Additive Manufacturing Market size is poised to cross USD 100 Billion by the end of 2035, growing at a CAGR of 21% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of additive manufacturing was around USD 14 Billion. The rising government efforts to increase the use of additive manufacturing will drive industry growth. In 2022, the Biden administration launched the Additive Manufacturing Forward Program. It is an informal contract between big companies to assist their smaller US-based suppliers by expanding their usage of additive manufacturing, also known as 3D printing.
Moreover, the rising demand for flexible prototype designs for medical devices is likely to augment the additive manufacturing market. With rising investment in medical devices, the production and availability of essential devices will rise notably. Medical devices often require intricate and complex geometrics that can be easily fabricated, including internal channels, lattices, and porous structures. This allows for the creation of devices with optimized functionality, such as implants or drug delivery systems, and others.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~21% |
|
Base Year Market Size (2022) |
~ USD 14 Billion |
|
Forecast Year Market Size (2035) |
~ USD 100 Billion |
|
Regional Scope |
|
The industrial 3D printer segment is estimated to hold 64% share of the global additive manufacturing market by 2035. Moreover, in 2022, the segment dominated the market with a share of more than 60%. The demand for industrial 3D printers is rising because of the need to boost prototyping. Industrial 3D printers provide fast and cost-effective prototyping capabilities. Companies can iterate and test their design quickly reducing the time and cost associated with traditional prototyping methods. This accelerates the product development cycle and enables faster time-to-market for new products. Around 52% of respondents utilize it because of its high speed of product iteration and around 41% value mass customization capabilities. In addition, more than 68 percent of 3D printing users use it for prototype and pre-series manufacturing.
The automotive segment will collect a significant revenue of around 46% in the year 2035. Owing to the rising demand for electric vehicles, the use of additive manufacturing or 3D printing is also increasing. By 2030, about 250 million EVs will be on the road worldwide, accounting for more than 35% of total vehicle sales. It helps in concept development, constructing lightweight components, and provides personalization. Moreover, it is used for creating intricate cooling channels and heat exchangers within battery housings in electric vehicles.
Our in-depth analysis of the global market includes the following segments:
|
Technology |
|
|
Material Type |
|
|
Printer Type |
|
|
End User |
|
North American Market Forecast
The market share of additive manufacturing in North America, is set to be the largest by growing at a significant CAGR and collecting a share of about 35% by the end of 2035. The rising government initiatives and investment to expand the 3d printing industry. For instance, the government of the United States collaborated with ASTRO America for setting up 3D printers in the defense sector for the production of equipment. Moreover, Astro America has been awarded USD 1 million by National Science Foundation, to boost the adoption of 3D printers in Florida
APAC Market Statistics
The Asia Pacific additive manufacturing market is predicted to be the second largest, registering a share close to 28% by the end of 2035. The market growth in the region is expected on account of rising investment in medical devices. So far, 26 projects have been approved under the Public Linked Incentive (PLI) plan for Medical Devices, with a total committed investment of Rs.1206 Cr in India. This will expand the production of medical devices and will directly drive the demand for additive manufacturing for creating prototypes. Moreover, rising import and export of 3D printers from the region are expected to drive market expansion. The total quantity of 3D printers shipped from China in 2021 was around 3 million units, up 13% from 2020. Moreover, in the first three quarters of 2022, the number of printers exported was around 1 million units. It is around 25% higher than the same time frame in 2021.
Author Credits: Abhishek Verma, Hetal Singh
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?