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The additive manufacturing market size is forecast to increase by USD 31.81 billion, at a CAGR of 20.81% between 2023 and 2028. The growth rate of the market depends on several factors, including the high demand in medical device sector, the rise in adoption of computer-aided design/computer-aided manufacturing (CAD/CAM) technology and desktop printers, and the collaborations and partnerships among vendors. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
Additive manufacturing is a manufacturing process that involves the construction of three-dimensional objects layer-by-layer using a digital model or design. Instead of removing material by cutting or molding as in traditional manufacturing methods, additive manufacturing builds objects by adding materials in successive layers.
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Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
High demand in the medical device sector is the key factor driving market growth. 3D printing enables the creation of customized implants and prosthetics tailored to the needs of individual patients. This customization improves the fit and functionality of these devices, leading to better patient outcomes. Medical professionals use 3D printing to create anatomical models that help in planning and training students on surgeries and techniques. These models provide a hands-on understanding of complex surgeries, reducing the operation time and risks.
Additionally, 3D-printed anatomical models are extensively used in orthopedic, cardiac, dental, and craniomaxillofacial surgeries with the potential to optimize patient treatment. They also allow clinicians to investigate solutions or possible complications that may not be seen while observing a two-dimensional (2D) representation. Thus, increasing demand for 3D printing in the manufacturing of medical devices and other healthcare applications will fuel the growth of the market during the forecast period.
An increase in consumer interest in 3D customized products is the primary trend shaping market growth. Customization is the process of creating or altering a product according to the needs and requirements of the customer. Consumers have shown a great deal of interest in customized 3D-printed products that they order directly from companies manufacturing such customized products or by purchasing a desktop 3D printer, which will help them in designing and developing 3D-printed products in-house. Nowadays, desktop 3D printers are becoming more affordable, due to which individual consumers are printing expensive products, such as toys and home decor.
However, the customization of products comes at a high cost. Consumers with a high disposable income are willing to invest in 3D printers, while other consumers are availing themselves of the services offered by online vendors for customized products. Furthermore, apart from individual customers, industry professionals are also actively investing in 3D printers to develop customized products and meet the expectations of customers to serve them better and increase their profits. Thus, the increase in consumer interest in customized 3D-printed products is expected to drive market growth during the forecast period.
The high initial cost incurred in setting up additive manufacturing facilities is a challenge that affects market growth. The cost of a desktop FDM or SLA machine is typically less than USD 5,000. However, higher-end additive manufacturing printers (SLS, material jetting, and metal printing) typically cost USD 200,000- USD 850,000 and sometimes even several millions of dollars. Also, another factor contributing to the high cost of 3D printing is the need for proprietary raw materials that 3D printer manufacturers sell at high-profit margins.
Furthermore, end-users also have to make significant investments in training or hiring skilled personnel to ensure the production of high-quality devices. Additionally, the time required to produce most 3D-printed products, which depends on the number of layers to be printed, typically ranges from a few hours to days. This limits the viability of using 3D printing in mass manufacturing in certain areas unless several hundred 3D printers are purchased and operated simultaneously. Thus, such factors may impede market growth during the forecast period.
The market share growth by the hardware segment will be significant during the forecast years. Additive manufacturing consists of several key components, each of which plays a crucial role in the overall 3D printing or additive manufacturing process. 3D printers comprise the primary hardware used in additive manufacturing. Industries like aerospace, automotive, healthcare, and manufacturing increasingly rely on 3D printing for rapid prototyping, tooling, and end-use part production.
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The hardware segment accounted for USD 6.51 billion in 2018. Furthermore, continuous improvements in 3D printing technologies, such as faster printing speeds, higher resolutions, larger build volumes, and the ability to print using diverse materials (including metals and composites), are driving the demand for upgraded hardware. As 3D printing technology evolves and becomes more accessible and capable, the demand for 3D printing hardware is expected to continue growing across a wide range of industries, which will have a positive impact on the growth of the market during the forecast period.
The automotive?segment will account for the largest share of this segment.?3D printing enables the quick and cost-effective creation of prototypes, enabling designers and engineers to iterate designs swiftly. It enables the production of intricate and complex parts that are otherwise challenging or impossible to create using traditional manufacturing methods. Further, the adoption of additive manufacturing by the automotive industry continues to grow as the technology matures, offering innovative solutions to improve efficiency, customization, and production flexibility within the sector, which is expected to have a positive impact on market growth during the forecast period.
North America is estimated to contribute 37% to the growth of the global market during the projection period.
Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the projection period.
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Automakers in North America leverage 3D printing for prototyping, customized parts, and tooling, contributing to the high demand for 3D printers capable of handling automotive-grade materials. The adoption of 3D printing in the medical device industry for creating patient-specific implants, prosthetics, and surgical models has boosted demand for additive manufacturing in the region. Industries like healthcare, automotive, aerospace, and consumer goods benefit from the ability of 3D printing to create highly customized products quickly and cost-effectively. Consequently, these factors also aid in the increase in demand for additive manufacturing in the region, which, in turn, will boost the growth of the market in the region during the forecast period.
Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Additive Industries BV, Autodesk Inc., BICO Group AB, Canon Inc., Carbon Inc., CINCINNATI Inc., ColVisTec AG, Desktop Metal Inc., DMG MORI Co. Ltd., EOS GmbH, Formlabs Inc., General Electric Co., HP Inc., Koninklijke DSM NV, Markforged Holding Corp., MATERIALISE NV, Stratasys Ltd., voxeljet AG, and 3DEO Inc.
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report predicts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
The Market is undergoing significant changes, akin to the dynamics witnessed in the aerospace defense industry. Key aspects such as supply chain resilience, market concentration, and mergers and acquisitions are under scrutiny, necessitating strategic adaptations.In the manufacturing realm, various techniques like injection molding, CNC machining, stereolithography, and more are shaping the landscape. Innovations like fuse deposition modeling (FDM), direct metal laser sintering (DMLS), and selective laser sintering (SLS) are revolutionizing the production of functional parts, particularly in the aerospace defense and healthcare segments.
The use of advanced technologies such as inkjet printing, polyjet printing, laser metal deposition, electron beam melting (EBM), and digital light processing (DLP) is gaining prominence, expanding applications from fashion and jewelry to food and more.The market extends beyond industrial applications, with desktop additive manufacturing finding use in educational purposes. The versatility of additive manufacturing spans metal, polymer, and ceramic segments, marking its influence across diverse sectors.This transformative era is not without challenges, with regulatory scrutiny, the search for substitutes, and the need for robust design and inspection software playing pivotal roles. As the industry evolves, the Motorcycle Chains Market mirrors the broader shifts in manufacturing and technology adoption.
Additive Manufacturing Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.81% |
Market Growth 2024-2028 |
USD 31.81 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
20.34 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 37% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3D Systems Corp., Additive Industries BV, Autodesk Inc., BICO Group AB, Canon Inc., Carbon Inc., CINCINNATI Inc., ColVisTec AG, Desktop Metal Inc., DMG MORI Co. Ltd., EOS GmbH, Formlabs Inc., General Electric Co., HP Inc., Koninklijke DSM NV, Markforged Holding Corp., MATERIALISE NV, Stratasys Ltd., voxeljet AG, and 3DEO Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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