Significant increase in new aircraft deliveries, followed by mounting production of automotive and industrial equipment, will continue to drive the demand for additive manufacturing during forecast period (2019 – 2029). A new Persistence Market Research (PMR) study suggests that global demand for additive manufacturing would account for stupendous revenue growth at nearly 21% CAGR over the projection period.
Prominently driven by increasing demand for additive manufacturing products in medical, automotive, and consumer electronics industries, the global additive manufacturing market will also gain a prominent boost from the aerospace & defense industry.
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Key Takeaways – Additive Manufacturing Market
- The synergy between Internet of Things (IoT) and additive manufacturing to achieve Nano dimensions, targeting its application in electronic devices and to print rolls of solar cells in the form of sheets, are key opportunities for the adoption of additive manufacturing in the electronics industry.
- Key industries at the forefront usage of additive manufacturing are aerospace, industrial equipment, medical and automotive. However, there are also emerging opportunities in various industries such as construction, consumer goods, and renewable energy.
- Powder bed fusion technique is highly preferred over other counterpart techniques, given their superior efficiency in aerospace and automotive applications.
- East Asia is projected to be a prominent regional market for additive manufacturing, on the back of growing aerospace & defense, automotive, and electronics products, especially in China. Further, increasing government investment on defense projects in India is anticipated to amplify the demand for additive manufacturing.
- Additive manufacturing provides on-site production capability, which result in reducing the lead time and cost of supply including transportation, suppliers cost, inventory and other miscellaneous cost for end users. Such factor is likely to influence demand for the additive manufacturing during the forecast period.
- The electronic industry is expected to witness an opportunity to produce electronic products via additive manufacturing such as solar cells, electronic circuit boards, conductor, resistor, dielectric and semiconductor inks that can be processed to create advanced components, which further drive the additive manufacturing market.
The bandwidth of additive manufacturing will increase with respect to scale and accuracy of finished product. Moreover, it is expected to be fast growing and a cost-efficient solution for next-generation production process. Furthermore, there has been remarkably growing inclination of industries towards additive manufacturing technology, as it tends to reduce the back log orders.
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Competition Structure Will Remain Fragmented
The global additive manufacturing market is fragmented owing to the presence of a large number of international and domestic manufacturers. Moreover, numerous manufacturers are offering identical products. Providing product developments and aftersales services will be the key winning imperatives of market participants. Prominent market players based in emerging markets are projected to expand their business operations and increase value addition in their product offerings through rationalization of their existing portfolios. Some of the key participants that have been covered in PMR’s additive manufacturing market report include Materialise NV, Evonik Industries AG, and General Electric.
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