrue $84.87 Bn by 2033

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:

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%.