The additive manufacturing market was valued at US$4,501.665 million in 2019 and is projected to expand at a CAGR of 18.01% over the forecast period to reach US$12,159.519 million by 2025. Additive manufacturing is a process to create end-use parts automatically. Unlike conventional manufacturing process which involves cutting, stamping, and moulding among others, additive manufacturing involves joining of different sub-parts to build the final product. The use of additive manufacturing has been growing across different industries substantially over the past few years owing to the rising awareness about the technology to reduce manufacturing lead times. Rising investments in research and development activities has aided in higher number of collaborations between universities and manufacturers’ R&D centers, and in turn contributing to the additive manufacturing market gowth. However, factors such as lack of industry-specific testing procedures and high production cost restrains the adoption of these solutions to an extent. Geographically, APAC will witness a significant CAGR during the forecast period owing to the growing automotive and healthcare industry in the region.
Metal is one of the fastest growing material during the forecast period
Metal additive manufacturing is advantageous where the processing of advanced materials via conventional processes is very expensive. For example, the metal additive manufacturing technology is economical for the processing of advanced metals like titanium. Metals used in additive manufacturing are in the form of ultrafine metal powders and in the form of wires depending on the manufacturing process and the exact application. The range of the building material lies between 20 to 100 microns. Common metals used include titanium, titanium alloys, steel, stainless steel, aluminum, copper alloys, and many other superalloys. In addition, precious metals such as gold, silver, platinum, palladium are also used. Certain material properties like tensile strength, hardness and elongation are indispensable and are used as reference points for deciding the right material in manufacturing.
The General Electric Company produces fuel nozzles for the next-generation LEAP jet engine which was developed by CFM International, formed by the joint venture of France’s Safran and GE Aviation. The fuel nozzle is formed in the Auburn plant of the company and is five times more durable than the previously used models. It uses a high-power laser to print fuel nozzles from the fine metal powder layers.
China provides one of the highest growth opportunities.
China is the largest manufacturer in the world and is anticipated to hold its position as a market leader throughout the forecast period. The wage rate in China is increasing, creating a cost pressure on the producers to either increase the price of the product or to cut back on other variable costs. Additive manufacturing poses a novel cost-effective solution in the manufacturing stage for the production of various spare parts and prototyping in the design stage. Reduction of lead time and the quick production of highly-specialized parts help a company reduce its operational costs and maintain the company’s profitability. The cost-efficiency associated with the additive manufacturing and increasing investments in the manufacturing industry will drive the demand for additive manufacturing solutions throughout the forecast period. China is also the world’s largest automotive producer, the total automotive production increased from 9,299,180 units in 2008 to 29,015,434 units in 2017. Additive manufacturing is widely used in the automotive industry for various applications including rapid prototyping and development of custom tools. Advancements in the field of additive manufacturing have the potential to simplify the overall manufacturing process by the production of complex parts while reducing the overall weight of the components, wastage reduction, better market responsiveness, and supply chain efficiency among others. Increasing adoption of additive manufacturing by automotive companies and rising automotive production will boost the demand for additive manufacturing solutions so as to exploit the full potential offered by additive manufacturing.
o Aerospace and Defense
o North America
o South America
o Middle East and Africa
o Asia Pacific