Market Research Report
Additive Manufacturing Market - Forecasts from 2022 to 2027
|Additive Manufacturing Market - Forecasts from 2022 to 2027|
Published: May 5, 2022
Knowledge Sourcing Intelligence
Content info: 132 Pages
Delivery time: 1-2 business days
The additive manufacturing market is projected to witness a compounded annual growth rate of 29.86% to grow to US$65.148 billion by 2027, from US$10.459 billion in 2020. Additive manufacturing (AM), often known as 3D printing, is a revolutionary manufacturing method that enables the manufacturing of lighter, stronger parts and systems. It is yet another technological breakthrough enabled by the shift from analog to digital operations. Communications, imaging, architecture, and engineering have all undergone digital revolutions in recent decades, and similarly, manufacturing processes can now benefit from AM's digital flexibility and efficiency. As the name implies, additive manufacturing entails adding material to an object to create it. Although 3D printing and rapid prototyping are sometimes used interchangeably to refer to additive manufacturing, each process is a subset of additive manufacturing. Moreover, while additive manufacturing may appear novel to some, the technology has been around for decades. Additive manufacturing can give a perfect trifecta of better performance, complicated geometry, and easier production in the proper applications, all of which combined are expected to propel the growth of this market significantly.
The growing need for additive manufacturing or 3D printing technology in the automotive, healthcare, and manufacturing industries is expected to drive the additive manufacturing market growth during the forecast period. The electronics industry, in particular, is expanding at a breakneck pace, which is expected to drive up demand for 3D printed devices. This rapid expansion of the consumer electronics industry in the Asia Pacific region has increased the demand for additive manufacturing machines to manufacture 3D printed solar cells, electronic circuit boards, conductors, resistors, and dielectric and semiconductor inks, which can be processed to create both active and inert components. Moreover, in February 2022, the Ministry of Electronics and Information Technology (MeitY) announced the release of a national plan for additive manufacturing to promote collaboration between academic institutions, government, and related industries to make India a global hub for design, innovation, and implementation of 3D printing.
Taking advantage of this growing trend, market players worldwide are undertaking strategic actions to increase their foothold in the market further. For instance, in September 2021, Markforged, an American public additive manufacturing company that designs, develops, and manufactures The Digital Forge - an industrial platform of 3D printers released its Eiger fleet to drive additive manufacturing at scale. Eiger fleet is a cloud-based software system that helps companies grow their additive manufacturing processes. Similarly, in February 2022, Mitsubishi Electric, a well-known Japanese business, released a new version of two models of its AZ600 wire-laser metal 3D printer. The release not only demonstrates huge organizations' greater embrace of 3D printing but also Mitsubishi's dedication to sustainability, as this initiative is part of their attempts to lower CO2 emissions in metal manufacturing.
The COVID-19 pandemic had an adverse impact on the market in 2020. The global outbreak led to a travel ban and lockdown in most industrialized nations. The overall additive manufacturing market development in 2020 was directly affected by the pandemic. There was a massive decline in automotive, construction, aerospace, and other sectors, due to the pandemic. As per the International Organization of Motor Vehicle Manufacturers, roughly 67 million vehicles were manufactured in 2020, down from 91.7 million in 2019. In the healthcare sector, the decreasing demand for dental applications impacted the market. The global impact on logistical solutions and supply chain had led to massive disruptions in transportation and manufacturing, which had a significant impact on the market growth. Furthermore, the industry's potential was hampered by the lack of competent labor, as well as long-term plant shutdowns. As the pandemic began, businesses were experiencing a severe shortage of raw materials.
Growing Consumer Electronics Industry
The rise in the demand for consumer electronics is a significant factor expected to complement the additive manufacturing market growth. In a single step, additive manufacturing develops objects layer by layer. This targeted application of material makes it possible to manufacture products that are both stable and very lightweight, which is increasingly becoming an in-demand feature for devices like wearables. With a growing interest in consumer electronics, including smartphones, smart wearable devices, video game consoles, and mixed reality (MR) devices, the demand for additive manufacturing solutions is also expected to increase during the forecast period. For instance, in August 2021, Phone Skope, the industry leader in digiscoping adaptors, used a photocentric additive manufacturing system to make its custom-molded adaptors. Photocentric LC Magna printers and post-processing units are part of the photocentric additive manufacturing solution, which is carried out through manufacturing service provider Merit3D. This allows adaptors to be modeled and created quickly without expensive and time-consuming molding.
Moreover, according to the Consumer Technology Association (CTA), retail sales revenue for the US tech industry was expected to reach US$461 billion in 2021, a 4.3% year-on-year increase. Similarly, consumer electronics and appliance sales climbed by 23.5 percent in the third quarter of FY21 compared to the same period the previous fiscal year, according to the Retailers Association of India (RAI). In FY19, the country's electronic hardware production climbed from Rs. 4.43 trillion (US$ 72.38 billion) to Rs. 5.47 trillion (US$ 89.38 billion) in FY20. By FY24, India's demand for electronics hardware is estimated to reach $400 billion. This growth in consumer electronics demand in countries like the US and India is expected to propel the additive manufacturing market growth during the forecast period.
Furthermore, increased progress in 3D printing technologies to develop new and improved methods and integrations for the ultra-accurate production of new high-performance electronic devices will also aid in the market development of additive manufacturing in the coming years. For instance, in September 2021, Nano Dimension, a leading maker of industrial 3D printers for additively produced electronics (AMEs), announced a collaboration with the Fraunhofer Institute for Manufacturing Engineering and Automation. The two firms will collaborate for two years to investigate and develop innovative freeform 3D printing and assembly procedures for the manufacturing of electromechanical systems. Nano Dimension intends to incorporate the advancements into its proprietary DragonFly LDM 3D printing system, which is currently capable of fabricating electronics.
Selective Laser Sintering (SLS)
Laser Sintering (LS)
Electron Beam Melting (EBM)
Fused Disposition Modelling
Aerospace & Defense
Middle East and Africa