The additive manufacturing market is expected to grow at a compound annual growth rate (CAGR) of 18.12% to attain a market size of US$14,442.329 million by the end of the analysis period, 2026. The market was valued at US$ 4,501.665 million in 2019. Additive manufacturing is a developed technology for the design and manufacturing process. The type of 3D printing by the deposition of materials in layers is termed as additive manufacturing technology. Additive manufacturing technology is the emerging technology in the field of design and manufacturing sector. The technology is widely employed in the production sector, design sector and construction sector. The benefits, performance and effectiveness of additive manufacturing technology that outclasses conventional technology makes it a better choice than conventional manufacturing methods. Low cost, flexibility, more effectiveness and user-friendly nature of additive manufacturing technology increase its market in the field of design and production.
The Increasing Utilization of Additive Manufacturing Technology in the Aerospace and Automobile Industry
Additive manufacturing technology is widely employed in aerospace and automobile industry. The more performance and flexibility offered by additive manufacturing technology is rising the demand for the technology in aerospace and automobile market. The deposition of materials in 3D design provides more effectiveness and ease for the design of complex design and structures. Automobile and aerospace are the fields that demands the creation of more complex and strong design structures. The efficiency offered by additive manufacturing for designing complex 3D structures in an effective manner is giving potential for the growth of additive manufacturing technology in the market. The technology mainly operates by combining with CNC (Computer Numerical Control) machines, which can be controlled with the help of supporting software’s. The adaptation and combination of additive manufacturing technology with AI (Artificial Intelligence) and designing software’s increase the scope for the growth of additive manufacturing market. The less precision and accuracy offered by techniques like injection molding, casting and welding are driving the need and scope for additive manufacturing market in the industry. The design and manufacturing process of automobile fields are mainly focused in materials like copper, nickel, steel and aluminum, the deposition of different materials with the same technique increase the acceptance of additive manufacturing. Th AI and CNC machines employed by additive manufacturing increase the design potential and more performance in less time. The number of human labors can be also decreased to a certain extent by utilizing additive manufacturing. Additive manufacturing technology is controlled by CNC machines or program software’s, resulting in more efficiency and less time-consuming process.
The Prominent Role of Additive Manufacturing in Medical and Healthcare Field
Medical and healthcare is one of the fields, that is widely utilizing the applications of additive manufacturing. Medical field demands for the production of more precise and accurate surgical blades and components that are effective for medical purposes. The design of complex and more precise medical devices and components are designed and manufactured with help and support of additive manufacturing technology. 3D printing of devices made of aluminum, steel is designed with support of additive manufacturing technology. The utilization of AI technology and CNC machines helps to reduce the percentage of errors and designing flaws in surgical equipment’s as they are efficiently programmed in a systematic manner. According to the data of WHO (World Health Organization) medical field is one of the fields showing a progressive CAGR in the application of additive manufacturing. Medical and health care sector also uses the technique of high-quality manufacturing techniques for developing custom-made prosthetics, surgical tools and patient-specified surgical models.
Investment of Developed Economy Nations in Additive Manufacturing Technology
The nations with stable and robust economy are widely investing in the field of additive manufacturing, as it’s forecasted as the future of design and manufacturing field. The European countries and U.S are expected to hold a significant share in the global additive manufacturing market, according to the reports of IOSCO (International Organization for Security Commissions). The developing countries are also highly promoting key players for investing in additive manufacturing sector by providing them governmental support and assistance. The international policies taken for reduction of vehicle weight for attaining more fuel efficiency is also paving the scope and demand of additive manufacturing technology in industrial and automobile fields.
The Segmentation of Additive Manufacturing Market
Based on material type, the additive manufacturing market is segmented into materials like ceramics, metals and plastics. The depositing substance or materials in 3D printing technique of additive manufacturing technology varies according to the application of component designed.
By technology, additive manufacturing market is segmented into selective laser sintering, Laser sintering, Electron Beam melting, Fused disposition modeling and stereolithography.
By end-user industry, Additive manufacturing market is segmented into Aerospace industry, healthcare Industry, Automotive Industry, Construction Industry, Consumer Industry, Government and Defense industry.
By geographic regions, additive manufacturing market is segmented as North America, Asia Pacific, Europe, South America, Middle East and Africa. Asia Pacific witnessed the highest market growth.
Coronavirus Pandemic Analysis
The analysis report also provides a deep study about the impact of the coronavirus on market for additive manufacturing . The isolations and lockdowns by imposed international governments has resulted in the decline of additive manufacturing market. The lockdowns and shut down of production units and manufacturing plants of certain industries had resulted in the declination of additive manufacturing market. The blockage in the supply chain sector has also adversely affected the growth of additive manufacturing market.