The U.S Department of Commerce's National Institute of Standard and Technology (NIST) has Awarded USD 3.7 Million in Grants to help Address Current and Future Barriers to the Widespread Adoption of Metals-Based Additive Manufacturing through Measurement Scientific Research

Additive manufacturing has significantly increased the speed of the design process. At the same time, traditional manufacturing can take up to several months to produce the necessary tools required to create end parts and prototypes. The automobile and aerospace industry has found additive manufacturing advantageous in avoiding costly and time-consuming tooling. The aerospace industry has also found 3D printing to produce freeform, optimized objects, which means that the weight of a part can be effectively reduced using additive manufacturing, thus saving material costs and production time.

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The Global Additive Manufacturing Market is expected to reach USD 91,853.88 million by 2030 from USD 24,388.06 million in 2023, growing with a substantial CAGR of 20.9% in the forecast period of 2023 to 2030. Advancements in the healthcare sector and increasing government funding to promote additive manufacturing are expected to provide opportunities in the global additive manufacturing market. However, Issues related to material availability, elopement, validation, and standardization are projected to challenge the market growth.            

Increasing demand for lightweight components from automotive and aerospace industries across the world will drive the market's growth rate

In an increasingly complex military landscape, additive manufacturing has the potential to meet key defense needs. Rapid, flexible, and localized manufacturing capabilities offered by additive manufacturing make it an ideal technology for defense, aerospace, and automotive industries as they rely on quick innovation and technological advancements. In the long run, additive manufacturing is expected to enable automotive systems and equipment to be manufactured, repaired, and maintained more efficiently. Thus, increased demand for lightweight parts from the automotive and aerospace industry is expected to drive the global additive manufacturing market in the future.

Report Scope and Market Segmentation

Segment Analysis:

The global additive manufacturing market is segmented into four notable segments based on material type, technology, and application.

• On the basis of material type, the global additive manufacturing market is segmented into plastic, metal, alloys, and ceramics. In 2023, the metal segment is expected to dominate the global additive manufacturing market with a 33.89% market share, as many different metals are available in powdered form to suit exact processes and requirements, which helps boost its demand in the forecast year.
• On the basis of technology, the global additive manufacturing market is segmented into steriolithography (SLA), polyjet printing, binder jetting printing, laser sintering (LS), electron beam melting (EBM), fused disposition modeling (FDM), laminated object manufacturing (LOM) and others. In 2023, steriolithography (SLA) segment is expected to dominate the global additive manufacturing market with a 27.27% market share as with stereolithography. It is possible to create small parts with high definition and larger parts up to two meters in size while maintaining high precision, which helps boost its demand in the forecast year.

The steriolithography (SLA) segment will dominate the technology segment of the additive manufacturing market

The steriolithography (SLA) segment will emerge as the dominating segment under technology. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the chemicals and materials industry all around the globe will further bolster the growth of this segment.

• On the basis of application, the global additive manufacturing market is segmented into aerospace, automotive, consumer goods, healthcare, defense, industrial, architecture, and others. In 2023, the automotive segment is expected to dominate the global additive manufacturing market with a 27.66% market share as engine parts, battery housings, cooling systems, heat exchangers, gears, lightweight hinges, and brackets are produced using additive manufacturing, which helps to boost its demand in the forecast year.

The automotive segment will dominate the application segment of the additive manufacturing market

The automotive segment will emerge as the dominating segment application segment. This is because of the growing demand from the end user industries especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

Major Players         

Data Bridge Market Research recognizes the following companies as the market players in market: Equispheres (Canada), CRS Holdings, LLC. (U.S.),  Voxeljet AG (Germany), Hoganas AB (Sweden), Renishaw PLC (U.K.), Materialise (Belgium), 3D Systems Inc, (U.S.), Melrose Industries PLC (U.K.), ExOne (U.S.), GENERAL ELECTRIC (U.S.), Sandvik (Sweden), Melrose Industries PLC (U.K.), Biomedical Modeling Inc. (U.S.), ENVISIONTEC US LLC (U.S.), EOS (U.S.), Integer Holdings Corporation (U.S.), GPI Prototype and Manufacturing Services, LLC. (U.S.), SLM Solutions (Germany), Xilloc Medical Int B.V. (Netherlands), Dentsply Sirona (U.S.), Stratasys Ltd. (Israel).

Market Development

• In February 2021, SLM Solutions launched the SLM.Quality. It is a quality assurance software solution that enables customers to perform, build job evaluations, and process qualifications and part certifications more efficiently. Whether it's for single part or series production, the SLM., quality solutions can support industrial customers during the qualification process, improving traceability and documentation of key process data. This development will help the company to attract more customers
• In February 2021, SLM Solutions and Assembrix jointly announced the successful integration of the Assembrix VMS software with SLM Solutions machines across the globe. This new partnership will meet the growing demand by OEMs for secure distributed additive manufacturing and enable the creation of a reliable, international additive manufacturing ecosystem
• In July 2021, Volkswagen teamed up with Siemens and HP to industrialize 3D printing of structural parts, which would be significantly lighter than its equivalent components made of sheet steel. Volkswagen started certifying prototype 3D-printed structural components, aiming to produce 100,000 parts annually by the year 2025. Volkswagen will use an additive process known as binder jetting to make the components at its main plant in Wolfsburg, Germany

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

As per Data Bridge Market Research analysis:

North America is the dominant region in additive manufacturing market during the forecast period 2023 to 2030

The market for additive manufacturing was controlled by North America. North America is home to nations with advanced economies, like the United States and Canada. These nations are regarded as among the leading and early adopters of cutting-edge technology. Over the course of the projection period, rapid urbanisation is anticipated to be a major factor in boosting the use of three-dimensional printing throughout the region.

Asia-Pacific is estimated to be the fastest growing region in additive manufacturing market the forecast period 2023 to 2030

Asia-Pacific is expected to grow dramatically. Over the projection period, the regional market is anticipated to develop at the greatest CAGR. The expansion of the regional market can be attributed in particular to the ongoing improvements and innovations made by the region's established manufacturers. Asia Pacific is quickly becoming a manufacturing hub for the consumer electronics, healthcare, and automobile sectors.    

COVID-19 Impact

The COVID-19 pandemic's impact has severely impacted the global market for additive manufacturing on the entire economy. The logistics and supply chain were frequently disrupted, there was a labor shortage, and the lockdowns and restrictions negatively impacted the production of additive manufacturing printers on the movement of people and goods imposed by various governments around the world as part of the efforts to stop the spread of the coronavirus. These lockdowns and restrictions particularly constrained the market's expansion in Q1 2020 and Q2 2020.

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