The additive manufacturing market is evaluated at US$4,501.665 million for the year 2019 and is projected to grow at a CAGR of 18.12% to reach US$14,442.329 million in 2026.
Additive manufacturing, also known as additive layer manufacturing is the industrial name for 3D printing. The term Additive manufacturing refers to a computer-controlled process that creates three-dimensional objects by depositing materials, normally in layers. Additive manufacturing is deemed to be the future in the manufacturing sector owing to superior benefits over injection molding, machine casting, or any other conventional methods. Additive manufacturing employs computer-aided designs or digital printers that aid in the creation of geometric shapes and objects with utmost precision. Additive manufacturing has several advantages over traditional methods such as lower cost of production, flexibility in design, faster production cycles, supports of new AI-driven design methods, lower prototyping and storage costs. The market for Additive manufacturing is projected to propel at a significant rate which is primarily attributed to the fact that the growing usage of additive manufacturing techniques in the automotive and aerospace industry. Besides, additive manufacturing techniques facilitate ease in the manufacturing of complex designs over traditional production methods, thus fuelling growth in the additive manufacturing market. Moreover, increasing government support towards additive manufacturing technology is expected to further influence the market demand. Besides, additive manufacturing facilitates low production costs for rapid manufacturing processes which are expected to expand business opportunities in the market over the forecasted period. However, lack of clarity with the quality of materials used and issues with standardization and characterization of the materials used in the additive manufacturing process is expected to hamper the growth in the market.
The outbreak of the novel coronavirus disease moderately impacted the additive manufacturing market. The market was expanding at a significant rate before the market downturn but is likely to grow once the pandemic passes. The need for novel technologies to fight the covid-19 virus has resulted in a growing demand for medical equipment and devices. Under these demanding constraints, additive manufacturing methods prove to be a preferable solution. As additive manufacturing techniques are capable of providing rapid production solutions with minimum involvement, many companies have adopted additive manufacturing solutions to develop face shields, face masks, ventilators, and other medical types of medical equipment. However, additive manufacturing in the automotive and aerospace industries has been significantly impacted due to the covid-19 pandemic.
The Additive Manufacturing market has been segmented based on material type, technology end-user industry, and geography. Geographically, the analyzers market is segmented into North American, European, Asian Pacific, South American, and the Middle East and African region.
Titanium-based Additive Manufacturing market to show promising growth.
By material type, the Additive Manufacturing market has been classified into metals, Ceramics, Plastics. The Titanium metal-based segment is anticipated to propel at a noteworthy CAGR until the end of the forecast period. Although, primary metals used in additive manufacture are Titanium, aluminum, and stainless steel. However, owing to its high solidarity with weight proportion, inherent latency, and other appealing aspects, Titanium is being viewed progressively for additive manufacturing activities.
Aerospace to hold a significant market share
By application, the classification of the market has been done as Aerospace, Automotive, Healthcare, Consumer, and others. The Aerospace segment is projected to hold a significant share in the market until the end of the forecast period. The growing use of additive manufacturing technology can be associated with growing advancements in material and rising demand for fuel-efficient long-haul aircraft. Whereas, the Healthcare sector is projected to grow at the fastest rate with significant scope in the market for a biocompatible 3D printer for the development of surgical equipment, organs, tissues, and other patient-specific surgical requirements.
Moreover, by technology the market has been segmented into Selective Laser Sintering(SLS), Laser Sintering(LS), Electron Beam Melting(EBM), Fused Disposition Modeling, and Stereolithography(SLA). Stereolithography holds a dominant market share in the additive manufacturing process. The technical process has undergone significant development since its inception. Stereolithography provides a significant advantage in the manufacturing process as it aids in providing cheaper, cost-effective, and efficient additive manufacturing solutions.
The Asia Pacific region to witness lucrative growth opportunities
Geographically, the distribution of the global market has been done in North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. The North American region is expected to hold a significant share in the market owing to advancements in technology and the adoption of innovative methods to support the growing demand in the market. Moreover, the presence of key players in the market in the region further supplements the share during the next five years. However, on the other hand, the Additive Manufacturing market in the Asia Pacific region is expected to propel at a notable compound annual growth rate during the coming five years. The key factors bolstering the growth in the region include the large presence of automotive and manufacturing sectors in countries like China and India, coupled with the growing density of population in these countries. Additionally, the region presents a large share of untapped markets and a growing consumer base.
Participation by market players
The market players are actively participating in form of increased investments in R&D for the launch of new innovative products to expand their market share and to meet the growing end-user requirements. For instance, 3D system corporation recently announced the strategic acquisition of two additive manufacturing companies, Allevi and Additive Works for its 3D printing business. Similarly, Desktop Metal Inc. completed the acquisition of EnvisionTEC. EnvisionTEC now a fully owned subsidiary of Desktop Metal Inc. would be well-positioned to offer better products solution across polymers and metals to its customers.
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