Latest Report Titled On:- Additive Manufacturing & Materials Market – Growth, Trends, and Forecast (2019 – 2024)
360 MARKET UPDATES Report provides a 360-degree overview of the global Additive Manufacturing & Materials market with special emphasis on all aspects including drivers, restraints, and opportunities, market and regional segmentation.
Global Additive Manufacturing & Materials Market report (2019 – 2024) focuses on market overview, scope of report, share, current market trends and upcoming future predictions.
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Additive Manufacturing & Materials Market Report Covers Leading Manufacturers: 3D Systems Corporation , Arcam AB , EnvisionTEC GmbH , EOS GmbH , Exone Company , Mcor Technologies Ltd , Materialise NV , Optomec Inc. , Stratasys Ltd
The Additive Manufacturing & Materials Market Overview:
The Global Additive Manufacturing & Materials Market was valued USD 12.79 billion in 2018 and is expected to register a CAGR of 25.7% over the forecast period (2019-2024). With rapid advancements in material compositions, such as, polymers and metals, additive manufacturing technology is evolving from being a prototyping tool to a functional part of fabrication.
The decreased prices of additive manufacturing-based machines, coupled with growing expertize and awareness, have increased the availability and demand for this technology.
The growing demand for lightweight, fast, and fuel-efficient vehicles in countries, such as, Germany, Japan, and China, have fueled the growth of the metal additive manufacturing sector.
The increased investments in the R&D of improved software and technology, coupled with the introduction of new combinations of printing materials, are expected to spur the development of new equipment and applications, thereby bolstering the growth of the additive manufacturing market.
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Automotive to Hold a Significant Share
In the automotive industry, additive manufacturing is used to design components like, engines and their various components. It provides the precision and finishing needed for smaller parts for their functioning and spatial requirements.
Innovative and tool-less additive manufacturing techniques have provided a new approach to tackle the challenges faced by the automotive industries. The techniques allow for maximum design freedom, while creating complex, yet lightweight components for the industry.
Furthermore, autonomous and electric vehicles are expected to lead the automotive sector in the future. With this, 3D printed electric car will be ready for mass production as the technology has already made its way into the market.
Considering all the additive manufacturing applications, which are aimed at improving the precision and finishing of the products and the need for increasing efficiency, additive manufacturing is likely to dominate the entire market in the automotive industry during the forecast period.
North America to Hold Major Share
North America is expected to hold a major share as the adoption of 3D printing in the region has been strong, as industry and academic institutions are implementing 3D printing at a steady rate. The adoption of additive manufacturing by firms produces various economic benefits as it lowers production costs, improves production efficiency, and contributes to revenue generation of the North American organizations and businesses. However, the growing demand for additive manufacturing in emerging economies such as India, Japan and China is reflecting higher growth, due to which Asia-Pacific is expected to exhibit higher growth over the forecast period.
The Scope of Additive Manufacturing & Materials Market:
Additive manufacturing, also known as 3D printing, is a technology which creates objects, as it offers a plethora of opportunities in production, design, and performance of novel architectural forms, construction systems, and materials.
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