Additive Manufacturing Market Size to Grow at a CAGR of 21.75% | Valuates Reports
BANGALORE, India, Aug. 12, 2022 /PRNewswire/ -- The Global Additive Manufacturing Market is Segmented by Type (Photopolymer, PLA, ABS, PMMA), by Application (Aerospace & Defense, Automotive, Consumer Goods, Medical & Dental, Education): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Manufacturing Category.
The global additive manufacturing market size is USD 15.2 Billion in 2021 with a CAGR of 21.75% from 2022 to 2028.
Major Factors Driving the Growth of the Additive Manufacturing Market
The rapid adoption of industrial 3d printers in automotive, consumer goods, aerospace and defense, medical devices, dental, and education will fuel the market growth during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL ADDITIVE MANUFACTURING MARKET
Additive manufacturing, especially the 3d printing metals market solves several challenges faced by the automotive industry. It is used for manufacturing customized high-quality grips, jigs, and fixtures. This ensures automakers are able to produce samples, and tools at low costs and avoid future losses in production. Many time-consuming, repetitive, and heavy-burden tasks like pressing badges and emblems on vehicles are automated with greater ergonomic design and accuracy. This will fuel the additive manufacturing market growth. Specific parts are tailored to vehicles layer by layer making them custom and lightweight. It is also used for producing seats and metal parts for racing vehicles. The prototype and performance validation and testing process is enhanced through small quickly printed details to high full-scale parts.
Production and development cycles of consumer goods are prone to process-related material waste and overproduction. 3d printing offers many advantages like flexible design, faster iteration cycles, and cost savings in comparison to traditional techniques like injection molding, vacuum casting, and CNC machining. Enterprises are able to achieve maximum geometric design freedom which is otherwise not possible through conventional methodologies. This will foster the growth of the global additive manufacturing market. Personalized headphones and footwear create new customization capabilities as it does not require extensive tooling changes based on individual specifications.
Prototyping using 3d printing provides improved functionality and easy consolidation of parts. The printing process is suitable for full-size landing gear enclosures to the full-color control board concept models. Production volumes in the aerospace sector reach more than 70000 parts every year. Industrial printers are able to print at full scale and size thereby bolstering the demand for the additive manufacturing market in the coming years. It is a viable option, particularly for high-end interior build-outs and medium-sized production runs.
3D printing is enabling the manufacturing of complex-shaped implants, hearing aids, and personalized prosthetics. It is efficient in the production of all-purpose tools and one-off devices. It pinpoints the exact location for the drill and improves the accuracy of dental surgery by creating an entire set of dentures perfectly fitting the patient's mouth.
3D printing technologies are playing a major role in STEM education. Students are using fused filament fabrication to create artifacts, artwork, chemistry models, topographic maps, and models of math problems. This will drive the growth of the additive manufacturing market in the forthcoming years. AM capabilities enable the easy introduction of newer concepts and an increased engagement rate.
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ADDITIVE MANUFACTURING MARKET SHARE ANALYSIS
Based on application, the automotive segment is expected to dominate in the additive manufacturing market share due to the growing adoption of 3d printing tools by automobile manufacturers for quick fabrication which lowers production and development costs.
Based on region, North America will be the most lucrative due to the growing need for 3d printing, modeling, designing, and manufacturing across several industry verticals
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Key Companies
- Stratasys
- 3D Systems
- EOS
- Voxeljet
- Envision Tec
- Taulman 3D
- Asiga
- Bucktown Polymers
- Carima
- DWS
- ColorFabb
- Mitsubishi Chemical
- Esun
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