The continuous rise in research and development activities in additive manufacturing processes is anticipated to alter conventional manufacturing and supply chain pathways and open doors for product innovation. Until a few years ago, the scope of application of this technology was limited. For instance, in the medical field, it was used only for the production of prototypes or models. But with advancements in technology, it is used in making prosthetics, implants, scaffolds, organs, and surgical equipment. In other end-user industries such as automotive and electronics, these advancements have paved way for cleaner, safer, and lighter products, lower costs, and shorter lead times.
Geography-wise, Europe and North America will account for substantial cumulative shares in the global Additive Manufacturing Market. The increasing investments by governments and international players in the technology are augmenting the growth of the regions. The high disposable income of consumers and high awareness are also playing a vital role in the growth of the regions. On the other hand, Asia Pacific is expected to register a noteworthy growth rate during the forecast period. The immense potential of the market in this region is attracting global players to set up new production plants. Moreover, the increasing adoption of advanced technologies in the medical field is propelling the growth of the region. China is anticipated to be a sight of high growth rate in the region.
Global Additive Manufacturing Market: Synopsis
Additive manufacturing (AM) refers to the concept of creating 3D objects that are solid, and can be of any size or shape to suit the requirement of the engineered products. Additive manufacturing are made by laying down multiple layers of a material, which is a renowned process from traditional subtractive machining techniques that depended on removing material by methods such as cutting or milling. Since this process involves the help of a machine connected to a computer that contains the blueprint of the desired object, the chances of mistakes are decreased to negligible, and hence the demand in the global market for additive manufacturing is escalating.
Additive manufacturing is utilized by a wide range of industries such as architecture, footwear, industrial design, jewelry, engineering and construction, education, aerospace, dental and medical, consumer products, and automotive. Additive manufacturing has several benefits such as rapid manufacturing, ease in prototyping, mass production, and mass customization. Many players in the global additive manufacturing market provide services to individual, industrial, or commercial use. For the individual services, a customer can upload a 3D design to the company website, which can then be printed using the industrial 3D printer and delivered to the customer.
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Global Additive Manufacturing Market: Trends and Prospects
In the recent times, the application of additive manufacturing has expanded due to the increase in the usage of nickel superalloy for jet engine parts, repairing of heat-treated steels and components, and direct laser sintering of titanium for aerospace components. AM also helps in reducing the weight by optimizing design structure and improved geometric shapes with advanced functionalities. In addition to this customization without any additional cost, additive manufacturing also significantly reduces the production steps, which makes them time-efficient. Concurrently, the primary driver in the global additive manufacturing market are rapid production at reduced cost and ease of development of customized products. Additionally, freedom in designing is enabled by additive manufacturing as it negates the constraints of tooling and machining. Among the restraints that may hinder the growth rate of the market, the factor of process control and complete understanding of the process is foremost. However, an opportunity for the market players is the participation of small companies in the global market, which will help in mergers and acquisitions, and ultimately help the players expand their outreach.
Global Additive Manufacturing Market: Key Segments
The global market for additive manufacturing can be segmented on the basis of application and geography. By application, the market can be divided into consumer products or electronics, medical or dental, automotive, aerospace, and tools or molds. Geographically, the report evaluates the regional markets for additive manufacturing in North America, Europe, Asia Pacific, and rest of the world.
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The key players in the global additive manufacturing market include 3D Systems Corporation, Biomedical Modeling Inc., Arcam AB, 3T Rpd Ltd., Envisiontec GmbH, Fcubic Ab, Fcubic AB, Eos GmbH, Gpi Prototype & Manufacturing Services Inc., Limacorporate S.P.A., Electro Optical Systems, Layerwise NV, Greatbatch Inc., Medical Modeling Inc., Renishaw PLC, Objet Ltd., Materialise NV, Morris Tech. Inc., Sirona Dental Systems, Stratasys Inc. and Slm Solutions GmbH.
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