Global Additive Manufacturing Market Size, Share, Growth Analysis, By Printer Type, By Component, By Technology, By Software, By Application, By Material - Industry Forecast 2024-2031

Global Additive Manufacturing Market size was valued at USD 16.72 billion in 2022 and is poised to grow from USD 20.20 billion in 2023 to USD 91.59 billion by 2031, growing at a CAGR of 20.8% during the forecast period (2024-2031).

The market is expected to grow as a consequence of several factors, such as the intensive research and development in 3D printing and the growing demand for prototype applications from various industries and industrial verticals, particularly healthcare, automotive, and aerospace & defense. The technique of layer-by-layer adding material to an object with a 3D printer and 3D printer software is known as additive manufacturing. A appropriate technique for additive manufacturing is selected from the available possibilities based on the intended use. The deployment of additive manufacturing includes handling several aspects of copyright, licensing, and patenting in addition to providing installation services, advising services, customer support, and other services. Prototyping, designing the final objects and their structure, modeling, and reducing time to market are all made possible by additive manufacturing.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Additive Manufacturing Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Additive Manufacturing Market Segmental Analysis

The global additive manufacturing market is segmented based on printer type, component, technology, software, application, material, and region. Based on printer type, the market is segmented into desktop 3d printer and industrial 3d printer. Based on components, the market is segmented into hardware, software, services. Based on technology, the market is segmented into stereolithography, fused deposition modeling, selective laser sintering, direct metal laser sintering, polyjet printing, inkjet printing, electron beam melting, laser metal deposition, digital light processing, laminated object manufacturing, and others. In terms of software, the market is segmented into design software, inspection software, printer software, and scanning software. Based on application, the market is segmented into prototyping, tooling, and functional parts. With respect to material, the market is segmented into polymer, metal, and ceramic. Regionwise, the global additive manufacturing market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Additive Manufacturing Market

The increasing need for personalized items is one of the main factors propelling the additive manufacturing industry. Manufacturers can now create items that are specifically customized to meet the needs of each unique client thanks to 3D printing, which is especially useful for businesses in the aerospace, automotive, and healthcare sectors.

Restraints in the Global Additive Manufacturing Market

Some manufacturers may find it difficult to embrace 3D printing technology due to the high initial costs associated with the necessary hardware and software. Small and medium-sized businesses (SMEs), who do not have the funds to invest in 3D printing technology, should be especially aware of this.

Market Trends of the Global Additive Manufacturing Market

Prototyping is becoming less important in the additive manufacturing sector in favor of production applications. With the advancement and efficiency of 3D printing technologies, firms are utilizing them to create final items and parts instead of merely prototypes. This is propelling the additive manufacturing market's expansion across several industries.