Additive Manufacturing Research, previously SmarTech Analysis, has reported that the global additive manufacturing (AM) market experienced modest sequential growth of less than one per cent in the second quarter of 2023 compared to the previous quarter, with the total market estimated at $3.52 billion.
In a press release, the analyst said this slower growth is attributed to the increasingly challenging economic environment impacting hardware investments within the industry.
Despite the challenges, Additive Manufacturing Research, known as AMR, said it remains optimistic about the long-term prospects of the AM market.
In particular, the value encompassing AM hardware, materials, software, and services in Q2 2023 was marginally higher than the $3.50 billion recorded in the previous quarter.
Looking ahead, AMR projects the AM industry to reach a substantial $46 billion by 2030.
One of the standout trends in the second quarter was the resilience of the metal additive manufacturing (AM) sector, which displayed relative strength compared to other segments.
However, the industry as a whole felt the impact of high-interest rates affecting equipment financing for hardware investments.
Additionally, print services, a significant component of the AM market, experienced mixed results during the quarter, with a slight decrease from the first quarter due to varying activity levels across markets and a less vibrant dental sector.
Despite these challenges, the year-over-year results present a more encouraging outlook, with metal 3D printing markets showing an impressive growth rate of over 16 per cent, while polymer 3D printing markets grew by 13 per cent compared to the same period in the previous year.
In tandem with the market update, SmarTech Analysis, the entity behind the research, announced its rebranding to “Additive Manufacturing Research” to better reflect its dedicated focus on AM-related analysis and insights.
Scott Dunham, EVP of Research at AMR, commented on the findings, saying, “The trends we saw in the first quarter of 2023 mostly continued and strengthened slightly to round out the first half of 2023, with hot spots and cold spots in the market.”
“The most consistent trend, however, was the impact of interest rates on the ability of companies to invest in AM machines, which many have reported has altered the sales cycles of these large capital investments. However, utilization of existing AM equipment appears to continue to grow, creating highly valuable markets for materials. Print services are more affected by supply chain fluctuations,” Dunham explained.
AMR’s market data products, including “Core Metals” and “Core Polymers,” provide historical quarterly data spanning nearly a decade and offer forward forecasts for the next 10 years.
These quarterly reports on metal and polymer AM markets are available for purchase, either as standalone reports or through subscription services, providing valuable insights into the rapidly evolving additive manufacturing industry.
For more information on these reports and ongoing subscription services, interested parties can visit the Additive Manufacturing Research website.
