Additive Manufacturing Market is estimated to reach $16.9 billion by 2023

According to the report published by IndustryARC titled “Additive Manufacturing Market Analysis: By Technology (3D Printing, Laser Sintering, Stereo lithography & Others); By Material Type (Homogeneous, Heterogeneous) By Application (Automotive, Medical and Aerospace) & Geography – Forecast (2018 – 2023),” the Additive market is forecast to reach $16.9 billion by 2023.

Browse 63 Market Tables, and 177 Figures spread through 180 Pages and go through an in-depth TOC on “Additive Manufacturing Market”

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As per the recent study from IndustryARC, the additive manufacturing market is estimated to reach $16.9 billion by 2023 and grow at CAGR 17.5% during 2018-2023. The growing emphasis towards lightweight automotive components with complex geometries for reducing exhaust emissions has been poised to drive the additive manufacturing market during the period 2018-2023.

The Additive Manufacturing market is all set to exhibit robust growth owing to the increasing applications in medical, aerospace and automotive industries. However, higher costs of the devices such as 3D Printers, ancillary equipment, and so on which are involved in additive manufacturing technologies have restricted the growth of the global Additive Manufacturing market to a certain extent. 

With a market share of around 20%, the automotive industry is leading the end user segment for additive manufacturing. With an increased number of startups and provision of 3D printing services and products at an extremely low cost, North America has dominated the Additive Manufacturing market in 2018 with a market share of 35%.

Asia-Pacific is expected to be the fastest growing region for the Additive Manufacturing market during the forecast period with a huge market share particularly in China due to the development and usage of 3D printing technology for mass manufacturing in Aviation and medical industry verticals. The growth of the Additive Manufacturing market in the APAC region has accelerated due to the increase in the adoption of 3D printing technology, laser sintering, and stereolithography technologies.

Several innovative shapes and designs can be created using additive manufacturing technologies which helps in the creation of flexible electronic components. Medical industry is driving the market for Additive manufacturing industry with the 3D printable prosthetics which is the current trend that helps in creation of the artificial parts for amputated body parts. 

Additive Manufacturing companies have utilized mergers and acquisitions as well as product launches as a strategy and enhanced core competencies through additions to product portfolio to gain a foothold in the emerging markets. 

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.