ADDITIVE MANUFACTURING
A TruPrint 3000 metal additive manufacturing ( AM ) system from TRUMPF .
to mid-volume applications . Leading manufacturers are leveraging additive manufacturing to save money , shorten lead times , solve complex problems and improve processes from prototyping to production .
Market size and applications
Increased demand for customised products across various industries has fuelled the rise of additive manufacturing ( AM ). AM enables the manufacturing of complex designs that are too difficult or expensive to produce using traditional machining , milling , moulds and dies . It also excels at rapid prototyping , offering a dynamic and design-driven process . AM is ideal for making prototypes quickly using 3D CAD and eliminates the extensive process and associated high costs . Lead times can be halved , compared to conventional methods such as injection moulding , allowing companies to have quicker go-to-market strategies .
A printed prototype also enables close examination for modifications and customisations , before embarking on massprinting . This helps companies to save costs before committing to bulk print orders .
The metal additive manufacturing market size is expected to grow by US $ 4.42 billion and record a CAGR of 14 % during 2020-2024 , according to analyst Technavio . The global market revenue generated by this sector accounted for approximately US $ 12 billion in the year 2020 and is anticipated to reach around US $ 78 billion by the year 2028 , according to ResearchandMarkets . com . Market growth dynamics account for around CAGR A 3D-printed bicycle . of 26 % - 32 % during the forecast period , 2020-2028 .
“ North America dominates the global market with a market value of US $ 24 billion . owing to the increasing R & D investment in this sector coupled with an infrastructure that supports the same . The early adoption of 3D printing technology in North America is another factor that fuels market growth . Europe is the secondlargest segment ; this is due to the growing industrialisation of this market coupled with the low production cost of additive manufacturing . APAC is expected to grow with the highest CAGR of around 27 % - 30 %, although traditional means of additive manufacturing are more prevalent in the APAC ’ s developing countries ,” said the report .
“ The use of smart manufacturing processes to develop products and the predominant role of 3D printing in Industry 4.0 are forthcoming applications for this technology . Industry 4.0 is a rising trend that is anticipated to shift global market dynamics and bring a radical change to manufacturing processes . Leading companies are making use of 3D printing as a means of creating complex designs to client requirements . The testing of theoretical designs before setting up production lines is
expected to change the process of product development in the coming years ,” it added .
According to 2021 analysis ( ResearchandMarkets . com ), the ‘ Global Additive Manufacturing Market and Technology Forecast to 2028 ’, the increasing adoption of additive manufacturing ( AM ) in the automotive and aerospace industries is projected to stimulate market demand . Increasing government support to enhance additive manufacturing technology across various regions is a key factor influencing market demand .
“ Additive manufacturing has several advantages , such as flexible design , faster production cycles , lower resource requirement and substantial savings on tooling compared to traditional manufacturing technologies such as Computer Numerical Control ( CNC ) machining ; injection moulding and vacuum casting . After 25 years of development , the market has started to move into the production phase . Over the forecast period , businesses along the price chain in a variety of industries are now trying to capitalise on this fast-paced market . Different metals such as titanium , nickel , steel , aluminum and cobalt alloys are being used to make high-performance parts , specifically for the aerospace industry ,” said the analyst .
Developed nations , such as the U . S . and countries in Western Europe , are projected to be the chief revenue-generating regions for the additive manufacturing market and held a massive share of 73 % in 2019 . The presence of industry giants in the region ( such as Mercedes , Boeing , Airbus and Volkswagen ) and the growing adoption of additive manufacturing technologies in aerospace and automotive industries for the production of small , complex , and lightweight components is anticipated to drive regional industry growth .
Growing emphasis by the EU Commission to reduce the overall weight of vehicles for reducing emissions is also likely to influence market growth . Advances in metal 3D printing technology are projected to open up new horizons for lighter , safer and cleaner products which , said the report , will create lucrative opportunities for the market .
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