Additive Manufacturing Market Size & Forecast

The Additive Manufacturing Market is expected to reach above $93.36 billion by 2031, at a CAGR of 20.3% from 2024 to 2031. 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. Furthermore, the growing use of 3D printers to produce functional end-use parts and composite 3D printing is expected to offer significant growth opportunities for players operating in the additive manufacturing market.

Additive Manufacturing Market Growth Drivers

Improvements in Product Development and Supply Chains

Advancements in product development and supply chain management are significant drivers of growth in the additive manufacturing market. Additive manufacturing allows for rapid prototyping, enabling companies to iterate and test designs quickly and cost-effectively. This speed and flexibility reduce time-to-market for new products. Additive manufacturing technologies can create highly complex geometries that traditional manufacturing methods struggle with. This freedom of design enables the creation of products with enhanced functionality and performance.

Additive manufacturing also enables the digital storage and on-demand production of spare parts, reducing the need for extensive inventory storage and ensuring the availability of parts for older or low-volume products. Moreover, AM allows for on-demand production, reducing the need for large inventories and minimizing the risk of overproduction or stockouts. Such factors help to drive the growth of the additive manufacturing market during the forecast period.

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Easy Customization and Bulk Production Using Additive Manufacturing

Additive manufacturing (AM) allows for the production of highly customized and individualized products. Whether it's personalized consumer goods, customized medical implants, or tailored automotive components, AM technology enables manufacturers to meet specific customer needs and preferences. Unlike traditional manufacturing methods, which often require costly tooling changes for customization, AM offers design freedom. This flexibility allows for rapid iteration and adaptation of products without the need for extensive retooling. While AM is often associated with customization, it can also excel in bulk production scenarios. Depending on the technology and materials used, additive manufacturing processes can achieve high throughput and efficiency, making them suitable for mass production.

Moreover, additive manufacturing makes it more feasible to produce customized products on a large scale. By leveraging digital design and manufacturing processes, companies can efficiently produce large quantities of unique items tailored to individual customers or market segments.

Additive Manufacturing Market Opportunity

Growing Use of 3D Printers to Produce Functional End-use Parts

The growing use of 3D printers to produce functional end-use parts presents a significant opportunity in the additive manufacturing market. As 3D printing technology advances, its capabilities for producing functional end-use parts have expanded across various industries, including aerospace, automotive, healthcare, consumer goods, and more. This versatility opens up a wide range of opportunities for manufacturers to leverage AM to produce parts that meet stringent performance requirements. The development of new materials suitable for 3D printing has been pivotal in enabling the production of functional end-use parts. These materials offer a balance of properties such as strength, durability, heat resistance, and chemical resistance, making them suitable for a broader range of applications. As material science continues to evolve, we can expect further improvements in the performance and suitability of materials for end-use parts.

Moreover, using 3D printing technology for functional end-use parts can result in significant cost and time savings compared to traditional manufacturing methods. By eliminating the need for tooling, reducing material waste, and streamlining production processes, companies can achieve greater efficiency and lower production costs. Such factors help to provide lucrative growth opportunities in the additive manufacturing market.

Composite 3D Printing

Composite 3D printing involves the fabrication of objects using more than one material in a single printing process. Unlike traditional 3D printing, which typically uses a single material such as plastic or metal, composite 3D printing allows for the integration of different materials with varying properties into a single printed object. This capability is particularly valuable in applications requiring specific material combinations or graded material transitions, such as biomedical implants, heat exchangers, and electronic devices. Composite 3D printing allows for the creation of complex geometries and structures that are difficult or impossible to achieve with conventional manufacturing methods. This design freedom enables engineers to optimize part performance and functionality while reducing material usage, assembly requirements, and overall production costs.

While composite materials may initially have higher material costs than traditional materials, the ability to produce lightweight, high-performance parts with reduced material waste and assembly requirements can lead to long-term cost savings. Additionally, advancements in composite 3D printing technology are driving down production costs and making the process more accessible to a wider range of industries and applications. Such factors help to drive the growth of composite 3D printing, which provides lucrative growth opportunities in the additive manufacturing market.

Additive Manufacturing Market Trend

On-Demand Spare Parts Production

3D printing is a promising technology for spare parts production and is necessary for delivering after-sales services for all types of machines, electronic products, and furniture. Printing on-demand spare parts is a major trend in this market as, unlike traditional manufacturing processes, it reduces the need for large storage spaces to stock inventory. For instance, in January 2023, Petroleum Development Oman (Oman) partnered with Spare Parts 3D (France) to assess the 3D printability of 150,000 unique spare parts. Similarly, General Electric (U.S.) used 3D printing for the production of critical aircraft components. Siemens Mobility (Germany) uses additive manufacturing for the production of rail industry spares. Printing parts on-demand eliminates nearly all of the time associated with shipping and logistics and saves space, time, and costs, as there is no need to print in bulk unless required. On-demand 3D printing can also produce discontinued parts and extend the life of legacy equipment.

Additive Manufacturing Market Analysis: Key Findings

By Offering: In 2024, the Services Segment to Dominate the Additive Manufacturing Market

Based on offering, the additive manufacturing market is segmented into hardware, software, materials, and services. In 2024, the services segment is expected to account for the largest share of 52.8% of the additive manufacturing market. The segment includes services such as additive manufacturing services, education, repair & maintenance or consulting services, and training services associated with additive manufacturing hardware and software. The large share of the segment is attributed to the growing adoption of additive manufacturing, increased funding for companies in this sector, heightened interest from manufacturers in 3D printing, and the expanding number of industries utilizing additive manufacturing to enhance value-added services.

End users increasingly depend on additive manufacturing service providers to achieve reduced costs, minimized waste, on-demand spare part production, improved performance, shorter lead times, and decreased inventory management needs. Additionally, the number of companies offering these services is on the rise. Consequently, the increasing number of service providers, along with the benefits of outsourcing, is driving the growth of this segment. The companies are also expanding their service offerings for the end users. For instance, in October 2022, voxeljet AG (Germany) expanded its portfolio of on-demand 3D printing services due to increasing demand for 3D polymer printing. Similarly, in November 2021, Shapeways Holdings, Inc. (U.S.) partnered with Desktop Metal, Inc. (U.S.) to increase access to additive manufacturing services.

By Technology: In 2024, the Fused Deposition Modeling (FDM) Segment to Dominate the Additive Manufacturing Market

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 segment’s large share is attributed to the technology’s low cost and ability to manufacture a wide range of 3D-printed objects for automotive, aerospace, consumer goods, and jewelry applications. The cost-effectiveness of FDM technology in producing custom thermoplastic parts and prototypes has encouraged its adoption among manufacturing companies. The technology is popular among companies across various industries, such as automotive (BMW, Hyundai, and Lamborghini) and consumer goods manufacturing (Black and Decker, Dial, Nestle). Most companies use FDM for product development, prototyping, and manufacturing processes.

By End User: In 2024, the Consumer Products Segment to Dominate the Additive Manufacturing Market

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 large share of the segment is attributed to the increasing production of consumer electronics, increasing spending on jewelry & luxury goods, and rising demand for decorative art. Additive manufacturing allows companies to offer customized products tailored to individual consumer preferences. This is particularly beneficial in markets such as fashion, footwear, eyewear, and personalized accessories, where unique designs can be quickly produced to meet specific customer needs. In addition, the ability to rapidly prototype new designs accelerates product development cycles. Companies can quickly iterate on design concepts, test functionality, and gather consumer feedback before committing to full-scale production. This reduces time-to-market and enhances innovation, further contributing to the demand for additive manufacturing in the consumer product segment.

Geographical Analysis

In 2024, North America to Dominate the Additive Manufacturing Market

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 large 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, and supportive government initiatives. For instance, in May 2022, the U.S. president launched Additive Manufacturing Forward (AM Forward), a voluntary compact among major manufacturers to help smaller U.S.-based suppliers increase their use of AM.

Additive Manufacturing Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the product portfolios and geographic presence of leading market players and the key growth strategies adopted by them over the past 3–4 years. Some of the key players operating in the additive manufacturing market are 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.).

Additive Manufacturing Industry Overview: Latest Developments from Key Industry Players

• In April 2024, Materialise (Belgium), a global leader in 3D printing software and services, announced a partnership with Renishaw (U.K.), a global engineering technologies company. The partnership will increase efficiency and productivity for manufacturers using Renishaw's additive manufacturing (AM) systems. Through the partnership, Renishaw system users will benefit from Materialise's next-generation build processor software tailored to the RenAM 500 series of metal AM systems.
• In March 2024, 3DEO (U.S.) announced a strategic partnership and investment with IHI AEROSPACE (IA) (Japan), an aerospace engineering and manufacturing company, to bolster the adoption and implementation of AM technologies by IA, tapping into 3DEO’s expertise in Design for Additive Manufacturing (DfAM) and technology differentiation.
• In June 2023, Xi’an Bright Laser Technologies (China) and Siemens (China) Co., Ltd. signed a strategic cooperation agreement to establish long-term strategic cooperation to promote digital factories and advance the production of metal additive manufacturing equipment.
• In April 2023, Oqton (U.S.), a software provider helping manufacturers increase innovation and efficiency by intelligently automating production, announced a partnership with Castor Technologies Ltd. (Israel), an automated software company. Under this, the integration of CASTOR’s software with Oqton’s Manufacturing OS offers a seamless solution for manufacturing contractors and organizations to evaluate and analyze the business case and technical feasibility of using additives for manufacturing.

Additive Manufacturing Market Research Summary

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