Additive Manufacturing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Additive Manufacturing Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Additive Manufacturing Global Market Report 2024, The additive manufacturing market size has grown exponentially in recent years. It will grow from $16.14 billion in 2023 to $19.74 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to prototyping and rapid prototyping needs, customization and complex geometries, reduced material waste, aerospace and healthcare industry adoption, cost-effective low-volume production.

The additive manufacturing market size is expected to see exponential growth in the next few years. It will grow to $41.69 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to mass customization demands, healthcare advancements and bioprinting, expanded applications in automotive and energy, integration with traditional manufacturing, regulatory support and standards development. Major trends in the forecast period include Industry 4.0 and digitalization, materials innovation, technological advancements in 3D printing, multi-material and hybrid printing, scaling up production with am.

The increasing demand for 3D printing is expected to propel the growth of the additive manufacturing market going forward. The method of creating three dimensional solid objects from a digital file is known as 3D printing. 3D printing helps additive manufacturing by making a cost-effective and flexible way to produce customized parts and used for preoperative planning. For instance, according to AZoNetwork UK Ltd., a UK-based marketing science company, a little over 2.2 million 3D printers were shipped in 2021, and by 2030, there will be a shipment of 21.5 million 3D printers. Therefore, increasing demand for 3D printing is driving the growth of the additive manufacturing market.

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The additive manufacturing market covered in this report is segmented –

1) By Technology: Stereolithography, Polyjet Printing, Binder Jetting Printing, Laser Sintering, Electron Beam Melting, Fused Deposition Modeling, Laminated Object Manufacturing, Thermal Dimensional Printing, Other Technologies

2) By Material Type: Plastics, Metals, Ceramics, Other Materials

3) By Application: Aerospace, Automotive, Consumer Products, Healthcare, Government And Defense, Industrial Or Business Machines, Education And Research, Other Applications

Major companies in the additive manufacturing market are focused on developing advanced platforms, such as deployable robotic systems, to transform efficiency and gain a competitive edge in the market. A deployable robotic system refers to a mobile and adaptable set of robots designed for rapid deployment and versatile use in various environments or applications. For instance, in November 2023, ADDiTEC, a US-based innovator in advanced metal additive manufacturing, launched AMDroid and Hybrid3, advanced additive manufacturing platforms to elevate precision, efficiency, and versatility in the sector. AMDroid is a deployable robotic system designed for various materials, including titanium, featuring high deposition rates for mass production. It offers on-demand manufacturing and hassle-free installation. Hybrid3 combines Liquid Metal Jetting (LMJ) and Laser Directed Energy Deposition (LDED) with CNC machining, providing precision, speed, and material versatility. The multi-material capability of Hybrid3 integrates LMJ and LDED heads in a single system, allowing the production of complex components with varying materials and properties.

The additive manufacturing market report table of contents includes: