Global Additive Manufacturing Market- Trends Analysis and Opportunities to 2031
Additive Manufacturing Market Introduction
· 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. General applications of the market consist of both rapid manufacturing as well as rapid prototyping.
· 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 striving to bring in newer technologies in the global additive manufacturing market. Technological developments help in building the overall capacity. Major metals used in the global additive manufacturing market are stainless steel, aluminum, and titanium. Rise in demand for lightweight materials is expected to positively impact the global market
Key Drivers of Additive Manufacturing Market
· The global additive manufacturing market is driven by new and improved technologies and ease of development of custom products
· Some of the major driving forces for this market include ease of development of custom products and financial support from governments for additive manufacturing. In addition, rapid product development at a low cost is the key factor augmenting the demand for additive manufacturing globally.
· Participation of small companies in additive manufacturing is anticipated to provide lucrative opportunities to the additive manufacturing market. Mergers and acquisitions by many companies in developing countries such as India, Brazil, and Thailand are expected to act as opportunities for the additive manufacturing market. Emerging research and development, primarily in countries such as the U.K., Germany, and the U.S., is another factor providing opportunities for the global additive manufacturing market.
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Restraints of Additive Manufacturing Market
· Despite the potential economic advantages associated with additive manufacturing, there are several drawbacks that are projected to restrain the global market. For instance, additive manufacturing is an expensive and slow process compared to the basic production process of goods. Thus, it is unlikely to completely replace the main process.
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COVID-19 Impact on Additive Manufacturing Market
· The COVID-19 outbreak is hampering the demand for additive manufacturing in many applications. Governments of various countries across the globe have enforced lockdown measures to curb the spread of the disease. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure slowdown. In turn, this has led to a decline in in demand for additive manufacturing across the globe.
· Key players operating in the additive manufacturing market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these players are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Many of these players have halted their production output over the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of additive manufacturing materials.
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Europe to Hold Major Share of Additive Manufacturing Market
· In terms of region, the global additive manufacturing market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
· Europe is a highly attractive region of the global additive manufacturing market, followed by North America and Asia Pacific. Rise in investments by various international companies in additive manufacturing is driving the additive manufacturing market in the region. In terms of revenue, the market in Europe is anticipated to expand significantly during the forecast period.
· North America is also a key region of the global additive manufacturing market. It is followed by Asia Pacific. In Asia Pacific, China holds the leading position of the market, followed by India.
· Increase in demand for additive manufacturing is attracting the global players to include additive manufacturing in their product offerings. Manufacturing companies are focusing on expanding their business in the untapped markets of Latin America.
Additive Manufacturing Market: Key Players
The global additive manufacturing market is fragmented with the presence of large number of small companies. Some large companies also operate in the market. Major companies operating in the global additive manufacturing market include:
· 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
· SLM Solutions GmbH
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