ADDITIVE MANUFACTURING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global additive manufacturing market is estimated to be valued at US$ 20.31 Bn in 2024 and is expected to reach US$ 95.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 24.7% from 2024 to 2031.
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Additive manufacturing is also known as 3D printing, and the market growth is driven by increasing demand from various end-use industries such as automotive, healthcare, industrial, and aerospace & defense. Additive manufacturing helps in reducing production costs and time to market new products such as engine components, anatomical models, lightweight automotive components, and others, thus encouraging manufacturing companies to adopt 3D printing techniques. Additive manufacturing industry is further experiencing rapid growth, driven by advancements in technology and expanding applications across various industries.
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Insights By Component: Expanding Applications Drive the Hardware Segment Growth
By Component, Hardware segment is expected to contribute the highest market share of 59.5% in 2024 owing to its wide range of applications and capabilities. 3D printers and scanners provide manufacturers with the flexibility to produce complex geometries and customized parts on-demand. This has enabled new business models and accelerated product development cycles across diverse industries.
Insights By Printer Type: Desktop 3D Printers Lead with the Availability of Low-cost Options
By Printer Type, Desktop 3D Printer segment is projected to contribute the highest market share of 55.4% in 2024. The increased availability of low-cost desktop 3D printers is enabling more individuals and SMBs to experiment with additive technologies. Desktop printers provide an accessible entry point for designing and printing basic shapes and prototypes. Several educational institutions are also equipping labs with affordable desktop machines to spark interest in 3D printing among students.
Insights By Technology: Material Capabilities Drive Preference for Fuse Deposition Modeling
By Technology, the Fuse Deposition Modeling segment is estimated to contribute a highest market share of 49.2% in 2024, owing to its material versatility. Fuse Deposition Modeling (FDM) printers have the ability to 3D print with a variety of polymers including Acrylonitrile butadiene styrene (ABS), Polylactic Acid (PLA), nylon, and other composite materials. This flexibility in material selection makes FDM highly suitable for prototyping applications across industries. Engineers and product designers leverage FDM to print functional models and evaluate various material compositions before finalizing manufacturing.
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Dominating Region: North America
North America is a leading region and is estimated to account for the highest market share of 33.1% in 2024 due to the strong presence of major industry players such as 3D Systems, Stratasys, and Materialise. The region is an early adopter of additive technologies and has seen significant investments from the government and private sector to drive innovation. Additionally, the automotive and aerospace industries have widely adopted additive techniques for rapid prototyping and production.
Fastest-Growing Region: Asia Pacific
Asia Pacific region exhibits the fastest growth driven by strong government support for advanced manufacturing in countries like China, Japan, and South Korea. There is a focus on developing indigenous additive capacity to meet domestic demands as well as gain a competitive edge in global contract manufacturing. Leading players from the region such as CXone have gained prominence catering to local industries.
Additive Manufacturing Market Outlook for Key Countries
U.S.: Leading Market and Technological Dominance
The U.S. market is one of the largest and most advanced markets globally, powered by R&D, mainly in aerospace, healthcare, and defense. The industry is expected to maintain strong growth due to ongoing innovation, investment in industrial-grade 3D printers, and integration with Industry 4.0. In April 2024, Formlabs unveiled the Form 4, a desktop-sized 3D printer that significantly accelerates the printing process. Utilizing powerful LED lights and a custom LCD, the Form 4 can transform liquid resin into solid layers up to five times faster than its predecessor, making 3D printing a viable alternative to traditional injection molding.
China: Focus on Mass Production
China's market is growing rapidly as additive is seen as a strategic capability for domestic manufacturing across industries such as aerospace, electronics, and healthcare. The healthcare industry growth in China is predicted to experience high growth as China continues to innovate, focusing on mass production and expanding its local AM manufacturing ecosystem. For instance, in 2024, Chinese researchers developed 3D bioprinters capable of producing human organs, such as ears, livers, and kidneys, using living cells, with potential applications in human transplantation.
Germany: Emphasis on Industry Innovation
German companies like EOS and SLM Solutions lead in metals additive, serving the needs of top automotive firms and machine builders globally. Germany has a strong industrial base, leading engineering expertise, government incentives supporting digital manufacturing, and significant contributions to 3D printing innovation. The BMW Group has been actively integrating metal additive manufacturing into its production processes, laying the foundations for its application in the automotive industry.
Japan: High Technological Prowess: Japan continues to lead in high-precision additive owing to materials innovators like Nikon and optical laser firms serving sectors like electronics and medical technology. Japan possesses advanced R&D capabilities, focus on precision manufacturing, investments in bio-printing and medical applications, and high adoption of robotics and automation. For instance, Mitsubishi Heavy Industries has been utilizing AM to manufacture complex parts for aircraft engines, reducing production time and costs.
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Top Strategies Followed by Additive Manufacturing Market Players
Emerging Startups in the Additive Manufacturing Market
Development of Innovative Technologies: Several startups are developing innovative technologies to transform the industry. Nanofabrica develops microscopic 3D printing using two-photon polymerization for applications in bioengineering and electronics. Nanofabrica's techniques enable printing features only a few microns in size. Momentum 3D applies AI to optimize print parameters for strength and quality, allowing mass customization at scale. Their adaptive algorithms could revolutionize mass production with AM. Sustainable startups address additive manufacturing's environmental impacts. Both FreAdd and Reflow 3D recycle plastic waste to manufacture filament for desktop 3D printers, diverting plastic from landfills. Their recycled filament reduces embodied carbon emissions compared to conventional plastics.
Key Takeaways from Analyst
The additive manufacturing market continues to witness a strong growth driven by an increasing adoption across many industries. Key growth drivers include the ability of 3D printing technologies to produce complex geometries and customizable parts. This has allowed additive manufacturing to penetrate new applications in areas like aerospace, healthcare, and automotive. Another major factor fueling the market growth is the cost reduction in 3D printers and materials which have made additive manufacturing economically viable for low-volume production.
While metal 3D printing currently dominates in terms of revenues, polymer additive manufacturing is expected to witness faster growth. Within polymer printing, stereolithography continues to expands its presence. Geographically, North America remains the largest market however emerging economies in Asia Pacific are seen as the novel market of opportunities. The market in China especially is growing leaps and bounds supported by government initiatives as well as large domestic manufacturing bases.
Potential restraints to the additive manufacturing market include the limited range of materials available for 3D printing and the slow pace of standardization. High costs continue to constrain the technology's adoption for mass production. Furthermore, stringent regulations around new materials and processes could also hamper short-term growth prospects to some extent.
Additive Manufacturing Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 20.31 Bn |
| Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 to 2031 |
| Forecast Period 2024 to 2031 CAGR: | 24.7% | 2031 Value Projection: | US$ 95.88 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Altria Group Inc., Habanos S.A., Scandinavian Tobacco Group, Grukha Cigars, Swisher International Inc., Agio Cigars, Swedish Match AB, OETTINGER DAVIDOFF AG, Drew Estate, and Imperial Brands PLC |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Driver - Cost-effective Production of Complex Parts
Additive manufacturing allows producers to directly produce complex parts without the need for expensive tooling or machine setup time. This provides significant cost savings over traditional manufacturing methods. With 3D printing, even very intricate internal structures and complex geometries that would be nearly impossible or cost-prohibitive to produce through subtractive methods can be fabricated in a single print. This reduces the assembly steps and eliminates the labor and material waste associated with combining separately produced pieces.
Market Challenge - High Costs of Additive Manufacturing Equipment and Materials
One of the key challenges in the additive manufacturing market is the high costs associated with equipment and materials. While 3D printing technology offers reduced waste and customization opportunities, the high capital expenditure required for equipment hinders widespread adoption. 3D printing machines from prominent manufacturers can cost hundreds of thousands of dollars, pricing them out of reach for many potential end users. Additionally, specialized printing materials like photopolymers and metallic powders are also relatively expensive compared to traditional manufacturing raw materials. This increases overall production costs for parts and makes additive manufacturing currently non-competitive for mass manufacturing.
Market Opportunity - Growth in Automotive and Aerospace Industries
The automotive and aerospace industries offer promising growth opportunities for additive manufacturing. Both sectors are increasingly adopting 3D printing technology to manufacture complex parts and assemblies. In the automotive industry, AM allows the production of lightweight components with conformal cooling channels, which improves performance and efficiency. It is also gaining acceptance for producing functional prototyping that can be tested directly, reducing the time taken from design to production. In aerospace, 3D printing enables intricate, customized designs that were previously not possible, thereby reducing weight and improving fuel efficiency of aircraft.
What Does Growth in Additive Manufacturing Industry Mean for Different Stakeholders?
The additive manufacturing industry includes several players and offers multiple opportunities based on their operational scope and diligence. The table below illustrates and interprets growth aspects for different stakeholders involved.
|
Key Stakeholders |
Opportunities Due to Additive Manufacturing Industry Growth |
|
Component Manufacturers |
Increasing demand for high-performance, energy-efficient components to support industrial automation. Components such as sensors, actuators, and controllers are becoming more integrated with AI and IoT. |
|
Device Manufacturers |
Rising need for smart industrial devices with embedded control systems, focusing on automation, predictive maintenance, and safety features to meet Industry 4.0 standards. |
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End of Life Service Providers |
Expansion in recycling and refurbishment services as industries seek to comply with sustainability regulations. Managing the lifecycle of automation equipment for cost savings and environmental benefits. |
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System Integrators |
Increasing demand for seamless integration of control systems across diverse industries, ensuring compatibility with cloud platforms, IoT ecosystems, and real-time data monitoring. |
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Testing and Quality Assurance Service Providers |
Growing importance of testing for high reliability, safety, and compliance in industrial control systems. Opportunities in offering specialized services for AI-driven machinery and ICT systems. |
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About Author
Monica Shevgan is a Senior Management Consultant. She holds over 13 years of experience in market research and business consulting with expertise in Information and Communication Technology space. With a track record of delivering high quality insights that inform strategic decision making, she is dedicated to helping organizations achieve their business objectives. She has successfully authored and mentored numerous projects across various sectors, including advanced technologies, engineering, and transportation.
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