The global additive manufacturing market is expected to grow to US$ 36.61 billion by 2027 from US$ 8.44 billion in 2018, growing at a CAGR of 17.7%.
The expansion in the manufacturing industry is expected to embrace technological advancements to enhance plant productivity, maintain an edge with the customers and gain competitive advantage. Steady and consistent economic growth worldwide is a major driving factor for the development and advancements in the manufacturing industry. Further, the manufacturing industry is presently found to be in the middle of a technological renaissance, which is changing the outlook, systems, and processes of the modern factory. Evolution in additive manufacturing technology is occurring at a high rate. Additive manufacturing helps in transforming the entire manufacturing process with minimal costs and improved quality. Now the manufacturers are shifting towards the use of additive manufacturing in a fully embraced environment. Countries of the Asia Pacific such as China, Japan, India, Singapore, Koreas has identified the potential of additive manufacturing and therefore are looking ahead to deploy these technologies in their respective processes for mass production. This factor is expected to provide a huge boost to the additive manufacturing market.
The additive manufacturing market has been segmented on the basis of material, technology, and end-users. Additive manufacturing allows the production of a range of parts for several end use industries. The additive manufacturing market by the material is segmented considering various materials used in the production of components and include plastic, metals, ceramic, glass, etc. Amongst them, plastic is the leading material for additive manufacturing which is cost effective compared to other materials. Thermoplastics have been used in the additive manufacturing market since long and are integral to the production of a wide variety of parts for a wide range of industries. However, earlier, ceramic and glass had limited applications in the additive manufacturing market owing to working temperature limitations. Whereas, research and development for these materials have overcome the challenges of working with these materials at very high temperature.
Geographically, the additive manufacturing market is currently dominated by North America especially by the United States. However, the additive manufacturing market is expected to depict high growth in the Asia Pacific. The growth in Asia Pacific additive manufacturing market is mainly attributed to the high growth in the manufacturing sector. Also, the surge in demand for lightweight and high strength components with precise designs is expected to boost the market in this region further.
The overall additive manufacturing market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Additive manufacturing market. It also provides the overview and forecast for the global additive manufacturing market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, the primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the additive manufacturing industry.