Additive Manufacturing Market to Register CAGR of 20.8%, Attributed to Growing Demand for Prototype Applications from Different Industries
Westford, USA, Oct. 11, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Additive Manufacturing Market will reach a value of USD 91.59 Billion by 2031, with a CAGR of 20.8% during the forecast period (2024-2031). The main factors driving the market include strong demand for cost-efficient methods of production, demand for customized products, and technological advancements in 3D printing. Additive manufacturing is finding more applications in aerospace, healthcare, and automotive industries because additive manufacturing does not consume materials, thus saving them and prototyping faster. With the added focus on sustainability and without limitations on creating complex geometry, it opens a new way for further promotion of industry extension and innovation.
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Browse in-depth TOC on the “Additive Manufacturing Market”
Pages – 202
Tables – 179
Figures – 79
Additive Manufacturing Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 20.20 Billion |
| Estimated Value by 2031 | USD 91.59 Billion |
| Growth Rate | Poised to grow at a CAGR of 20.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Printer Type, Technology, Application, Material, Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Expanding Applications of Additive Manufacturing Across Several Industries |
| Key Market Opportunities | Integration with Industry 4.0 |
| Key Market Drivers | Constant Improvements in 3D Printing Technology |
Dominance of Industrial 3D Printers in Additive Manufacturing Landscape
The market was dominated by the industrial 3D printer segment, with a revenue share of over 76% in 2023. Industrial 3D printers are mostly used for common applications such as tooling, designing, and prototyping across all sectors and industry verticals, such as aerospace & military, automotive, electronics, and healthcare. The industrial 3D printer market is predicted to maintain a stranglehold on the market throughout the entire period of the forecast, as a result of high usage of additive manufacturing for tooling, prototyping, and design purposes.
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LBM Technology Leading Charge in Additive Manufacturing Expansion
Laser Beam Melting would be the fastest-growing in the sector for additive manufacturing in the forecast period. Its great accuracy, flexibility, and capacity to work with a wide range of materials including metals and polymers are its key growth drivers. Technology LBM has been very much used for operations like difficult part manufacturing and rapid prototyping in several industries such as aerospace, automotive, and healthcare. The reason why LBM is a market leader in the additive manufacturing business today is that laser technology continually innovates and the demand for tailor-made solutions continues to rise.
How North America Leads in Additive Manufacturing
North America took the leading position, capturing more than 34% of market sales. It is formed by developed economies, the US and Canada, where innovation in technology is usually implemented early in their tenure. Such superiority is achieved due to having several advanced manufacturing facilities, extensive R&D programs, and high investments in innovation. Other important factors that strengthen North America’s potent position across the global market are the rising usage of additive manufacturing by industries such as aerospace, healthcare, and automotive organizations seeking cost savings and greater efficiency.
Additive Manufacturing Market Insights
Drivers
- Rising Focus Toward Sustainability
- Continuous Improvements in 3D Printing Technology
- Customization Demand
Restraints
- Quality Control Issues
- High Initial Investment
- Slow Production Speed
Key Players Operating in the Additive Manufacturing Market
The following are the Top Additive Manufacturing Companies
- 3D Systems, Inc.
- ExOne
- Optomec, Inc.
- EnvisionTec, Inc.
- HP Inc.
- Proto Labs, Inc.
- Tiertime
- Materialise NV
- EOS GmbH
- Canon, Inc.
Key Questions Covered in the Additive Manufacturing Market Report
- What are the factors driving the growth of the global additive manufacturing market?
- Which is the dominant region in the market?
- What are the key strategies adopted by major players operating within the market?
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This report provides the following insights:
- Analysis of key drivers (customization demand, rising focus toward sustainability), restraints (high initial investment and quality control issues), opportunities (integration with industry 4.0, government initiatives), and challenges (skill shortages, market competition) influencing the growth of the additive manufacturing market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the additive manufacturing market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the additive manufacturing market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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