The market for additive manufacturing (AM) and materials could reach USD 183 billion (AUD 275 billion) by 2032, a 21.2 per cent spike in CAGR, as a result of the growing popularity of 3D printing, according to a market report from Future Market Insights.
In terms of absolute value, the market for additive manufacturing and materials in the US is projected to generate USD 47.7 billion (AUD 71.8 billion) by 2032.
The analysis found that the market is growing as a result of expanding uses for additive manufacturing and materials in the aerospace and healthcare industries.
Meanwhile, sales of additive manufacturing materials are likely to increase as 4D printing becomes more popular, the report said.
Stereolithography will remain the most widely utilised 3D printing technology due to the numerous benefits that this AM technology provides.
According to Future Market Insights, this target segment will grow at a 21.1 per cent CAGR from 2022 to 2032.
The global market is also being driven by the increasing adoption of AM technologies by various industries, and developments in 3D technology will enhance sales throughout the forecast period.
“Growing popularity of 3D printing technology due to its several advantages will boost the market. Besides this, focus on improving productivity and reducing production costs will fuel demand.” noted a lead Future Market Insights analyst.
Moreover, the automotive industry is pioneering the use of AM and materials, owing to the increasing popularity of 3D printing technology in this industry for prototyping applications.
Findings revealed that the global market will benefit from rising demand in the medical device, aerospace, and electronics sectors.
Aside from that, the adoption of Industry 4.0 and advancements in 3D printers are expected to drive sales.
Key companies operating the market are 3D Systems Corporation, Envision TEC GmbH, Stratasys Ltd, General Electric Company, Materialise NV, EOS GmbH, SLM Solutions Group AG, CleanGreen 3d Limited, Exone Company, and Optomec Inc.
Future Market Insights noted that for financial advantage, the majority of these players are developing cutting-edge AM techniques.
To increase their footprint, they are also implementing techniques like acquisitions, mergers, and collaborations, according to the report.
