New York, NY -- (SBWIRE) -- 11/30/2020 -- According to a new report by Reports and Data, the global Additive Manufacturing Market size is estimated to reach USD 23.75 billion from USD 8.35 billion in 2019, delivering a CAGR of 14.4% through 2027. The market growth is driven by expansive application scope in the automotive and aerospace industry. Technological advancement in metal 3D printing is aiding the production of lighter, safer, and cleaner products, which may offer lucrative growth opportunities for the additive manufacturing market.

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Some of the prominent advantages of additive manufacturing are lower resource requirement, flexible design, substantial savings on tooling over traditional manufacturing technologies, and faster production cycle.

Research activities and technology advancement in the additive manufacturing technology supported by various regional governments are providing impetus to industry growth. For instance, the leading national program in the US, called America Makes, has been exclusively committed to research in 3 D printing/additive manufacturing technology and was supported by a financing value of USD 90 million by the regional government, non-benefit divisions, and other businesses.

The growing adoption of AM technologies in automotive and aerospace industries for the production of complex, lightweight, and small components is projected to boost additive manufacturing market share. Moreover, an emphasis on reducing the overall vehicle weight for reducing emissions will foster market size through 2027.

To identify the key trends in the industry, click on the link below:
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Further key findings from the report suggest

· Based on material type, metals and thermoplastics acquired the revenues of USD 3.7 billion and USD 3.4 billion, respectively, in 2018 and are poised to contribute significantly to the additive manufacturing market share through 2027.

· On the basis of process, the stereolithography technology segment generated revenue close to USD 1.1 billion in 2018 and is expected to gain major traction through 2027.

· Based on end-use, the manufacturing industry is projected to benefit largely from the AM technology and is likely to hold a whopping 33% market share through 2027.

· Based on application, the medical industry is anticipated to register a CAGR of 16.1% through 2027. The robust growth can be attributed to the increased usage of biocompatible 3D printing materials by medical equipment manufacturers to create tissues, organoids, patient-specific surgical models, surgical tools, and custom-made prosthetics.

· In the regional landscape, North American region accounted for 43% of the additive manufacturing industry size in 2018 and is likely to gain major traction through 2027 due to the presence of industry giants in the region. Technology growth and the number of patents is higher in the region. The United States is at the forefront of installed additive manufacturing systems, with nearly 37.2% of the global capacity.

· The Asia Pacific region is forecast to register a growth rate of 18% over the analysis period on account of untapped market potential with increasing disposable income and a large consumer base in the region. Estimates suggest that the regional 3D printing market will be worth USD 3.6 billion in the next five years.

· Prominent players contributing towards the global additive manufacturing market size are 3D Systems Inc., EnvisionTEC, General Electric, Mcor Technologies Ltd., Stratasys Ltd, Optomec Inc., EOS GmbH, MakerBot Industries, LLC, and The ExOne Company.

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For the purpose of the study, Reports and Data has segmented the global Additive Manufacturing market on the basis of type & sub-types of materials, process, end-use, and region:

Material Type (Revenue, USD Million; 2017-2027)

Metals

Thermoplastics

Ceramics

Others

Metal Type (Revenue, USD Million; 2017-2027)

Titanium

Stainless Steel

High Performance Alloys

Aluminum

Precious Metals

Others

Polymer Type (Revenue, USD Million; 2017-2027)

Acrylonitrile Butadiene Styrene (ABS)

Polylactic Acid (PLA)

Polycarbonate (PC)

Polyvinyl Alcohol (PVA)

Others

Ceramics Type (Revenue, USD Million; 2017-2027)

Silica/ Glass

Porcelain

Silicon Carbide

Others

Process (Revenue, USD Million; 2017-2027)

Computer-Aided Design

Stereo lithography

Fused Filament Fabrication

Binder Jetting

Material Jetting

Powder Bed Fusion

Material Extrusion

Others

End-use Outlook (Revenue, USD Million; 2017-2027)

Aerospace

Medical

Manufacturing

Automotive

Construction

Others

Regional Outlook (Revenue, USD Million; 2017-2027)

North America

Europe

Asia Pacific

Latin America

MEA

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