- Increasing adoption of Additive Manufacturing in automotive and aerospace industries is projected to stimulate market demand
- Market Size – USD 9.11 billion in 2019, Market Growth - CAGR of 14.4%, Market Trends – Development of new and improved 3D Printing technologies and materials
NEW YORK, Oct. 30, 2020 /PRNewswire/ -- The Global Additive Manufacturing Market is expected to reach USD 26.68 billion by 2027, growing at a high rate of 14.4%, according to a new report by Reports and Data. Increasing government support to enhance additive manufacturing technology across various regions is a key factor influencing market demand. For instance, America Makes, the leading national program in the U.S., that has been exclusively committed to research in additive manufacturing (3D printing technology), was awarded USD 90 million in funding from the government and business and non-benefit divisions.
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Additive manufacturing has several advantages, such as lower resource requirement, faster production cycle, flexible design, and substantial savings on tooling, over traditional manufacturing technologies like injection molding, Computer Numerical Control (CNC) machining, and vacuum casting. After more than 25 years of development, the market is finally moving into the production phase. Over the forecast period, businesses across the value chain in several industries would aim to capitalize on this fast-paced market. Different metals, such as titanium, steel, nickel, aluminum, and cobalt alloys, which have various useful properties, are used to make high-performance parts, particularly in the aerospace industry.
Developed regions such as the U.S. and countries in Western Europe are projected to be key revenue-generating regions for the additive manufacturing market, with the lion's share of 73% in 2019. The presence of various industry giants in the region such as Mercedes, Boeing, Airbus, and Volkswagen, coupled with the growing adoption of AM technologies in aerospace and automotive industries for the production of small, complex, and lightweight components is anticipated to drive the regional industry growth. Furthermore, the growing emphasis of EU Commission on reducing the overall weight of vehicles to decrease emissions is also likely to influence market growth. Advancements in metal 3D printing technology are projected to open new horizons for lighter, safer, and cleaner products, which will create lucrative opportunities for the market.
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Further key findings from the report suggest
- AM materials such as Metals and Thermoplastics acquired the largest share in the market, with revenues of USD 3.7 billion and USD 3.4 billion, respectively, in 2018.
- Stereolithography technology dominated the AM market with a value of 1.1 billion in 2018.
- The manufacturing industry is expected to benefit largely from the application of AM technology during the forecast period, garnering a considerable market share of nearly 33% by 2027.
- The medical industry is projected to be one of the fastest-growing applications of additive manufacturing at a CAGR of 16.1%. Medical equipment manufacturers are using a wide array of high-quality and biocompatible 3D printing materials to create tissues and organoids, surgical tools, patient-specific surgical models, and custom-made prosthetics.
- North America dominated the market in 2019, with a share of around 43%. The presence of AM industry giants in the region supports the growth of technology and the number of patents in the region.
- Asia Pacific is projected to grow at the highest rate of 18% from 2020-2027, owing to an untapped market with a large consumer base and increasing levels of disposable income.
- Key participants include 3D Systems Inc., General Electric, EnvisionTEC, Mcor Technologies Ltd., Optomec Inc., Stratasys Ltd, EOS GmbH, The ExOne Company, and MakerBot Industries, LLC.
- On 25th October 2020, Eaton's Vehicle Group, based in Michigan, U.S., announced that it plans to carry out a new metal Additive Manufacturing program for its Industry 4.0 strategy to enhance efficiency and decrease development time.
- On 29th October 2020, Satair, an Airbus subsidiary, developed and delivered the A320ceo wingtip fences manufactured with the use of additive manufacturing, which the company calls the "first certified metal printed flying spare part."
For the purpose of this report, Reports and Data has segmented the Global Additive Manufacturing Market on the basis of material type, metal type, polymer type, ceramics type, process, end-use, and region:
- Material Type Outlook (Revenue, USD Million; 2017-2027)
- Metal Type Outlook (Revenue, USD Million; 2017-2027)
- Stainless Steel
- High Performance Alloys
- Precious Metals
- Polymer Type Outlook (Revenue, USD Million; 2017-2027)
- Acrylonitrile Butadiene Styrene (ABS)
- Polylactic Acid (PLA)
- Polycarbonate (PC)
- Polyvinyl Alcohol (PVA)
- Ceramics Type Outlook (Revenue, USD Million; 2017-2027)
- Silica/ Glass
- Silicon Carbide
- Process Outlook (Revenue, USD Million; 2017-2027)
- Computer-Aided Design
- Stereo lithography
- Fused Filament Fabrication
- Binder Jetting
- Material Jetting
- Powder Bed Fusion
- Material Extrusion
- End-Use Outlook (Revenue, USD Million; 2017-2027)
- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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