Additive Manufacturing Market to be Worth $93.36 Billion by 2031

According to a recent report by Meticulous Research®, the additive manufacturing market is projected to reach $93.36 billion by 2031, growing at a CAGR of 20.3% from 2024 to 2031. The expansion of this market is driven by the increasing need to produce complex parts, reduce manufacturing costs, minimize waste, enhance product development and supply chains, and enable easy customization and mass production through additive manufacturing. However, factors such as limited build sizes and high pre-processing and post-processing costs could hinder market growth.

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Additionally, the increasing use of 3D printers for manufacturing functional end-use parts and the rise of composite 3D printing are expected to create substantial growth opportunities for market players. On the downside, concerns over piracy, unauthorized distribution, and a lack of skilled professionals could pose challenges to market expansion.

Key trends in this market include the on-demand production of spare parts, greater product customization, and the integration of AI in 3D printing.

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Market Segmentation
The additive manufacturing market is segmented by:

Offering: Hardware, software, materials (polymers, metals, ceramics, composites, and other materials), and services
Technology: Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Direct Metal Laser Sintering (DMLS), PolyJet, Stereolithography (SLA), Digital Light Processing (DLP), Directed Energy Deposition (DED), Multi Jet Fusion, Binder Jetting, LCD 3D Printing, Laser Metal Fusion (LMF), Electron Beam Melting (EBM), Selective Absorption Fusion (SAF), and other technologies
End User: Consumer products (e.g., consumer electronics, jewelry, luxury goods, decorative art, parts, and fixtures), healthcare (e.g., dental, prosthetic printing, prototype and 3D models, instrument printing, bioprinting tissues and organs), automotive (e.g., custom and spare parts, prototyping, mounts, and fixtures), general manufacturing (e.g., machinery and equipment, molds, and tools printing), electronics and semiconductors (e.g., IC, PCB, and electronic components), aerospace and defense (e.g., prototype, body parts, weapon printing, mounts, and fixtures), chemicals and materials, energy, oil and gas, and other end users
Geography: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa

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Segment Highlights
By Offering: In 2024, the services segment is expected to hold the largest share of over 52.8% of the additive manufacturing market. This includes services such as additive manufacturing services, education, repair and maintenance, consulting, and training associated with additive manufacturing hardware and software. The growth of this segment is driven by the increasing number of service providers, the reliance of end users on these providers, and the benefits of outsourcing. Additionally, the rising deployment of 3D printers across industries is likely to increase the demand for support and maintenance services to improve business processes, facilitate constant updates, and reassessments.

By Technology: The Fused Deposition Modeling (FDM) segment is anticipated to account for the largest share of 11.5% of the market in 2024, owing to its widespread application across various industries, such as automotive, aerospace, general manufacturing, healthcare, consumer goods, and jewelry. The cost-effectiveness of FDM technology and its growing use by numerous manufacturers further contribute to its significant market share.

By End User: The automotive sector is projected to register the highest CAGR of 22.4% during the forecast period. This growth is attributed to additive manufacturing's application in rapid tooling and fixture production, optimizing component performance, and enabling on-demand production of spare, replacement, and obsolete parts. Additive manufacturing supports decentralized production, inventory optimization, and cost-effective spare parts management, enhancing supply chain resilience and customer satisfaction in the automotive industry.

By Geography: The Asia-Pacific region is expected to register the highest CAGR of 22.1% during the forecast period. This growth is due to rapid advancements in the region's manufacturing sector, increased digitization, and the adoption of additive manufacturing technologies across end-use industries such as consumer goods, construction, medical, electronics, and semiconductor. Additionally, a dynamic startup ecosystem in Asia-Pacific, characterized by numerous 3D manufacturing startups, fosters innovation, competition, and collaboration, further propelling market growth.

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Key Players
Notable companies in the additive manufacturing market include:

3D System Corporation (U.S.)
3Dceram (France)
Dassault Systèmes SE (France)
Colibrium Additive (U.S.)
Materialise NV (Belgium)
Shapeways Holdings, Inc. (U.S.)
Canon Inc. (Japan)
voxeljet AG (Germany)
Optomec, Inc. (U.S.)
Proto Labs, Inc. (U.S.)
Stratasys, Ltd. (U.S.)
EOS GmbH (Germany)
Desktop Metal, Inc. (U.S.)
Formlabs Inc. (U.S.)
Autodesk, Inc. (U.S.)

*linkedin article: https://www.linkedin.com/pulse/additive-manufacturing-market-worth-9336-billion-vlf2c/

These insights highlight the additive manufacturing market's rapid growth and potential, driven by technological advancements, increasing applications, and a shift towards sustainable and efficient production methods.

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This release was published on openPR.