Additive manufacturing, commonly known as 3D printing, is an industrial production method that involves building three dimensional solid objects from a digital file through deposition of a print material in thin layers. The technology offers several advantages over conventional production methods such as providing design freedom, reducing time-to-market, enabling mass customization, and reducing material waste. The growing demand for customizable and individually customized final products across industries has accelerated adoption of additive manufacturing solutions.
Global additive manufacturing market is estimated to be valued at US$ 20.31 Bn in 2024 and is expected to reach US$ 95.88 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 24.7% from 2024 to 2031.
Key Takeaways Key players operating in the Additive Manufacturing market are Altria Group Inc., Habanos S.A., Scandinavian Tobacco Group, Grukha Cigars, Swisher International Inc., Agio Cigars, Swedish Match AB, OETTINGER DAVIDOFF AG, Drew Estate, and Imperial Brands PLC.
The growing demand for lightweight and customized products across industries such as aerospace, automotive, and healthcare is fueling the expansion of the Additive Manufacturing Market size prosthetics, and surgical tools are revolutionizing patient-specific care.
Led by the United States, China, Germany and Japan, players in the additive manufacturing market are expanding globally through partnerships, mergers and acquisitions to tap into opportunities worldwide. Rapid expansion of the technology into new industry verticals is anticipated.
Market key trends Customization enabled by additive manufacturing technologies allows for mass production of individualized designs and part variants on-demand. This trend towards mass customization and personalized products is a major driver in various industries to adopt 3D printing methods. Sophisticated AM printers are able to 3D print fully functional final parts and products with multiple materials in vibrant colors directly from CAD files.
Porter’s Analysis
Threat of new entrants: New companies require large investments to gain the necessary technology and expertise required to compete in the additive manufacturing industry. Bargaining power of buyers: Buyers have moderate bargaining power due to the presence of many additive manufacturing companies globally offering various technologies for a wide range of applications. Bargaining power of suppliers: Materials suppliers have moderate bargaining power due to the availability of materials and technologies from various existing players. Threat of new substitutes: There exists a threat of new substitutive technologies in the form of advanced manufacturing techniques such as 3D printing, highlighting both Additive Manufacturing Market challenges and opportunities highly competitive with the presence of many global players offering innovative technologies.
Geographical Regions North America region dominates the additive manufacturing market in terms of value, owing to the presence of major players and early adoption of additive manufacturing technologies across various industries such as automotive, aerospace, and healthcare.
The Asia Pacific region is expected to witness the highest growth in the additive manufacturing market during the forecast period. This is attributed to the rising industrialization, growing disposable incomes, and increasing adoption of additive manufacturing in various industries across China, India, Japan, and other developing countries in the region.
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About Author: Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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