The global additive manufacturing (AM) market is forecast to achieve a 14.4% annual growth rate, reaching a value of $23.3 billion by 2026, according to a new report from Reports and Data (New York). Medtech applications are expected to drive some of the fastest growth with a 16.1% CAGR.
One of the contributing factors to the rise of AM is government support, according to the report. As one example, it cites the America Makes program, which has received $90 million in financing from the public and private sectors to conduct research into additive manufacturing.
The United States and western Europe are tagged as key revenue-generating regions for the additive manufacturing market, representing 73% of world activity in 2018. Regional industry growth is fueled by the presence of corporate behemoths such as Mercedes, Boeing, Airbus and Volkswagen, said the report, coupled with growing adoption of AM technologies in the aerospace and automotive industries for the production of small, complex and lightweight components. A continued emphasis in the European Union on vehicle lightweighting and emissions reduction also will influence market growth. Advances in metal 3D printing technology are projected to open up new horizons for lighter, safer and cleaner products, said the report.
Other key findings include:
- Metals and thermoplastics had the largest market share in materials in 2018, with revenues of $3.7 billion and $3.4 billion, respectively;
- stereolithography technology dominated the AM market with a value of $1.1 billion in 2018;
- medical equipment manufacturers are using additive manufacturing technology to produce tissues and organoids, surgical tools, patient-specific surgical models and custom prosthetics;
- Asia-Pacific is projected to grow at the highest rate of 18% from 2018 to 2026, owing to an untapped market with a large consumer base and increasing disposable income.
The 127-page report segments the AM market by metal and polymer materials types, production process, end-use industries and regions. To request a sample or to purchase the report, go to the Reports and Data website.