Additive Manufacturing Market Size to Surpass USD 95.62 Billion by 2032
The global additive manufacturing market size was estimated at USD 15 billion in 2022 and is anticipated to surpass around USD 95.62 billion by 2032, expanding at a remarkable CAGR of 20.4% from 2023 to 2032.
Ottawa, Nov. 17, 2023 (GLOBE NEWSWIRE) — The global additive manufacturing market size accounted for USD 17.99 billion in 2023 and is projected to reach around USD 54.38 billion by 2029, According to Precedence Research. North America led the market with the largest market share of 36% in 2022. Asia Pacific is expected to expand at the fastest CAGR throughout the forecast period.
The expanding global additive manufacturing market is propelled by the environmental advantages it provides, such as reduced material waste and energy consumption compared to traditional manufacturing methods. The environmentally friendly nature of additive manufacturing contributes to its increasing adoption across industries.
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Since its inception in 1987, additive manufacturing has expanded dramatically. A substantial increase in the use of 3D printing has occurred over the last ten years as a result of cost reductions and technological breakthroughs. Only a small sample of the enormous diversity of objects that has been successfully produced with additive manufacturing technologies include prosthetic legs, aerospike rocket nozzles, and architectural models. Industrial assembly and fabrication are transformed by additive manufacturing.
Additive manufacturing directs digital machinery that precisely creates precise geometric shapes using computer-aided design (CAD) software. By meticulously depositing layer after layer of material, additive manufacturing (AM) enables the development of lighter, stronger parts and systems that improve manufacturing processes’ digital flexibility and efficiency.
- By Component, the hardware segment has held the major revenue share of 61% in 2022.
- By Component, the software segment is projected to grow at a remarkable CAGR during the projected period.
- By Printer Type, the industrial 3D printer segment recorded more than 65% of revenue share in 2022.
- By Printer Type, the high-barrier films segment is estimated to expand at the fastest CAGR over the projected period.
- By Vertical, the automotive segment contributed over 22% of revenue share in 2022.
- By Material, the metal segment is projected to expand at the fastest CAGR over the projected period.
The U.S. additive manufacturing market size surpassed USD 3.24 billion in 2022 and is projected to hit around USD 20.83 billion by 2032, growing at a CAGR of 20.5% from 2023 to 2032.
North America held the dominating share of the market in 2022, the region is expected to sustain the position throughout the forecast period. The growth of the market in the region is attributed to the tendency and willingness to accept the latest and innovative technologies for manufacturing purposes. Moreover, the presence of major key players in the region promotes the market’s expansion. Additionally, North America has always been on the forefront of technological development, this supports the penetration of 3D printing, automated manufacturing processes and overall advanced processes for rapid and reliable manufacturing. Therefore, the market in North America is expected to get accelerated in the forecast period.
On the other hand, Asia Pacific is expected to witness growth at a robust pace during the forecast period. The growth of the market in this region is attributed to the emergence of advanced technologies in the industrial sector. It is anticipated that countries such as India, China, Singapore and Japan will be major manufacturing areas in the upcoming years, this highlights the adoption of additive manufacturing for rapid manufacturing processes. The overall expansion of consumer electronics and automotive industries in the region’s countries is expected to supplement the growth of the market.
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Additive Manufacturing Market Scope
|Market Size in 2023||USD 17.99 Billion|
|Market Size in 2032||USD 95.62 Billion|
|Market CAGR||20.4% from 2023 to 2032|
|North America Market Share||36% in 2022|
|Forecast Period||2023 to 2032|
|Key Players||Stratasys, Ltd., Materialise NV, EnvisionTec, Inc., 3D Systems, Inc., GE Additive, Autodesk Inc., Made In Space, Canon Inc., Voxeljet AG|
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The hardware segment dominated the market in 2022. The increasing industrialization, the rising demand for consumer electronics and rapid urbanization drive the growth of the segment.
Printer type Insights
The industrial 3D printer type segment has dominated the market with the highest market share in 2022. Rising demand from several industries like electronics, aerospace & defense, and automotive 3D printers drives the growth of the segment.
The stereolithography segment dominated the market in 2022. Stereolithography is the most conventional and one of the oldest forms of printing technology. Stereolithography makes operation easy in the industry. Stereolithography often offers smooth final finishing to products, this element supports the adoption of the technology.
The design software segment dominated the market in 2022. The growth of the segment is attributed to the rising use of design software in automotive, aerospace & defense, and engineering & construction energy for the purpose of constructing a design of the object to be printed.
The prototyping segment dominated the market in 2022. The growth of the segment is attributed to the use of prototyping in designing and developing systems and parts and complex systems in the various industry verticals.
The automotive segment dominated the market in 2022, the segment will sustain the position during the forecast period. As the automotive industry focuses on developing lightweight auto-parts, the segment is expected to get accelerated.
The metal segment dominated the market in 2022. The metal segment is expected to continue the dominance trend during the forecast period. The utilization of metal material can be attributed to the ductility and strength offered by metal material. Moreover, the utilization of metals in automotive sector for additive manufacturing has highlighted the segment’s growth.
Requirement of rapid innovation
Prototyping may be done quickly and easily with 3D printing. A proof-of-concept can be printed immediately after a product or part has been created in CAD software. A change or iterative improvement can be built and tested as soon as it is included in the design because there isn’t much tooling needed. This makes it possible for engineers to produce testable parts more quickly than with other, more conventional methods. Additionally, it enables product designers to quickly have their concepts QA evaluated and architects to work with real representations of their designs. As the demand for such innovation increases, the market for additive manufacturing is observed to get accelerated.
Higher cost for implementation
Although there are many cost-effective purposes of having additive manufacturing and there are several advantages for implementing a whole additive manufacturing in manufacturing infrastructure, there is a major hampering factor associated with the cost of implementation of additive manufacturing system. The overall cost of implementing additive manufacturing systems in infrastructure depends upon business case, material, and other optional factors. Likewise, the industrial metal 3D printers are much more expensive and require a large amount of investment at the initial point. All these factors are observed to limit the adoption of additive manufacturing solutions in the manufacturing sector, especially in areas with weaker economies. Thus, the factor is observed to act as a major restraint for the market.
Emergence of automation in manufacturing sector
While 3D printing automates the development of parts, firms further streamline additive manufacturing lines by using digital workflows and automation technologies. By eliminating manual intervention after component production, automated part processing, for instance, increases production throughput. As a result, startups are providing hardware and software solutions for design and processing that are independent of printers in order to automate additive manufacturing procedures. They improve print flexibility and reduce waste while enabling quick prototyping, on-demand manufacturing, and high-speed part creation. Automated 3D printing systems also save money on labor and eliminate human mistakes. As manufacturing industries start emphasizing automation, the element is observed to open lucrative opportunities for the market.
Speed of the manufacturing
The manufacturing of an object or product is greatly dependent on the batch size and use cases. The process of printing part is much slower as compared to the traditional one. For example, plastics parts just take a few seconds to make with an injection molding in traditional process while it takes hours with a 3D printer. Thus, the speed of manufacturing is observed to hamper the market’s growth.
- Generative AI in Manufacturing Market: The global generative AI in manufacturing market size was evaluated at USD 225 million in 2022 and is expected to attain around USD 6,963.45 million by 2032, growing at a CAGR of 41% during the forecast period from 2023 to 2032.
- Metal Additive Manufacturing Market: The global metal additive manufacturing market size was estimated at USD 2.90 billion in 2022 and is expected to hit around USD 14.99 billion by 2032, poised to grow at a noteworthy CAGR of 17.90% from 2023 to 2032.
- Healthcare Additive Manufacturing Market: The global healthcare additive manufacturing market size was valued at USD 2.80 billion in 2022 and it is expected to reach around USD 15.35 billion by 2032, growing at a CAGR of 18.60% from 2023 to 2032.
- In September 2023, CGTech, A VERICUT verification developer, optimization, and simulation software is announced a reseller agreement with Bristol-based iCOMAT, a pioneer of first error-free tape steering process for composite component production.
- In September 2023, Department of Energy’s (DOE) Oak Ridge National Laboratory (ORNL, Oak Ridge, Tenn., U.S.) signs a licensing agreement with the Zeiss Industrial Quality Solution (Oberkochen, Germany) will allows the industrial X-ray computed tomography (CT) for performing the instant development in 3D printed component by using ORNL’s machine learning algorithms, Simurgh.
- In September 2023, a 3D printing startup “Quantica” works on reimagine material jetting, especially on the versatile and high performance materials. The company is on the way for the launch of NovoJet C-7 a highly anticipated open system and the expansion of team.
- In August 2023, Maynard, Massachusetts, USA, based Boston Micro Fabrication (BMF) with the collaboration of Peking University, Beijing, China, announced its debut in dental market with the launch of its debut product “UltaThineer”. The launch is made of additively manufactured zirconia-based dental veneers.
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By Printer Type
- Desktop 3D Printer
- Industrial 3D Printer
- 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
- Design Software
- Inspection Software
- Printer Software
- Scanning Software
- Functional Parts
- Industrial Additive Manufacturing
- Aerospace & Defense
- Consumer Electronics
- Power & Energy
- Desktop Additive Manufacturing
- Educational Purpose
- Fashion & Jewelry
- North America
- Latin America
- Middle East and Africa
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