Additive Manufacturing Market to be Worth $93.36 Billion by 2031

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According to a new market research report titled, 'Additive Manufacturing Market Size, Share, Forecast, & Trends Analysis – Global Forecast to 2031,' the additive manufacturing market is expected to be worth $93.36 billion by 2031, at a CAGR of 20.3% from 2024 to 2031.

Additive manufacturing is an umbrella term for the production methods that build physical objects from a digital file using computer-aided design software. In additive manufacturing, materials are added one layer at a time to create functional parts of a whole, such as in 3D printing, stereolithography, and electron-beam melting. The process typically begins with a digital 3D model created using computer-aided design (CAD) software or obtained from 3D scanning technologies. This digital model is sliced into thin horizontal cross-sections or layers using specialized software. The additive manufacturing machine then interprets these sliced layers and sequentially deposits or fuses material, such as plastic, metal, ceramic, or composite, to build the object layer by layer.

The growth of the additive manufacturing market is driven by the rising need to produce complex parts, reduce manufacturing expenses, and minimize waste, improvements in product development and supply chains, and easy customization and bulk production using additive manufacturing. However, the restricted build sizes & material constraints and high pre-processing and post-processing costs may restrain the growth of this market.

Furthermore, the growing use of 3D printers to produce functional end-use parts, composite 3D printing, increasing use of 3D printing in regenerative medicine, and increasing spending in the aerospace & defense sector are expected to offer significant growth opportunities for players operating in the additive manufacturing market. However, concerns about piracy and unauthorized distribution, scarcity of skilled professionals, high initial investment requirements, and maintaining consistent quality may hinder the growth of this market.

On-demand spare parts production, increased product customization, and the use of AI in 3D printing are prominent trends in this market.

Key findings in the additive manufacturing market report:

Based on offerings, The additive manufacturing market is segmented into hardware, software, materials, and services. The materials segment includes polymers, metals, ceramics, composites, and other materials. In 2024, services are projected to dominate the market, constituting 52.8% of it. This segment encompasses additive manufacturing services, education, repair & maintenance, consulting, and training associated with hardware and software. Factors driving this dominance include increasing adoption, funding, manufacturer interest, and industry expansion. Notably, in March 2022, Siemens Energy, Carl Zeiss AG, and 9.5 Magnitude Ventures NV collaborated on MakerVerse GmbH, a digital platform offering on-demand additive manufacturing services with features like instant quoting, automated manufacturability checks, supplier management, and quality assurance.

Based on technology, The additive manufacturing market is segmented into various technologies including Fused Deposition Modeling (FDM), Selective Laser Sintering (SLS), Stereolithography (SLA), Direct Metal Laser Sintering (DMLS), and others. In 2024, FDM is projected to hold the largest market share at 11.5%, attributed to its cost efficiency and applicability across diverse industries like automotive, aerospace, healthcare, and jewellery. Binder jetting, however, is forecasted to exhibit the highest CAGR of 25.5%, driven by factors such as superior surface finishing and quicker production times. For example, in October 2022, GE Additive launched the Series 3 binder jet platform, capable of rapidly depositing a proprietary binder into parts up to 25 kilos in size with thin wall thicknesses.

Based on end-user, The additive manufacturing market is segmented by end-user, including consumer products, healthcare, automotive, general manufacturing, and others. In 2024, the consumer products segment is projected to lead with a 22.4% share, driven by factors like reduced time-to-market, innovation, and cost-effective spare parts management.

Based on geography, In terms of geography, the additive manufacturing market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By 2024, North America is expected to dominate with a 32.4% share, valued at USD 8.3 billion. This is driven by key market players, growing demand for customised products across various sectors, and increasing adoption of industrialization 4.0, leading to collaborations and investments in advanced 3D printing.

The Asia-Pacific additive manufacturing market is projected to achieve a rapid CAGR of 22.1% due to advancements in manufacturing and increased digitization. This region sees a burgeoning startup ecosystem specialising in 3D manufacturing, fostering innovation and collaboration. Key players in the additive manufacturing market include 3D System Corporation, Dassault Systemes SE, Materialise NV, Stratasys Ltd., and Autodesk Inc.

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