The global market for additive manufacturing is projected to reach US$ 36.61 billion by 2027, up from US$ 8.44 billion in 2018, reflecting a compound annual growth rate (CAGR) of 17.7%.
The growth of the manufacturing sector is anticipated to leverage technological innovations aimed at boosting productivity, enhancing customer relations, and securing a competitive edge. A steady and robust economic expansion across the globe serves as a significant catalyst for advancements within the manufacturing domain. Currently, the industry is undergoing a technological transformation that is reshaping the operational frameworks, systems, and methodologies of contemporary factories. The rapid evolution of additive manufacturing technology is revolutionizing the manufacturing landscape, enabling processes that are cost-effective while also enhancing product quality. Manufacturers are increasingly adopting additive manufacturing in a comprehensive manner. Countries in the Asia Pacific region, including China, Japan, India, Singapore, and South Korea, have recognized the potential of additive manufacturing and are actively seeking to integrate these technologies into their mass production processes. This trend is expected to significantly propel the additive manufacturing market.
The additive manufacturing sector is categorized based on materials, technologies, and end-user applications. This manufacturing approach facilitates the creation of various components for multiple industries. The segmentation by material includes a variety of substances utilized in component production, such as plastics, metals, ceramics, and glass. Among these, plastics dominate the additive manufacturing landscape due to their cost-effectiveness relative to other materials. Thermoplastics have long been a staple in additive manufacturing, playing a crucial role in producing diverse parts across numerous sectors. In the past, ceramics and glass faced limitations in their applications within additive manufacturing due to challenges related to high working temperatures. However, advancements in research and development have successfully addressed these issues, allowing for the use of these materials at elevated temperatures.
From a geographical perspective, North America, particularly the United States, currently leads the additive manufacturing market. Nevertheless, significant growth is anticipated in the Asia Pacific region. This surge in the Asia Pacific additive manufacturing market is primarily driven by the rapid expansion of the manufacturing industry. Additionally, the increasing demand for lightweight, high-strength components with precise specifications is expected to further stimulate market growth in this area.
The overall size of the additive manufacturing market has been determined through a combination of primary and secondary research methods. The research process initiates with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative insights related to the additive manufacturing sector. This research also outlines the market overview and forecasts based on various segments across five key regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Furthermore, primary interviews are conducted with industry stakeholders and experts to validate the data and analysis. Participants in this process typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the additive manufacturing field.