$2.5B additive manufacturing market

Dublin, Ireland – The global additive manufacturing (AM) market is projected to witness a compound annual growth rate (CAGR) of 16.20% during the forecast period to reach $6.167 billion by 2021, from $2.505 billion in 2015. Additive manufacturing is a process to create end-use parts automatically. Unlike conventional manufacturing process which involves cutting, stamping, molding, and more, AM involves joining of different sub-parts to build the final product.

Major drivers of the global AM market include increasing investment in AM industry and ease of development of customized products with the help of the AM processes. Moreover, advancement in technology in medical sector will also contribute to the growth of this market. Additionally, due to the rising demand for lightweight components by the automotive industry, the demand for AM solutions is projected to get a significant boost during the next five years.

In order to boost the industry, the U.S. government is taking up several projects in collaboration with private industry and academic institutions. However, the growth of the global AM market is restrained by lack of standardization, so manufacturers have to conduct costly and time-consuming testing procedures on their own. High machinery costs and lack of skilled personnel also hinders the growth of this market.

Key players in the "Additive Manufacturing Market - Forecasts from 2016 to 2021,” include:

• GE
• Wohlers Associates
• Royal DSM
• EOS
• ExOne
• Optomec
• Renishaw
• LayerWise
• Made In Space
• Sciaky

Source: researchandmarkets.com