Additive Manufacturing Market Size to Hit USD 126.97 Billion by 2032 Owing to Surging Demand for Customization and Lightweight Components | Report by SNS Insider

The surging demand for customization and lightweight components across various industries is expected to propel the Additive Manufacturing Market to new heights over the coming years.

Pune, July 03, 2024 (GLOBE NEWSWIRE) — Additive Manufacturing Market Size:

“According to SNS Insider Research, The Additive Manufacturing Market size was valued at USD 20.44 billion in 2023. Driven by the aforementioned factors, it is expected to reach USD 126.97 billion by 2032 and grow at a healthy Compound Annual Growth Rate (CAGR) of 22.5% over the forecast period 2024-2032.”

Market Analysis and Overview

The Demand for prototyping across different industrial verticals such as automotive, aerospace & defense and healthcare are driving the Additive Manufacturing Market. Additionally, the growing need for lightweight components in the transportation sector is fostering market growth. Several companies are launching innovative 3D printing solutions, further accelerating market expansion. Apart from the aforementioned polymers, other types – such as metals and ceramics previously unused in Additive Manufacturing processes are becoming viable with evolving materials technology.

The market is witnessing increased investment in 3D printing start-ups and research institutions. Governments and private organizations are funding initiatives aimed at developing advanced 3D printing solutions. These investments are expected to accelerate technological advancements and bring down the costs of 3D printing, making it more accessible to small and medium-sized enterprises.

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Major Players Analysis Listed in this Report are:

The Key Players are 3D Systems, Inc., 3DCeram, Arcam AB, Autodesk, Inc., Canon, Inc., Dassault Systemes, EnvisionTec, Inc., EOS (Electro Optical Systems) GmbH, ExOne, GE Additive, HP Inc., madeinspace.us, Materialise NV, Optomec, Inc., Organovo Holdings Inc., Proto Labs, Inc., Shapeways, Inc., Stratasys, Ltd, Tiertime, Voxeljet AG and Other Players

In April 2024, HP Inc. introduced its new Jet Fusion 5200 3D Printing System, which boasts superior speed and resolution for functional prototyping and end-use parts production.

  • The Jet Fusion 5200’s advanced capabilities in speed and resolution enhance its attractiveness for functional prototyping and end-use parts production. This can lead to a higher adoption rate among industries requiring precise and efficient manufacturing solutions.
  • HP’s new system sets a new standard in the market, potentially pushing competitors to innovate and improve their own technologies, thus accelerating the overall technological development within the additive manufacturing industry.

Additive Manufacturing Market Report Scope:

Report Attributes Details
Market Size in 2023  US$ 20.44 Bn
Market Size by 2032  US$ 126.97 Bn
CAGR  CAGR of 22.5% From 2024 to 2032
Base Year  2023
Forecast Period  2024-2032
Historical Data  2020-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Growth Drivers • The automotive and aerospace industries are increasing their demand for lightweight components.
• Advantages of additive manufacturing in a variety of end-user sectors.
• Additive manufacturing allows for simple customization and mass production.

Segmentation Analysis

  • Printer Type Insights

In terms of revenue, the industrial 3D printer segment dominated the market in 2023 and is estimated to continue its dominance over the following years. The industrial 3D printers are gaining immense popularity in various industry segments and verticals such as automotive, electronics, aerospace & defense, healthcare etc., for typical applications like prototyping, designing tooling etc. The industrial 3D printer segment of the market has remained dominant over time, as a result of their large-scale application for prototyping, designing and tooling.

The, desktop 3D printers were the reserve of hobbyists and small enterprises. 3D Printing for Household and Domestic Use However, widespread use of desktop 3D printers now being used for household purposes Even schools, education institutes and universities have started to purchase desktop 3D printer for technical training so that students can learn by doing it practically educational. Most of these small businesses are using desktop 3D printers and transitioning their business to include additive manufacturing services.

Technology

Stereolithography dominated the market in 2023 due to its established technology and ease of operation. One of the oldest and traditional printing technologies is stereolithography. Ease of operations is not the only advantage that made stereolithography very popular, there are countless other benefits as well which making this particular technology to adopt.

However, advancements in technologies like Digital Light Processing (DLP), Electron Beam Melting (EBM), inkjet printing, and Direct Metal Laser Sintering (DMLS) are creating exciting growth opportunities.

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Regional Developments

North America dominated the market with more than 35% share, in terms of revenue as compared to other regions by geography due to developed MNCs production base coupled many Research and development organization were present there. The dominance elevates because markets like the US & Canada are major customers of new technology and mainly steep in terms of adoption.

Europe emerged as the second-largest regional market, boasting the largest geographical footprint and several companies with strong technological expertise in additive manufacturing.

Asia Pacific region is considered the highest CAGR during the forecast period. The growth can be attributed to the expanding manufacturing sector, especially automotive, healthcare and consumer electronics sectors owing to which Americas is advancing at a rapid pace. Moreover, rapid urbanization is anticipated to bolster the demand for 3D printing solutions in Asia Pacific.

Future Growth of the Market

The future of the Additive Manufacturing Market is highly promising due to several trends that will propel its growth in the future. This will, predictably enough, be one of the contributing trends – there has been a marked increase in use-cases for 3D printing directly to mass production. Additive manufacturing has been traditionally used in prototyping and small-scale production.

This expected shift will lead to a revolution in many industries by reducing material costs and the time it takes to manufacture products significantly. The other future trend of the market is sustainability. As the industrial sector continues to make efforts in going green, additive manufacturing presents one of the most viable options. The technology minimizes waste by producing only the necessary items and customizable range of products for consumers.

Key Players

Some Major Key players are HP Inc., madeinspace.us, Materialise NV, Optomec, Inc., Organovo Holdings Inc., Proto Labs, Inc, Shapeways, Inc., Stratasys Ltd. And others.

Recent Developments

In June 2023: Siemens collaborated with HP Inc. to integrate its software solutions with HP’s 3D printing technology, enhancing the efficiency and capabilities of additive manufacturing processes.

In April 2023: GE Additive announced a partnership with Protolabs to develop new materials and processes for metal additive manufacturing, aiming to expand the application areas of 3D printing.

Key Takeaways

  • The Additive Manufacturing Market is poised for significant growth due to rising demand for customization and lightweight components.
  • Advancements in printing technologies, materials, and applications are creating exciting possibilities for the future.
  • Strategic mergers and acquisitions within the market indicate industry consolidation and a focus on comprehensive solutions.
  • This report provides a detailed analysis of market trends, key players, and future prospects, enabling informed decision-making for businesses and investors.

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Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

5. Porter’s 5 Forces Model

6.  Pest Analysis

7. Additive Manufacturing Market Segmentation, By Component

8. Additive Manufacturing Market Segmentation, By Printer Type

9. Additive Manufacturing Market Segmentation, By Technology

10. Additive Manufacturing Market Segmentation, By Software

11. Additive Manufacturing Market Segmentation, By Application

12. Additive Manufacturing Market Segmentation, By Vertical

13. Regional Analysis

14. Company Profiles

15. Competitive Landscape

15.1 Competitive Benchmarking

15.2 Market Share Analysis

15.3 Recent Developments

15.3.1 Industry News

15.3.2 Company News

15.3.3 Mergers & Acquisitions

16. Use Case and Best Practices

17. Conclusion

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