Global Additive Manufacturing Market Overview
The key driver impacting the additive manufacturing (AM) market is the increasing government funding in the development of additive manufacturing technology. For instance, In 2021, The EU has granted 3 million euros to the Materials scientist at Friedrich-Alexander-Universität Erlangen-Nürnberg(FAU) in funding to support research in additive manufacturing of high-performance components using high-energy electron beams. In addition, the Australian government provides a $100 million Advanced Manufacturing Fund that drives innovation in Australia's manufacturing sector to create jobs, grow businesses, improve productivity and be globally competitive. Similarly, every year, the federal government issues about $500 billion in grant awards through its 26 grant-making agencies for 3D Printing & Advanced Manufacturing Applications. Moreover, the growing technological advancements in the AM industry by government bodies and research centers contribute to the growth of the Additive manufacturing market in the coming years.
According to Value Market Research, the global Additive Manufacturing market size was valued at about USD 8,500 million in 2020 and is estimated to grow at a CAGR of around 14.25% during the forecast period 2021 to 2027.
The growing adoption of additive manufacturing due to the rising demand for automation and cost-effective technologies in the manufacturing sector is likely to augment the market demand in the forecast period. There makes the additive manufacturing industry proliferate with rising spending in Additive manufacturing technology. For instance, As per the Ministry of Electronics and Information Technology of India 2020 report, the global spending on Additive Manufacturing in 2019 was almost $13.8 billion with a growth rate of 23.5% annually. Thus, it is predictable to reach USD 34.8 billion by 2024. However, the lack of standardized equipment and process control may hamper the market in the long run. Also, the number of issues, particularly in terms of cost, availability, quality, development, and standardization, is negatively impacting the market. Nevertheless, the current industry trends, such as the development of new supply chain models, and extensive scope of application, are expected to offer several beneficial market opportunities to the key players.
The Additive Manufacturing market is vast, with many local and global players. The Additive manufacturing market is extensive, with many international and regional players. The market leaders follow various strategies to enhance their position in the market, such as extending product portfolio, acquisitions, contracts, amalgamation, product upgrades to raise their market share globally. The key market players studied in the report include 3D Systems, Inc., Stratasys Ltd., ExOne, Arcam AB, EnvisionTEC, EOS, MCor Technologies Ltd., and Materialise NV, among others.
In this research report, the Additive manufacturing market is segmented by metal type, technology, end-user, and region.
Analysis by Metal Type:
By metal type, the report is categorized into titanium, stainless steel, high-performance alloys, aluminum, precious metals, and others. The titanium segment dominates the metal type segment with over 10% share in 2020. It is due to its excellent properties like high solidarity to weight proportion, organic latency, etc. Moreover, it is the primary used additive manufacturing metal utilized in rapidly growing industries such as aviation, car, adornments, dental, therapeutic, administration departments, and others, thus contributing to the titanium segment's growth in the forecast period.
Analysis by Technology:
By technology, the report is categorized into computer-aided design, stereolithography, fused filament fabrication, binder jetting, material jetting, powder bed fusion, material extrusion, and others. The Stereolithography segment dominates the technology segment with over 20% share in 2020. It is because stereolithography is the most common form of the additive manufacturing process used in the industries such as metal, machinery, the medical industry, etc. Moreover, it has several advantages, such as high curing speed that makes its functional parts to be manufactured in a day, and it is cost-effective, which contributes to the growth of the stereolithography segment in the forecast period.
Analysis by End User:
By End User, the report is categorized into aerospace, medical, manufacturing, automotive, construction, and others. The aerospace segment dominates the end-user segment with over 15% share in 2020. It is due to the vast adoption of additive manufacturing in the production of lightweight parts with complicated geometry. Moreover, the increasing advancements in materials and manufacturing processes to enhance fuel efficiency and range contributes to the high market demand from the aerospace industry in the forecast period.
Analysis by Region:
In the regional outlook of the global Additive manufacturing market, the North America region dominates globally with a 40% market share in the forecast period. It is due to the existence of AM industry leaders in the region that supports the technology growth and the number of patents in the region. Moreover, rising applications of 3D printed components in the automobile, industrial, and defense sectors contribute to tremendous market growth across the North America.
Market Segmentation covered in the Report:
By Metal Type
- Titanium
- Stainless Steel
- High Performance Alloys
- Aluminum
- Precious Metals
- Others
By Technology
- Computer-Aided Design
- Stereo lithography
- Fused Filament Fabrication
- Binder Jetting
- Material Jetting
- Powder Bed Fusion
- Material Extrusion
- Others
By End-Use
- Aerospace
- Medical
- Manufacturing
- Automotive
- Construction
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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