Additive Manufacturing Market is projected to reach USD 111.05 billion by 2031

Additive Manufacturing Market

The global additive manufacturing market size was valued at USD 75.97 billion in 2023 and is projected to reach USD 111.05 billion by 2031, with a CAGR of 20.90% during the forecast period of 2024 to 2031.

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**Segments**

- **By Offering**: The additive manufacturing market can be segmented based on offering into hardware, software, and services. Hardware includes 3D printers and materials necessary for printing, software comprises design software and simulation software, and services encompass various printing services and maintenance.

- **By Process**: Additive manufacturing processes include powder bed fusion, material extrusion, vat photopolymerization, material jetting, binder jetting, directed energy deposition, sheet lamination, and others. Each process has its unique applications and advantages which cater to different industries.

- **By Application**: Applications of additive manufacturing are diverse and include prototyping, tooling, functional part manufacturing, and research and development. Industries such as aerospace, automotive, healthcare, and consumer goods extensively utilize additive manufacturing for various purposes.

- **By Vertical**: The market can also be segmented by verticals such as aerospace and defense, automotive, healthcare, industrial manufacturing, and consumer products. Each vertical has specific requirements and benefits from utilizing additive manufacturing technologies.

**Market Players**

- **Stratasys Ltd.**: A prominent player in the additive manufacturing market offering a wide range of 3D printers, materials, and software solutions catering to various industries.

- **3D Systems**: Another key player providing additive manufacturing solutions including 3D printers, software, and services for applications in healthcare, aerospace, and automotive sectors.

- **ExOne**: Known for its binder jet 3D printing technology, ExOne offers industrial 3D printers and metal powders suitable for rapid prototyping and production purposes.

- **GE Additive**: A subsidiary of General Electric, GE Additive focuses on metal additive manufacturing solutions for critical industries like aerospace and healthcare.

- **EOS**: Specializing in industrial 3D printing systems, EOS offers a comprehensive range of solutions for metal and polymer additive manufacturing applications.

- **HP Inc.**: Apart from its traditional printing solutions, HP Inc. has ventured into the additive manufacturing market with its MultiThe additive manufacturing market has been witnessing significant growth and innovation in recent years, driven by the increasing adoption of 3D printing technology across various industries. Segmentation of the market based on offering reveals that hardware, software, and services play crucial roles in the additive manufacturing ecosystem. Hardware, which includes 3D printers and materials, forms the foundational aspect of the market, with companies like Stratasys Ltd. and 3D Systems offering a diverse range of solutions. Software, on the other hand, encompasses design and simulation tools that enable efficient and accurate printing processes. Additionally, services such as printing services and maintenance are essential for supporting the operation and maintenance of additive manufacturing equipment.

Another key segmentation factor is the process involved in additive manufacturing, which includes powder bed fusion, material extrusion, vat photopolymerization, and others. Each process offers distinct advantages and applications, catering to a wide range of industries such as aerospace, automotive, healthcare, and consumer goods. For instance, powder bed fusion is commonly used in the aerospace industry for creating complex geometries, while material extrusion is preferred in automotive applications for prototyping and tooling purposes. Understanding the different processes can help companies choose the most suitable method for their specific needs and requirements.

The diverse applications of additive manufacturing span across prototyping, tooling, functional part manufacturing, and research and development. Industries like healthcare benefit from the customization and on-demand production capabilities offered by additive manufacturing technology, leading to improved patient care and outcomes. The automotive sector leverages 3D printing for rapid prototyping and tooling, enabling faster product development cycles and cost savings. Moreover, additive manufacturing plays a crucial role in the aerospace industry by reducing weight, enhancing design complexity, and improving fuel efficiency of aircraft components.

Vertical segmentation of the additive manufacturing market highlights key industries such as aerospace and defense, automotive, healthcare, industrial manufacturing, and consumer products. Each vertical has specific requirements and challenges that can be addressed through the adoption of additive manufacturing technologies. For example**Market Players**

- ANSYS, Inc.
- Höganäs AB
- EOS
- ARBURG GmbH + Co KG
- Stratasys
- Renishaw plc.
- YAMAZAKI MAZAK CORPORATION
- Materialise
- Markforged
- Titomic Limited.
- SLM Solutions
- Proto Labs
- ENVISIONTEC US LLC
- Ultimaker BV
- American Additive Manufacturing LLC
- Optomec, Inc.
- 3D Systems Inc.
- ExOne (A Subsidiary of Desktop Metal, Inc.)

The additive manufacturing market continues to experience rapid growth and technological advancements, driven by the expanding applications across various industries. As companies strive to leverage the benefits of 3D printing technology, market players play a crucial role in shaping the competitive landscape and driving innovation. Stratasys Ltd., a leading player in the additive manufacturing industry, offers a comprehensive range of 3D printers, materials, and software solutions tailored to different sectors. Their solutions cater to the diverse needs of industries such as aerospace, automotive, healthcare, and consumer goods, highlighting the versatility and scalability of additive manufacturing technologies.

3D Systems, another prominent market player, provides cutting-edge additive manufacturing solutions encompassing 3D printers, software, and services. With a strong focus on healthcare, aerospace, and automotive applications, 3D Systems continues to push the boundaries of additive manufacturing with innovative offerings and strategic partnerships.