Global Additive Manufacturing Market (by Printer Type, Material, Application, Component, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)

Additive manufacturing (AM), often known as 3D printing, is an innovative approach to industrial production that uses a computer-controlled technique to create three-dimensional objects through the process of adding materials layer-by-layer. It works by directing machinery to insert material layer by layer to build accurate geometric forms using a computer-aided design (CAD) or 3D object scanner.

The future of additive manufacturing technology is bright, with increasing usage in the industrial and medical sectors. As a result, increased applications of additive manufacturing in numerous industrial verticals is one of the primary causes driving additive manufacturing demand in the coming years. The global additive manufacturing market is expected to reach US$20.40 billion by 2023, growing at a CAGR of 21.21% over the projected period.

Segment Covered

By Printer Type: In terms of printer type, the report offers insights of the global additive manufacturing market into four segments: Industrial 3D Printer and Desktop 3D Printer. The industrial 3D printer held largest share in the market. On the other hand, the desktop 3D printer segment is expected to grow at a significant CAGR in the forthcoming years as these are rapidly being used for home and household uses. These are also being employed in educational institutes, schools, and universities for technical instruction and research. As a result, demand for desktop printers is predicted to increase during the forecast period.

By Material: On the basis of material, the report provides the segmentation of the global additive manufacturing market as follows: Metals, Polymers, Ceramics, and Others. The metals segment held the maximum share in the market. The market's expansion is aided by the increasing demand for metal additive manufacturing in various industries such as automotive, aerospace, healthcare and dental industry, and academic institutions.

By Application: The report further provides the categorization of the market into three key segments, according to the application: Prototyping, Tooling & Functional Parts. Prototyping was the market leader and is anticipated to remain dominant throughout the forecasted period. Prototyping is used extensively in the automotive and aerospace and military industries to precisely design and build components, parts, and complex systems. Manufacturers can experience improved accuracy and manufacture more reliable end-products by prototyping. As a result, the growth of this segment is estimated to surge in the forecast period.

By Component: The report also offers the segmentation of the market based on the component: Hardware, Software, and Services. The hardware segment held the highest share in the market. The strong emphasis manufacturing entities continued to put on pursuing advanced manufacturing practices and rapid prototyping allowed the hardware segment to dominate the market. The hardware segment is poised for significant growth over the forecast period owing to various factors, such as rapid industrialization, the growing demand for consumer electronics products, and many other factors

Geographic Coverage

According to this report, the global additive manufacturing market can be divided into four regions, namely, North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. The countries covered in North America region are the US, Canada, and Mexico, while Europe includes Germany, The UK, France, Italy, Spain, and Rest of the Europe. Moreover, China, Japan, South Korea, India, Indonesia and Rest of the Asia Pacific are included in the Asia Pacific region. North America held the maximum share in the market owing to increasing R&D investment in this sector coupled with an infrastructure that supports the same, advancements in technological to sustain the consumer demand and the early adoption of 3D printing technology in the region. The US market dominated the region due to advanced development in technologies. In Europe, Italy is expected to be the fastest growing region in the forecasted period. Whereas, in the Asia Pacific region, China dominated the market owing to the various imposition by the Chinese government for quality standards, strengthening monitoring, and encouraging firms to improve products, growth in spending on additive manufacturing technology development and rising efforts to improve consumer product quality and promote the Made in China mark in order to meet rising demand.

Top Impacting Factors

Growth Drivers

• Upsurge in Demand for Personalized Medicine
• Rising Demand for Lightweight Components from Automotive Industry
• Growing Utilization in Aerospace Industry
• Expanding Consumer Electronics Industry

Challenges

• High Initial Capital Requirements
• Lack of Standardized Equipment

Trends

• Surging Applications in Dentistry
• Enhanced Productivity Benefits Offered by Additive Manufacturing
• Technological Advancements
• Rising Trend of Miniaturization

Driver: Growing Utilization in Aerospace Industry

With the growth in manufacturing market, many aerospace companies are turning from conventional manufacturing processes to additive manufacturing to reduce costs, overcome traditional manufacturing challenges. Additive manufacturing is transforming aerospace manufacturing with the ability to create customized, lightweight, and structurally sound parts quickly and efficiently, cutting costs, carbon emissions, material waste, and development times while allowing for component creation that was previously impossible. Additionally, with the use of additive manufacturing, it is possible to create intricate parts with less lead time and energy from a wide variety of materials. Thus, growing demand for lightweight components from aerospace industry is supporting the global additive manufacturing market growth.

Challenge: High Initial Capital Requirements

Additive Manufacturing is a time-consuming and costly process as far as initial investments are concerned. In other words, a lot has to be invested with patience for feasible outcome to come through. This is why, the biggest barrier to the implementation of this technology is reportedly its high initial costs. Setting up a 3D system requires significant capital expenditures and more resources than conventional printing techniques. Not every business have the capacity to affordably integrate this type of activity into their business processes. The average price for additive manufacturing equipment is between US$300,000 to US$1.5 million. The industrial consumables cost varies from US$100 to US$150 per piece. Although, the final price depends on the chosen material, such as plastic, which is considered the most budget-friendly option among all other materials available. The time required is also quite high as it takes more than an hour to print a 40cm object. As such, the start-ups are likely to give a second thought before going for additive manufacturing. This factor is bound to restrain the additive manufacturing market growth in the forecast period.

Trend: Surging Applications in Dentistry

An increasing number of dental injuries, owing to road accidents and sports injuries, are also some of the major factors favoring the demand for dental implants. A substantial rise in the adoption of dental implants is leading to growing demand for additive manufacturing in the dentistry. In the dental field, AM is utilized on splints, orthodontic appliances, dental models and drill guides. Additive manufacturing of implants has advantages such as customization, flexibility, and freedom in implant design and the possibility of manipulating chemical and physical parameters. Moreover, AM has improved the accuracy of implant surgeries and made implants more comfortable for patients. Accordingly, surging applications in dentistry is expected to propel the market growth of additive manufacturing, globally.

The COVID-19 Analysis

The COVID-19 outbreak resulted in hampering the demand for additive manufacturing in various applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. A few companies, such as SLM Solutions, ExOne and Protolabs, witnessed marginal growth.

Analysis of Key Players

The global additive manufacturing market is highly fragmented, with a large number of small- and medium-sized manufacturers operating in the market. The key players in the global additive manufacturing market are 3D Systems Corporation, Materialise NV, Stratasys Ltd., Canon Inc., HP, Inc., Proto Labs, Inc., General Electric (GE Additive), Renishaw Plc, Desktop Metal, Inc. (EnvisionTec, Inc.), Electro Optic Systems (EOS) GmbH, Autodesk Inc., voxeljet AG, and Optomec Inc.