Industrial Additive Manufacturing Market Size, Share, Competitive Landscape and Trend Analysis Report, by Material, by Process Type and, by End User Industry : Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact analysis

• COVID-19 pandemic has shut-down and limited the supply chains and effected the industrial additive manufacturing countries worldwide. This has hampered the growth of industrial additive manufacturing market from the last few months and is likely to continue during 2021.
• COVID-19 has already affected the revenue of industrial additive manufacturing in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
• The major demand for industrial additive manufacturing was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis.
• During the COVID19 recession, companies operating in the industrial additive manufacturing are focusing on developing new technologies for cost-efficient and quick solutions to meet the requirements of clients. 

Top Impacting Factors

Additive manufacturing has many driving factors in the developing economy. Additive manufacturing helps in making solid, light constructions that would not be possible by using traditional methods and helps in improving the efficiency of existing products by making efficient use of materials. Additive manufacturing can reduce the transportation cost due to the reduced cost of shopping finished goods. Despite having many driving factors, additive manufacturing also has a restrain that it is slow and expensive which can affect its adoption in some sectors.

Additive manufacturing employs computer-aided designs or digital printers that aid in the creation of geometric shapes and objects with utmost precision. Additive manufacturing has several advantages over traditional methods such as lower cost of production, flexibility in design, faster production cycles, supports of new AI-driven design methods, lower prototyping and storage costs. The market for industrial additive manufacturing is projected to propel at a significant rate which is primarily attributed to the fact that the growing usage of additive manufacturing techniques in the automotive and aerospace industry. In addition, additive manufacturing techniques facilitate ease in the manufacturing of complex designs over traditional production methods, thus driving development in the industrial additive manufacturing market. Moreover, increasing government support towards additive manufacturing technology is expected to further lead to the market demand. Besides, additive manufacturing facilitates low production costs for rapid manufacturing processes which are expected to expand business opportunities in the market over the estimated period. Nevertheless, lack of clarity with the quality of materials used and issues with standardization and characterization of the materials used in the additive manufacturing process is expected to hinder the growth in the market.

Market Trends

• The launch of new products that contain improved capabilities have been launched by leading market players. For instance, in October 2019, Lancashire3D, a UK based 3D printing Service Bureau has launched its new and sustainable range of materials for producing 3D printing.
• Similarly, competitors in the industrial additive manufacturing market adopted acquisition as their key developmental strategy to expand their geographical foothold and upgrade their product technologies. For instance, in November 2019, BASF 3D Printing Solutions, a Germany based company has acquired Sculpteo, a French company based in Paris and San Fransisco. This will enable BASF, a wholly owned subsidiary to market and establish new industrial 3D printing materials quickly.