Additive Manufacturing Market to hit USD 84.87 Billion by 2033, Says We Market Research
CHICAGO, Dec. 1, 2023 /PRNewswire/ -- As per the most recent analysis conducted by We Market Research, the Additive Manufacturing Market is on track to reach a value of $84.87 billion by the end of 2033. Looking ahead, the market's prospects appear even more impressive, with projections suggesting a significant increase to $17.23 billion in 2023. This remarkable growth trajectory is underpinned by a strong compound annual growth rate (CAGR) of 21.65% expected between 2023 and 2033.
Rising demand for customized products Have Played a Pivotal Role in Shaping Additive Manufacturing market
Consumers are increasingly demanding customized products that meet their specific needs and preferences. Additive manufacturing (AM), also known as 3D printing, is a technology that is well-suited for producing customized products. Additive Manufacturing allows manufacturers to create products from digital designs, which means that they can easily make changes to the design to meet the specific needs of each customer.
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The rise of e-commerce and social media platforms have made it easier for consumers to find and discover new products, and they have also given consumers more opportunities to express their individuality and preferences.
Additive Manufacturing Market Report Scope:
Additive Manufacturing is being used to create custom medical implants, such as bone implants and dental implants, that are specifically designed to fit the patient's anatomy. Additive Manufacturing is being used to create custom prosthetics and orthotics that are more comfortable and functional for the wearer.
Additive Manufacturing is being used to create a wide variety of custom consumer products, such as jewelry, eyewear, and sporting goods. Additive Manufacturing is being used to create custom tools and fixtures for manufacturing and industrial applications.
The rising demand for customized products is expected to drive the growth of the additive manufacturing market during the forecast period. Additive Manufacturing is a versatile and powerful technology that can be used to create a wide variety of customized products, and it is well-positioned to meet the growing demand for personalization and mass customization.
Reduced tooling costs and lead times through Additive Manufacturing, is poised to slash the demand for Additive Manufacturing
Traditional tooling methods, such as CNC machining and injection molding, can be expensive and time-consuming. This is because traditional tooling requires the creation of physical molds or dies, which can be costly to design, manufacture, and maintain. Additionally, traditional tooling methods can have long lead times, as the molds or dies need to be designed, manufactured, and shipped before they can be used to produce parts.
Additive manufacturing (AM), also known as 3D printing, can significantly reduce tooling costs and lead times. This is because Additive Manufacturing does not require the creation of physical molds or dies. Instead, Additive Manufacturing builds parts directly from digital designs, which can be easily modified without the need to create new molds or dies. As a result, Additive Manufacturing can reduce tooling costs by up to 90% and lead times by up to 90%. For instance,
Traditional manufacturing processes often involve lengthy lead times for tooling design, production, and testing. Delays in tooling can significantly impact the overall production timeline. Additive manufacturing enables rapid prototyping and tool-less production. Design changes can be quickly implemented, and the production process is more agile, reducing overall lead times.
In an automotive manufacturing scenario, a traditional production line may require several weeks to design, produce, and test molds for a new part. With additive manufacturing, the same part can be 3D printed within a fraction of the time, allowing for faster iteration and production.
The reduced tooling costs and lead times associated with additive manufacturing make it an attractive solution for industries where rapid prototyping, customization, and small-batch production are crucial, such as aerospace, healthcare, and automotive.
Aerospace companies can benefit from Additive Manufacturing's ability to produce lightweight, complex parts without the need for expensive tooling. This can lead to faster development cycles and reduced costs for both prototyping and end-use parts.
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Major companies operating within the Stratasys, Ltd., Materialise NV, EnvisionTec, Inc., 3D Systems, Inc., GE Additive, Autodesk Inc., Made In Space, Canon Inc. and Voxeljet AG among others.
Stratasys, Ltd., Materialise NV, EnvisionTec, Inc., combined dominate the market with an active share of around 25-30%.
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SOURCE We Market Research