Market Overview

Additive Manufacturing Market is projected to achieve a value of USD 17.23 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 84.87 Billion by 2033 with a CAGR of 21.65% during the forecast period 2024-2033.

Additive manufacturing (AM), commonly known as 3D printing, is a manufacturing process that builds objects layer by layer from digital 3D models. Unlike traditional subtractive manufacturing methods, where material is cut away from a solid block to create a part, additive manufacturing adds material layer by layer to create a three-dimensional object. Additive manufacturing offers several advantages, including design flexibility, rapid prototyping, reduced waste, and the ability to produce complex geometries that may be challenging or impossible with traditional manufacturing methods. It is used across various industries, including aerospace, healthcare, automotive, and consumer goods. However, the technology is continually evolving, with ongoing research and development to expand its capabilities and applications.

Consumers are becoming increasingly aware of additive manufacturing and its potential benefits. A recent survey by WE Market Research found that 61% of consumers have heard of additive manufacturing, and 42% are familiar with its applications. This growing awareness is likely to drive demand for additive manufacturing products in the future.

Consumers are willing to pay a premium for additive manufacturing products, particularly for products that are customized or personalized. Around 67% of consumers are willing to pay a premium for a product that is made using additive manufacturing. This suggests that there is a strong market for additive manufacturing products that offer unique value propositions.

Consumers generally have positive perceptions of additive manufacturing. As per Wohlers Associates 65% of consumers believe that additive manufacturing is a valuable technology, and 62% believe that it has the potential to change the way products are made. These positive perceptions are likely to encourage consumers to adopt additive manufacturing products in the future.

Market Scope

Market Dynamics

The availability and development of new materials suitable for additive manufacturing play a crucial role. Advancements in materials that enable the printing of functional and end-use parts, including metals, polymers, ceramics, and composites, drive market growth.

The range of applications for additive manufacturing continues to expand. Industries such as aerospace, healthcare, automotive, consumer goods, and more are increasingly adopting 3D printing for prototyping, tooling, and production of end-use parts. The versatility of the technology contributes to its market growth.

Additive manufacturing enables customization and personalization of products, which aligns with the growing consumer demand for unique and tailored goods. This trend is particularly notable in industries like healthcare (custom implants) and consumer products.

The ability of additive manufacturing to facilitate rapid prototyping and agile manufacturing processes is a key driver. This feature allows companies to iterate designs quickly, reducing time to market and overall development costs.

The establishment of industry standards and regulations is an essential aspect of market dynamics. As additive manufacturing becomes more prevalent in critical industries, the development of standards and regulations helps ensure product quality, safety, and interoperability.

Economic conditions and investment in research and development impact the growth of the additive manufacturing market. Funding, both public and private, for Additive Manufacturing startups and research initiatives can influence market dynamics.

The COVID-19 pandemic highlighted vulnerabilities in global supply chains. Additive manufacturing, with its potential for decentralized production, gained attention as a means to address some of these challenges, impacting market dynamics.

Market- Component Analysis

Hardware is the largest segment of the additive manufacturing market, accounting for an estimated 62% of the global market share in 2022. This is due to the high cost of additive manufacturing machines and the need for specialized equipment to produce 3D-printed objects.

Software is the second-largest segment of the additive manufacturing market, accounting for an estimated 24% of the global market share in 2022. This is due to the increasing complexity of additive manufacturing processes and the need for software to design and manage 3D-printed objects.

Services are the third-largest segment of the additive manufacturing market, accounting for an estimated 14% of the global market share in 2022. This is due to the growing demand for outsourced additive manufacturing services, such as design, prototyping, and production.

Market- Printer Type Analysis

Industrial 3D printers are the largest segment of the additive manufacturing market, accounting for an estimated 64% of the global market share in 2022. This is due to the high precision and accuracy of industrial 3D printers, which makes them well-suited for producing functional parts for various applications. Industrial 3D printers are also used for rapid prototyping and tooling.

Desktop 3D printers are the second-largest segment of the additive manufacturing market, accounting for an estimated 36% of the global market share in 2022. This is due to the lower cost and ease of use of desktop 3D printers, which makes them accessible to a wider range of users, including hobbyists, educators, and small businesses. Desktop 3D printers are often used for educational purposes, prototyping, and creating custom-made products.

Market- Application Analysis

Prototyping is the largest application segment of the additive manufacturing market, accounting for an estimated 42% of the global market share in 2022. This is due to the wide range of benefits that additive manufacturing offers for prototyping, such as: Rapid prototyping, Design flexibility and Low Cost.

Tooling is the second-largest application segment of the additive manufacturing market, accounting for an estimated 28% of the global market share in 2022. This is due to the ability of additive manufacturing to produce: Custom tooling, Complex tooling and Lightweight tooling

Market- Material Analysis

Polymers are the largest material segment of the additive manufacturing market, accounting for an estimated 52% of the global market share in 2022.

Metals are the second-largest material segment of the additive manufacturing market, accounting for an estimated 44% of the global market share in 2022. This is due to the high strength and durability of metals, which makes them suitable for a wide range of applications, such as: Aerospace, Automotive, Medical, etc.,

Ceramics are the smallest material segment of the additive manufacturing market, accounting for an estimated 4% of the global market share in 2022. This is due to the challenges associated with processing ceramics using additive manufacturing techniques.

Market-Regional Analysis

North America is the largest market for additive manufacturing globally, accounting for nearly 40% of the market share in 2022. The region's strong industrial base and high adoption of Additive Manufacturing technologies, particularly in the aerospace, automotive, and medical industries, are driving its dominance in the market.

Europe is the second-largest market for Additive Manufacturing, holding a market share of approximately 30% in 2022. The region's focus on technological innovation and its diverse industrial landscape are contributing to its growth in the Additive Manufacturing industry.

The Asia Pacific region is the fastest-growing market for Additive Manufacturing, with an expected CAGR of over 20% in the coming years. The region's rapid industrialization and increasing demand for customized products are fueling its growth in the Additive Manufacturing market.

The Middle East and Africa (MEA) region is a relatively small market for Additive Manufacturing, but it is expected to grow at a CAGR of over 15% in the coming years. The region's growing oil and gas industry and increasing adoption of Additive Manufacturing technologies are driving its growth in the Additive Manufacturing market.

South America is also a relatively small market for Additive Manufacturing, but it is expected to grow at a CAGR of over 12% in the coming years. The region's growing aerospace and automotive industries and increasing demand for customized products are driving its growth in the Additive Manufacturing industry.

Competitive Analysis

Stratasys, Ltd.; Materialise NV; EnvisionTec, Inc.; 3D Systems, Inc.; GE Additive; Autodesk Inc.; Made In Space; Canon Inc.; Voxeljet AG some of the key players in the Additive Manufacturing market. These companies offer a variety of Additive Manufacturing products for a variety of industries.

The competitive landscape, with the entry of new players and strategic partnerships among existing ones, contributes to market dynamics. Mergers and acquisitions, partnerships, and collaborations are common trends in the additive manufacturing sector.

Research Report Following Segments:

By Type

·         Hardware

·         Software

·         Services

By Printer Type

·         Desktop 3D Printer

·         Industrial 3D Printer

By Technology

·         Stereolithography

·         Fuse Deposition Modeling

·         Selective Laser Sintering

·         Direct Metal Laser Sintering

·         Polyjet Printing

·         Inkjet Printing

·         Electron Beam Melting

·         Laser Metal Deposition

·         Digital Light Processing

·         Laminated Object Manufacturing

·         Others

By Software

·         Design Software

·         Inspection Software

·         Printer Software

·         Scanning Software

By Application

·         Prototyping

·         Tooling

·         Functional Parts

By Vertical

·         Industrial Additive Manufacturing

o   Automotive

o   Aerospace & Defense

o   Healthcare

o   Consumer Electronics

o   Power & Energy

o   Others

·         Desktop Additive Manufacturing

o   Educational Purpose

o   Fashion & Jewelry

o   Objects

o   Dental

o   Food

o   Others

By Material

·         Polymer

·         Metal

·         Ceramic