The global additive manufacturing and material market exhibited remarkable growth in 2022, reaching a staggering valuation of US$ 26.8 billion. With an impressive compound annual growth rate (CAGR) of 21.2% projected from 2022 to 2032, the market is poised for a transformative journey. By the end of 2032, the worldwide additive manufacturing and material market is expected to soar to an estimated valuation of US$ 183 billion.
Growing adoption of additive manufacturing technologies by diverse industries is driving the global market. Similarly, advancements in 3D technology will boost sales over the projection period.
Latest advancements in 3D printing have made it possible to put materials more precisely and flexibly. This in turn has tremendously improved additive manufacturing. These materials are better and more valuable than conventional goods such as resin, since they can self-assemble, self-heal, and self in reaction to outside stimuli.
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The capacity of materials used in 4D printing to change their shapes and colors in response to UV and visible light has raised demand. Today, more and more industries are shifting towards additive manufacturing technologies. This will continue to boost additive manufacturing material demand.
Key Takeaways:
- The global additive manufacturing and material market reached US$ 26.8 billion in 2022 and is projected to grow at a remarkable 21.2% CAGR through 2032.
- The automotive sector is expected to experience substantial growth, with a 21% CAGR expansion forecasted through 2033.
- Key drivers include the rising popularity of 3D printing technology, awareness of additive manufacturing benefits, and technological advancements in 3D printing.
- Decreasing prices of additive manufacturing equipment and a focus on cost efficiency are contributing to market growth.
- The emergence of 4D printing and innovations in additive manufacturing materials are opening up new avenues for the industry.
Drivers and Opportunities:
The automotive sector emerges as a pivotal revenue generator, with Future Market Insights forecasting a robust 21% CAGR expansion through 2033. Several key factors are shaping this remarkable growth trajectory:
- Rising Popularity of 3D Printing: The global market is driven by the increasing popularity of 3D printing technology, serving as a catalyst for its growth.
- Benefits Over Traditional Technologies: Growing awareness about the advantages of additive manufacturing over traditional methods is propelling the market forward, drawing industries toward its innovative capabilities.
- Widespread Prototyping Applications: Across diverse industries, the utilization of additive manufacturing for prototyping applications is witnessing substantial growth, further accelerating market development.
- Technological Advancements: Continuous advancements in 3D printing technologies, software, and additive manufacturing materials are fostering innovation and favorably impacting market expansion.
Competitive Landscape – Regional Trends:
Over the years, industries have increasingly embraced advanced manufacturing and prototyping technologies, transitioning from subtractive manufacturing to additive manufacturing. Additive manufacturing, also known as 3D printing, has become the preferred choice in industrial settings for layer-by-layer fabrication of 3D models. This technology is now recognized as a superior alternative to traditional methods like Computer Numerical Control (CNC) and injection molding, setting the stage for sustained growth in the global additive manufacturing and material market.
Restraints:
While the additive manufacturing and material market shows tremendous promise, it is not without its challenges. Some potential restraints include regulatory hurdles, quality control concerns, and the need for standardized practices.
Region-wise Insights – Category-wise Insights:
For specific regional and category-wise insights, please refer to our detailed market report.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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