Additive Manufacturing Market - Forecast(2021 - 2026)

 Additive Manufacturing Market Overview

Additive manufacturing market size is forecast to reach $35,244.3 million by 2026, after growing at a CAGR of 19.7% during 2021-2026. Additive manufacturing has many advantages over existing manufacturing technologies including injection molding, CNC machining, and vacuum casting, including lower resource requirements, shorter production times, modular design, and major tooling cost savings, which is why the additive manufacturing industry is booming. A key factor driving the consumer demand is rising government funding to boost additive manufacturing technology across various regions. Furthermore, the EU Commission's increasing focus on reducing vehicle overall weight to minimize emissions is likely to affect market development. Metal 3D printing technology advancements are expected to open new horizons for lighter, stronger, and healthier products, providing lucrative opportunities for the additive manufacturing industry.

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COVID-19 Impact

Global economies are currently recovering from the consequences of the globe-sweeping COVID-19 pandemic. As a result of the outbreak, various additive manufacturers across regions had to shut down their manufacturing activities. Globally, the government announced strict measures to slow the spread of the coronavirus, owing to which the activities of automotive and aerospace industry growth slowed down causing widespread concern and economic hardship for the additive manufacturing market. Also, some delays, due to the COVID-19 pandemic and related contingencies, occurred in the production and manufacturing of automotive and aerospace components. Further, For instance, according to the European Automobile Manufacturers' Association, automotive factory shutdowns have resulted in production losses of 1,465,415 motor vehicles up to April 2020 as a result of the COVID-19 crisis. Due to lack of production, the utilization of additive manufacturing is also getting declined, which tends to constrain the growth of the additive manufacturing market.

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Report Coverage

The report: “Additive Manufacturing Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the additive manufacturing Industry. 

By Type: Materials, Systems, and Services & Parts

By Material: Plastics (Acrylonitrile Butadiene Styrene (ABS), Polylactic Acid (PLA), Polyethylene (PE), Polycarbonate (PC), Polypropylene (PP), Polyethylene Terephthalate (PETE), Nylon, and Others), Metals (Iron, Steel, Silver, Aluminum, Copper, Titanium, Gold, Zinc, and Others), Ceramics (Glass, Silica, Quartz, and Others), and Others.

By Technology: Powder Bed Fusion (Direct Metal Laser Sintering (SLS), Selective Laser Sintering (SLS), Selective Laser Melting (SLM), Electron Beam Melting (EBM), and Others), Binder Jetting, Directed Energy Deposition (Laser Deposition Technology (LDT) excluding LCT, Laser Additive Manufacturing (LAM), Laser Metal Deposition (LMD), Laser Engineering Net Shape (LENS), Laser Cladding Technology (LCT), Electron Beam Additive Manufacturing (EBAM), Wire Arc Additive Manufacturing (WAAM), Laser Deposition Welding (LDW), and Others), Material Extrusion, Material Jetting (Drop On Demand (DOD), Polyjet by Object, Others), Vat Polymerization (StereoLithogrAphy (SLA), Digital Light Processing (DLP), Continuous Liquid Interface Production (CLIP), and Others), and Others.

By End-Use Industry: Industrial, Aerospace (Commercial, Military, and Others), Consumer Goods (Furniture, Watches and Jewelry, Shoes and Soles, and Others), Oil & Gas, Automotive (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV), and Others), Medical & Healthcare, Electrical & Electronics (Conductors, Resistors, Sensors, Semiconductors, and Others), Building and Construction (Residential, Commercial, Industrial, and Infrastructure), and Others.

By Geography: North America (U.S., Canada, and Mexico), Europe (U.K, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia & New Zealand, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

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Key Takeaways

• North America dominates the additive manufacturing market, owing to the increasing government support to enhance additive manufacturing technology in the region. For instance, America Makes, the leading national program in the U.S., was awarded USD 90 million in funding from the government to research additive manufacturing.
• Rising investments in the medical sector, along with the growing automotive industry in various regions are driving the demand for additive manufacturing. As the use of 3D printing in automotive and dental applications is increasing, the growth in these industries will also support additive manufacturing market growth.
• The lack of human resources is one of the most serious shortcomings of additive manufacturing. People must be trained in specific areas of design and development for this relatively new and rapidly changing production process, which takes time. Thus, these factors pose one of the major challenges for the additive manufacturing market during the forecast period.
  
  

Figure: Additive Manufacturing Market Revenue Share, 2020 (%)

Additive Manufacturing Market Segment Analysis – By Material

The metal segment held the largest share of 55.3% in the additive manufacturing market in 2020 and is growing at a CAGR of 17.3% during 2021-2026. Metals are a better option for 3D printing compared to plastics, as they have more industrial usage. Often the 3D metal printing shows itself to be unique as the new technologies can readily surpass what was offered by traditional processes. In a survey conducted across the globe, about 23% of the 3D printing materials used are metals. The 3D printing metals segment is also poised to grow as it has a competitive edge over other plastic materials used in 3D Printing. Metal 3D printing is too expensive, furthermore other companies, like Desktop Metal and Markforged, are developing approaches to manufacture affordable metal 3D printers. In March 2020, VELO3D has developed a powder bed fusion 3D printer that features a unique recoated mechanism and is tightly integrated with the software. 

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