Increasing adoption of Additive Manufacturing in automotive and aerospace industry is projected to stimulate market demand.
Market Size – USD 7.97 billion in 2018, Market Growth - CAGR of 14.4%, Market Trends – Development of new and improved 3D Printing technologies and materials
NEW YORK, March 18, 2019 (GLOBE NEWSWIRE) -- The global Additive Manufacturing Market is expected to reach USD 23.33 billion by 2026, growing at a high rate of 14.4%, according to a new report by Reports and Data. Increasing government support to enhance additive manufacturing technology across various regions is a key factor influencing market demand. For instance: America Makes, the leading national program in the US, that has been exclusively committed for research in additive manufacturing (3D printing technology), was supported by a USD 90 million financing from the government and business and non-benefit divisions.
Additive manufacturing has several advantages such as lower resource requirement, faster production cycle, flexible design, and substantial savings on tooling over traditional manufacturing technologies such as injection molding, Computer Numerical Control (CNC) machining, and vacuum casting. After more than 25 years of development, the market is finally moving into the production phase. Over the forecasted period, businesses alongside the price chain in a variety of industries are now trying hard to capitalize on this fast-paced market. Different metals such as titanium, steel, nickel, aluminum, and cobalt alloys which have various properties are used to make high-performance parts, specifically in the aerospace industry.
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Developed regions such as the U.S. and countries in Western European are projected to be key-revenue generating regions for the additive manufacturing market, with a lion’s share of 73% in 2018. Presence of various industry giants in the region such as Mercedes, Boeing, Airbus, and Volkswagen coupled with growing adoption of the AM technologies in aerospace and automotive industries for the production of small, complex and lightweight components is anticipated to drive the regional industry growth. Furthermore, growing emphasis by the EU Commission to reduce the overall weight of vehicles for reducing the emissions is also likely to influence market growth. Advancements in metal 3D printing technology are projected to open up new horizons for lighter, safer and cleaner products which will create lucrative opportunities for the market.
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Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented global Additive Manufacturing market on the basis of type & sub-types of materials, process, end use, and region:
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