Additive Manufacturing Market by Type (Desktop 3D Printer and Industrial 3D Printer), Technology (Stereolithography, Fused 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, and Other Technology), by Component (Hardware, Software and Services), by Application (Prototyping, Tooling and Functional Parts), and by End User (Desktop Additive Manufacturing and Industrial Additive Manufacturing) – Global Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Semiconductor & Electronics | Publish Date: 15-Jul-2024 | No of Pages: 510 | No. of Tables: 408 | No. of Figures: 376 | Format: PDF | Report Code : N/A
Speak to Our Analyst
Market Overview
The global Additive Manufacturing (AM) Market size was valued at USD 17.92 billion in 2022 and is projected to reach USD 83.56 billion by 2030, at a CAGR of 20.9% from 2023–2030.
Additive manufacturing, also known as additive layer manufacturing (ALM) or three-dimensional (3D) printing, is a computer-controlled process that creates 3D objects by depositing materials, usually in layers.
Additive manufacturing uses data, computer-aided design (CAD) software or 3D object scanners to direct hardware for depositing materials layer upon layer, in precise geometric shapes. In order to create an object using additive manufacturing, a design must be created first. This is typically done using CAD software, or by taking a scan of the object, which is to be printed. Then the design is translated by software into a layer-by-layer framework for the additive manufacturing machine to follow.
The framework is sent to the 3D printer, which begins creating the object immediately. The actual process of additive manufacturing can be done in a number of ways, which can take from several hours to several days, depending on the object’s size.
Growing Adoption of 3D Printing in the Healthcare Industry
The rising application of 3D digital printing in the healthcare sector to create prostheses, implants, and generate accurate prototypes of medical devices fuels the growth of the market. Further, 3D-printed models allow surgeons to practice complex surgical procedures on lifelike models and they can improve their accuracy and speed of operation.
Moreover, 3D printing technology is being used to create implants that are unique to each patient. Other additive manufacturing applications include surgical cutting and drilling equipment, prosthetics, artificial organs, and designer pharmaceuticals which are designed by additive manufacturing technologies. For instance, in October 2021, Henkel launched a new class of 3D printing resins for healthcare applications under its leading Loctite brand. Henkel 3D printing resins are created and produced in compliance with ISO 13485 quality management standards to ensure uniformity in the design, development, production, and delivery of medical devices.
High Adoption of 3D Printing in the Automotive Sector:
Additive manufacturing is rapidly gaining ground in the automotive sector across the world, as 3D printing makes it possible to create highly detailed and accurate scale models for design and concept demonstration. It is also used to prototype physical parts such as interior elements of vehicles, and create custom, complex, and high-performance parts.
Further, 3D printing in the automotive sector helps original equipment manufacturers (OEMs) to reduce costs and produce cost-effective automobile parts, which increases the demand for additive manufacturing across the world.
In addition, industry leaders such as Stratasys (Israel), 3D Systems (US), and Porsche are investing in 3D printing technology, to introduce new and innovative technologies in the automotive sector further driving the growth of the market. In 2020, Porsche introduced its 3D-printed seats that can be customized to the specifications and requirements of the customer. 3D printing helped the company to produce the seats considering the customer’s body contours.
Lack of Standardization of Equipment to Impede the 3D Printing Market Growth
The primary challenge faced by the key players in the 3D printing industry is the lack of standardized equipment and process. This is expected to create difficulties in terms of quality control and production costs. Manufacturers have to invest in expensive machines and software in order to ensure consistency in quality. This is attributed to the conventional mindset of the manufacturers that are holding to their misconception about prototyping, instead of realizing the benefits associated with AM. This factor restrains the growth of the market.
Advances in Technology Creates an Opportunity for Upcoming Years
Industry experts and researchers are pursuing aggressive research and development (R&D) activities to create opportunities for several other efficient and reliable technologies. The introduction of 3D printers that can create prototypes of electronic components such as 3D printed circuit boards (PCBs), antennae, capacitors, and sensors reduce manufacturing costs, which in turn is expected to create lucrative growth opportunities for the market players in coming years.
North America is Projected to Hold the Largest Share of AM Market
North America dominates the global additive manufacturing industry and is expected to remain dominant in the market throughout the forecast period. The presence of a large number of automotive, construction, aerospace, and defence industry using 3D printing technology in the manufacturing process boosts the market growth in the region.
Further, high healthcare investment in this region enables healthcare providers to adopt cutting-edge technologies such as 3D digital printing for patient-specific surgical models, affordable prostheses, and dental implants. For instance, in November 2019, 3D Systems received clearance from the U.S. Food and Drug Administration (FDA) for its dental 3D printing material called Denture 3D+ and dental 3D printer NextDent 5100.
Moreover, the presence of a large number of pharmaceutical companies that allows them to produce new surgical cutting and drill guides, prosthetics, and patient-specific copies of bones, organs, and blood arteries via 3D printing propels the growth of the market. For instance, in November 2021, in Singapore, the National University Hospital (NUH) announced collaboration with Johnson & Johnson (J&J) in hospital to launch a 3D Printing Point of Care lab for improving patient care capability and enhancing personalized healthcare. The Singapore Economic Development Board (EDB) supported this initiative to accelerate healthcare innovation in Singapore.
In addition, the presence of several key market players such as Protolabs, Xometry Inc., Stratasys Ltd., and Velo3D Inc. in the region adopting various strategies including product launches and acquisitions propels the growth of the market. For instance, in January 2022, Protolabs launched a post-processing technology called vapor smoothing for 3D printed production parts. Vapor smoothing can enhance the finishing of 3D printed parts including complex geometries.
Europe Witnessed Substantial Growth in the Global AM Market
Europe shows a substantial growth in the global additive manufacturing market due to the rising adoption of AM devices across industries such as automotive, health, and others due to the presence of 3D printing start-ups in Germany providing a wide range of 3D industrial printers. For instance, in December 2020, German start-up iFactory3D launched a 3D printing device which is a 4-in-1 3D printer for residential use and is characterized by an automatic working process.
Further, the growing use of additive manufacturing technology in the defence industry owing to rising government initiatives for developing 3D printing applications for the military drives the growth of the market. For instance, in October 2022, the UK’s Ministry of Defence (MOD) announced the launch of project TAMPA, a seven-year-long program to increase the amount of 3D printed parts purchased by the UK military.
Competitive Landscape
Additive manufacturing industry include various market players such as Stratasys, General Electric, 3D Systems, Inc., Formlabs Inc., Xometry, Inc., Proto Labs, Velo3D, Inc., Desktop Metal, Inc., Markforged Holding Corporation, and Shapeways Holdings, Inc. These market players are adopting various strategies including partnership and product launch to maintain their dominance in the market.
For instance, in September 2022, Stratasys announced a partnership with Evonik as a new additive manufacturing materials partner. This partnership aims to bring Evonik’s expertise in the development and manufacturing of ready-to-use photopolymer materials to the P3 platform. Through this partnership among two big companies, customer will be benefited with more better and advanced products in upcoming days.
Also, in June 2022, Velo3D launched its latest industrial additive manufacturing system ‘Sapphire XC 1MZ’. This product has a faster proprietary non-contact recoater that guarantees a lack of part collision, protecting both the printed build and the recoater while slashing the downtime between layers.
Additive Manufacturing Market Key Segments
By Technology
-
Stereolithography
-
Fused 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 Printing Type
-
Desktop 3D Printer
-
Industrial 3D Printer
By Material
-
Polymer
-
Metal
-
Ceramic
By Application
-
Prototyping
-
Tooling
-
Functional Parts
By Component
-
Hardware
-
Software
-
Design Software
-
Inspection Software
-
Printer Software
-
Scanning Software
-
-
Services
By End-User
-
Industrial Additive Manufacturing
-
Automotive
-
Aerospace and Defense
-
Healthcare
-
Consumer Electronics
-
Power and Energy
-
Others
-
-
Desktop Additive Manufacturing
-
Educational Purpose
-
Fashion and Jewelry
-
Objects
-
Dental
-
Food
-
Others
-
By Region
-
North America
-
US
-
Canada
-
Mexico
-
-
Europe
-
UK
-
Germany
-
France
-
Spain
-
Italy
-
Netherlands
-
Denmark
-
Finland
-
Norway
-
Sweden
-
Russia
-
Rest of Europe
-
-
Asia-Pacific
-
China
-
Japan
-
India
-
Australia
-
South Korea
-
Thailand
-
Singapore
-
Rest of Asia-Pacific
-
-
RoW
-
Latin America
-
Middle East
-
Africa
-
Remaining countries
-
Report Scope and Segmentation
|
Parameters |
Details |
|
Market Size in 2022 |
USD 17.92 Billion |
|
Revenue Forecast in 2030 |
USD 83.56 Billion |
|
Growth Rate |
CAGR of 20.9% from 2023 to 2030 |
|
Analysis Period |
2022–2030 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
Growing adoption of 3D printing in the healthcare industry |
|
Countries Covered |
26 |
|
Companies Profiled |
10 |
|
Market Share |
Available for 10 companies |
|
Customization Scope |
Free customization (equivalent up to 80 analysts working hours) after purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
-
Stratasys
-
General Electric
-
3D Systems, Inc.
-
Formlabs Inc.
-
Xometry, Inc.
-
Proto Labs,
-
Velo3D, Inc.
-
Desktop Metal, Inc.
-
Markforged Holding Corporation
-
Shapeways Holdings, Inc.
At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.
Research Landscape
We navigate the world of research with two primary approaches:
Qualitative Approach
Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.
Quantitative Research
In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.
Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.
Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.
Our Specialized Toolbox for Industry-Specific Market Research
We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:
Information Procurement
The stage entails acquiring market data or relevant information through various sources and methodologies.
Market Research Approach
We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.
Porters Five Forces Analysis
We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.
SWOT Analysis
We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.
Forecasting
We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.
Frequently Asked Questions
Download Free Sample
