Additive Manufacturing Market Investigation & Development Trends Analyzed till 2023
The term additive manufacturing can be defined as a procedure of creating objects from a 3D model array with the help of additive materials. This represents all the additive procedures, systems, technologies, and applications. Additive manufacturing can also be referred to as 3D printing. The global market for additive manufacturing consists of 3D printers, service providers, and printing materials among others. The general applications of the market consist of both rapid manufacturing as well as rapid prototyping.
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The global market for additive manufacturing is expected to be influenced by the technological advancements in the field as well as developments in the materials used in the market. Several organizations, research centers, and government bodies are trying to bring in newer technologies in the global additive manufacturing market. the technological developments help in building the overall capacity to have a highly positive effect on several businesses. The main metals used in the global additive manufacturing market are stainless steel, aluminum, and titanium. The growing interest for more light weight materials is expected to have a positive impact on the overall development of the global market. As a result, the aviation based clients are expected to emerge as one of the prominent end-use segment of the global additive manufacturing market.
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In spite of the potential economic advantages associated with additive manufacturing, there are several drawbacks that are projected to restrain the overall development of the global market. For instance, additive manufacturing is an expensive and slow process as compared to the basic production process of goods. Thus it is unlikely to completely replace the main process.
However, the main benefit of additive manufacturing lies for the small scale production companies. This is the domain where the global additive manufacturing market can achieve more as compared to traditional manufacturing practices.
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The global additive manufacturing market is driven by new and improved technologies and ease of development of custom products. The additive manufacturing markets can be segmented on the basis of materials into homogeneous materials and heterogeneous materials. Homogeneous materials are further segmented into natural materials, metals, polymers and ceramics. Heterogeneous material is further sub segmented into multiple materials, polymeric matrix and metallic matrix. In addition, the additive manufacturing market is segmented on the basis of industry type such as business machine, motor vehicles, medical industry, consumer products, academics, government and others. Based on medical industry, additive manufacturing is used in making end-products such as prosthetics & implants, scaffolds and surgical equipment. The additive manufacturing market is growing due to the increasing incidence of surgeries. Amongst medical industry, surgical equipment account for the largest market share due to their wide applicability.
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Some of the major driving forces for this market include ease of development of custom products and financial support from government for additive manufacturing. In addition, rapid product development at a low cost is the key factor to improve the demand for additive manufacturing globally. Moreover, increasing global additive manufacturing market is expected to boost the demand for additive manufacturing in the global market.
Participation of small companies in additive manufacturing is anticipated to provide growth opportunity to the additive manufacturing market. Moreover, positive growth due to mergers and acquisitions by many companies in developing nations such as India, Brazil and Thailand among others are expected to act as an opportunity for the additive manufacturing market globally. In addition, emerging research and development primarily in countries such as U.K., Germany and U.S. among others is the other factor acting as an opportunity for the global additive manufacturing market.
Europe is the most attractive market for additive manufacturing market globally followed by North America, Asia Pacific and RoW. Rising investment by different international companies in additive manufacturing is driving the additive manufacturing market in the region. This is anticipated to boost the additive manufacturing market during the estimate period of 2015 – 2021. In terms of revenue, Europe is anticipated to witness high growth in the forecast period of 2015 – 2021 due to increasing income level and low cost of additive manufacturing. North America is the second largest market for additive manufacturing followed by Asia Pacific and Rest of the World. In Asia Pacific, China holds the leading position followed by India. Leading industries are focusing on expansion of businesses across region and setting up new plants for increasing their production capacity. In addition, adoption of new technologies in the medical field is helping additive manufacturing market to experience robust growth in developing nations among patients and physicians.
The increasing demand for functional food in developing countries such as India among others is anticipated to broaden options for different manufacturing companies as new entrants in the additive manufacturing market. This is estimated to drive the market of additive manufacturing in Asia Pacific during the forecast period. In addition, leading industries are focusing on expansion of businesses across region and setting up new plants for increasing their production capacity. The increasing demand for Additive Manufacturing is attracting the global players to include additive manufacturing in their product offerings. The manufacturing companies are focusing to expand their business in the untapped markets of Latin America.
The global additive manufacturing market is fragmented with the presence of large number of small. However, there is presence of some large corporations in this market. Some of the major companies operating in additive manufacturing market are Arcam AB, Stratasys Inc., Greatbarch Inc., Biomedical Modeling, Inc., Eos GmbH Electro Optical Systems, Envisiontec Gmbh, GPI Prototype and Manufacturing Services, Inc., Morries Technologies Inc.,Sirona Dental System and SLM Solutions GmbH among others.
