Additive Manufacturing Market to be Worth $93.36 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 30, 2024 /PRNewswire/ -- According to a new market research report titled, 'Additive Manufacturing Market Size, Share, Forecast, & Trends Analysis by Offering (Hardware, Materials, Services) Technology (FDM, DMLS, SLA, SLS, Polyjet, DED) End User (Consumer, Electronics, Healthcare, Automotive, Aerospace) – Global Forecast to 2031,' the additive manufacturing market is expected to be worth $93.36 billion by 2031, at a CAGR of 20.3% from 2024 to 2031.

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Additive manufacturing is an umbrella term for the production methods that build physical objects from a digital file using computer-aided design software. In additive manufacturing, materials are added one layer at a time to create functional parts of a whole, such as in 3D printing, stereolithography, and electron-beam melting. The process typically begins with a digital 3D model created using computer-aided design (CAD) software or obtained from 3D scanning technologies. This digital model is sliced into thin horizontal cross-sections or layers using specialized software. The additive manufacturing machine then interprets these sliced layers and sequentially deposits or fuses material, such as plastic, metal, ceramic, or composite, to build the object layer by layer.

The growth of the additive manufacturing market is driven by the rising need to produce complex parts, reduce manufacturing expenses, and minimize waste, improvements in product development and supply chains, and easy customization and bulk production using additive manufacturing. However, the restricted build sizes & material constraints and high pre-processing and post-processing costs may restrain the growth of this market.

Furthermore, the growing use of 3D printers to produce functional end-use parts, composite 3D printing, increasing use of 3D printing in regenerative medicine, and increasing spending in the aerospace & defense sector are expected to offer significant growth opportunities for players operating in the additive manufacturing market. However, concerns about piracy and unauthorized distribution, scarcity of skilled professionals, high initial investment requirements, and maintaining consistent quality may hinder the growth of this market.

On-demand spare parts production, increased product customization, and the use of AI in 3D printing are prominent trends in this market.

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Key findings in the additive manufacturing market report:

Based on offerings, the additive manufacturing market is segmented into hardware, software, materials, and services. Furthermore, the materials market is segmented into polymers, metals, ceramics, composites, and other materials. In 2024, the services segment is expected to account for the largest share of 52.8% of the additive manufacturing market. This segment includes services such as additive manufacturing services, education, repair & maintenance, consulting services, and training services associated with additive manufacturing hardware and software. The large share of the segment is attributed to factors such as the growing adoption of additive manufacturing, increased funding for companies in the sector, heightened interest from manufacturers in 3D printing, and the expanding number of industries utilizing additive manufacturing to enhance value-added services. For instance, in March 2022, Siemens Energy (Germany), Carl Zeiss AG (Germany), and financial/venture capital investor 9.5 Magnitude Ventures NV (Belgium) entered a joint venture initiative to invest in a new digital platform called MakerVerse GmbH (Germany), which provides on-demand additive manufacturing services. This platform offers features such as instant quoting, automated manufacturability checks, streamlined supplier and quality management, and industrial-level quality assurance.

Based on technology, the additive manufacturing market is segmented into Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Stereolithography (SLA), Direct Metal Laser Sintering (DMLS), polyjet, multi-jet fusion, Digital Light Processing (DLP), binder jetting, Electron Beam Melting (EBM), Directed Energy Deposition (DED), Laser Metal Fusion (LMF), Selective Absorption Fusion (SAF), LCD 3D printing, and other technologies. In 2024, the Fused Deposition Modeling (FDM) segment is expected to account for the largest share of 11.5% of the additive manufacturing market. The growth of this segment is attributed to factors such as cost efficiency and the capability to manufacture a wide range of 3D-printed objects for the automotive, aerospace, general manufacturing, healthcare, consumer goods, and jewelry industries.

However, the binder jetting segment is projected to register the highest CAGR of 25.5% during the forecast period. The high growth of this segment can be attributed to factors such as good surface finishing, shorter timeframes, and manufacturing of low-medium batch products. For instance, in October 2022, GE Additive (U.S.), a part of the General Electric Company (U.S.), launched the commercial launch of the Series 3 binder jet platform, which is based on the alpha and beta predecessors and is capable of rapidly depositing a proprietary binder into parts up to 25-kilos in size, with wall thicknesses of less than 500µm.

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Based on end user, the additive manufacturing market is segmented into consumer products, healthcare, automotive, general manufacturing, electronics & semiconductors, aerospace & defense, chemicals & materials, energy and oil & gas, and other end users. In 2024, the consumer products segment is expected to account for the largest share of 22.4% of the additive manufacturing market. The growth of this segment is attributed to various factors such as reduced time-to-market, enhanced innovation, rapid tooling and fixture production in automotive manufacturing processes, decentralized production, inventory optimization, and cost-effective spare parts management, and ensuring supply chain resilience.

Based on geography, the additive manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 32.4% of the additive manufacturing market, followed by Europe and Asia-Pacific. The North America Additive Manufacturing Market is estimated to be worth USD 8.3 billion in 2024. The largest share of the region is attributed to the presence of key market players and the growing demand for customized 3D-printed products in the region across healthcare, consumer electronics, aerospace & defense, and automotive sectors. The region is also growing in its adoption of industrialization 4.0, increasing collaborations & investments by enterprises in the development of advanced 3D printing and its materials.

However, the Asia-Pacific additive manufacturing market is expected to register for the fastest CAGR of 22.1% during the forecast period. The growth of this regional market is attributed to the rapid developments in the manufacturing sector in Asia-Pacific with growing interests in new technologies for efficient production. Additionally, increased digitization has fueled the growth and adoption of additive manufacturing for end-use industries such as consumer goods, construction, medical, electronics and semiconductor, and research and education. Moreover, the Asia-Pacific region has a vibrant startup ecosystem with a growing number of additive manufacturing startups specializing in 3D manufacturing. These startups drive innovation, competition, and collaboration in the additive manufacturing market, contributing to market growth.

The key players operating in the additive manufacturing market include 3D System Corporation (U.S.), 3Dceram (France), Dassault Systemes SE (France), Colibrium Additive (U.S.), Materialise NV (Belgium), Shapeways Holdings, Inc. (U.S.), Canon Inc. (Japan), voxeljet AG (Germany), Optomec, Inc. (U.S.), Proto Labs, Inc. (U.S.), Stratasys, Ltd. (U.S.), EOS GmbH (Germany), Desktop Metal, Inc. (U.S.), Formlabs Inc. (U.S.), and Autodesk, Inc. (U.S.).

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Scope of the Report:

Additive Manufacturing Market Assessment–by Offering

• Hardware
• Software
• Materials
  • Polymers       
  • Metals
  • Ceramics         
  • Composites     
  • Other Materials
    (Other materials include resins, alloys, and sandstone)
• Services          

Additive Manufacturing Market Assessment–by Technology

• Fused Deposition Modeling (FDM)
• Selective Laser Sintering (SLS)
• Direct Metal Laser Sintering (DMLS)
• PolyJet
• Stereolithography (SLA)
• Digital Light Processing (DLP)
• Directed Energy Deposition (DED)
•  Multi Jet Fusion
• Binder Jetting
• LCD 3D Printing
• Laser Metal Fusion (LMF)
• Electron Beam Melting (EBM)
• Selective Absorption Fusion (SAF)
• Other Technologies

(Other technologies include Continuous Liquid Interface Production (CLIP), Selective Deposits Layer (SDL), and Laminated Object Manufacturing (LOM).

Additive Manufacturing Market Assessment–by End User

• Consumer Products                 
  • Consumer Electronics
  • Jewelry & Luxury Goods
  • Decorative Art
  • Parts & Fixtures
• Healthcare                   
  • Dental 
  • Prosthetic Printing       
  • Prototype and 3D Models         
  • Instrument Printing       
  • Bioprinting Tissues and Organs
• Automotive                 
  • Custom & Spare Parts 
  •  Prototyping     
  • Mounts & Fixtures       
• General Manufacturing             
  • Machinery & Equipment Manufacturing 
  • Molds and Tools Printing         
  • Parts & Prototype Printing       
• Electronics & Semiconductors             
  • IC & PCB         
  • Electronic Components
• Aerospace & Defense             
  • Prototype & Test Units
  • Body & Spare Parts     
  • Weapon Printing         
  • Mounts & Fixtures                   
• Chemicals & Materials             
• Energy  and Oil & Gas             
• Other End Users

(Other end users include food, fashion and clothing, architecture, and academic research)

Additive Manufacturing Market Assessment–by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Netherlands
  • Switzerlan
  • Swede
  • Denmark
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Australia & New Zealand
  • Indonesia
  • Thailand
  • Vietnam
  • Malaysia
  • Singapore
  • Rest of APAC (RoAPAC)
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (RoLATM)
• Middle East & Africa
  • UAE
  • Israel
  • Rest of Middle East & Africa 

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Related Blogs:

Potential of Additive Manufacturing in Multiple Industries

Top 10 Companies in Additive Manufacturing Market

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