Press release
Additive Manufacturing Market Projected to Reach US$ 189.34 Billion with 21.6% CAGR by 2034
More businesses nowadays are inclined to sustainable manufacturing practices due to their favorable environmental effects. In comparison with traditional production, additive manufacturing provides several environmental advantages. Waste and energy minimization are two noteworthy advantages of additive manufacturing technologies compared to conventional manufacturing procedures. Additive manufacturing uses only materials necessary for production with higher efficiency.
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Key Takeaway from Market Study
• The global additive manufacturing market is pegged at US$ 26.79 billion in 2024.
• Worldwide demand for additive manufacturing technologies is set to reach a valuation of US$ 189.34 billion by the end of 2034.
• The market is predicted to expand at a prolific CAGR of 21.6% from 2024 to 2034.
• North America is projected to account for 29.1% of the global market share by 2034.
• Demand for additive manufacturing technologies in China is forecasted to expand at 22.4% CAGR from 2024 to 2034.
• The market in Canada is predicted to reach US$ 9.26 billion by 2034-end.
• The medical segment is forecasted to account for 22.1% share of global market revenue by 2034.
"Rising use of additive manufacturing techniques in several industries, including aerospace and defense, for the production of complex parts and lightweight components is predicted to be one of the key growth drivers," says a Fact.MR analyst.
Key Market Players
• Renishaw Plc.,
• Wipro Limited,
• Materialise,
• ANSYS, Inc.,
• Evonik,
• Siemens Industry Software Inc.,
• Stratasys Ltd.,
• General Electric,
• Xerox Corporation,
• AMFG,
• Mazak Corporation,
• American Additive Manufacturing LLC,
• Optomec are leading additive manufacturing solution providers.
Growing Adoption of Additive Manufacturing in Automotive Sector
Demand for additive manufacturing solutions in the automotive sector is predicted to increase at 23% CAGR and reach a market value of US$ 27.64 billion by 2034-end. Rising adoption of additive manufacturing techniques contributes to the streamlining of the supply chain, expediting prototyping, facilitating customization, and enabling the production of lightweight components.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the additive manufacturing market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (hardware, material, software), technology (power bed fusion, direct energy deposition, material jetting, material extrusion, photopolymerization), and application (medical, automotive, aerospace & defense, consumer electronics, architecture, industrial equipment, education & research institutions), across six major regions of the world (North America, Europe, East Asia, Latin America, South Asia & Oceania, and MEA).
Competitive Landscape
Companies are making progress consistently and integrating several technologies to enhance their systems used for supply chain management of additive manufacturing solutions. Their resources are dedicated to providing superior offerings and ensuring predicted high product quality.
Segmentation of Additive Manufacturing Market Research
• By Product Type:
o Hardware
o Material
o Software
• By Technology:
o Powder Bed Fusion
o Direct Energy Deposition
o Material Jetting
o Material Extrusion
o Photo Polymerization
• By Application:
o Medical
o Automotive
o Aerospace & Defense
o Consumer Electronics
o Architecture
o Industrial Equipment
o Education & Research Institutions
• By Region:
o North America
o Europe
o East Asia
o Latin America
o Middle East & Africa
o South Asia & Oceania
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About Fact.MR:
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.
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