Additive Manufacturing Market to Reach USD 26.68 Billion By 2027 | CAGR of 14.4%: Reports and Data

Additive Manufacturing Market to Reach USD 26.68 Billion By 2027 | CAGR of 14.4%: Reports and Data

PR Newswire

NEW YORK, Oct. 30, 2020

- Increasing adoption of Additive Manufacturing in automotive and aerospace industries is projected to stimulate market demand

- Market Size – USD 9.11 billion in 2019, Market Growth - CAGR of 14.4%, Market Trends – Development of new and improved 3D Printing technologies and materials

NEW YORK, Oct. 30, 2020 /PRNewswire/ -- The Global Additive Manufacturing Market is expected to reach USD 26.68 billion by 2027, 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 U.S., that has been exclusively committed to research in additive manufacturing (3D printing technology), was awarded USD 90 million in funding from the government and business and non-benefit divisions.

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Additive manufacturing has several advantages, such as lower resource requirement, faster production cycle, flexible design, and substantial savings on tooling, over traditional manufacturing technologies like 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 forecast period, businesses across the value chain in several industries would aim to capitalize on this fast-paced market. Different metals, such as titanium, steel, nickel, aluminum, and cobalt alloys, which have various useful properties, are used to make high-performance parts, particularly in the aerospace industry.

Developed regions such as the U.S. and countries in Western Europe are projected to be key revenue-generating regions for the additive manufacturing market, with the lion's share of 73% in 2019. The presence of various industry giants in the region such as Mercedes, Boeing, Airbus, and Volkswagen, coupled with the growing adoption of 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, the growing emphasis of EU Commission on reducing the overall weight of vehicles to decrease emissions is also likely to influence market growth. Advancements in metal 3D printing technology are projected to open new horizons for lighter, safer, and cleaner products, which will create lucrative opportunities for the market.

To identify the key trends in the industry, click on the link below:
https://www.reportsanddata.com/report-detail/additive-manufacturing-market

Further key findings from the report suggest

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For the purpose of this report, Reports and Data has segmented the Global Additive Manufacturing Market on the basis of material type, metal type, polymer type, ceramics type, process, end-use, and region:

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