Lux Research, Boston, Massachusetts, USA, a provider of tech-enabled research and innovation advisory services, has released a new report, ‘Will 3D Printing Replace Conventional Manufacturing?’, which anticipates the Additive Manufacturing market reaching $51 billion within a decade.
The report also breaks down the industry’s market size and growth by application and material, providing an outlook on what impact AM will have on the future of manufacturing, and how strategies and business models will evolve with it.
The value of additively manufactured parts is reported to rise at a 15% compound annual growth rate (CAGR) from $12 billion in 2020 to $51 billion in 2030. “The largest share of this growth will be in end-use parts, which are just 23% of the market today, but will reach 38% share in 2030,” stated Anthony Schiavo, Research Director and one of the report’s lead authors. “The medical and dental industries will account for the largest share of end-use parts, reaching $4.5 billion in 2030, followed by aerospace at $3.9 billion.”
“3D printing will be a key in the future manufacturing landscape thanks to benefits that it can bring over injection moulding, machining, casting, or other conventional methods,” added Schiavo. “These benefits include customisation and personalisation, the ability to create complex geometries, part consolidation, and, in some, cases lowering costs.”
As Additive Manufacturing matures, strategies will shift. Vertical integration is critical now, but horizontal specialists can capture more profits in the future. Due to the relative immaturity of AM as a technology, complete well-integrated ecosystems are needed to help make it competitive.
An executive summary is available for free through the company’s website.