2024-04-02 19:27:28
The players in the AM market have had a difficult year. Growth remained stagnant at 10.3%. The AM market will double by 2028, analysts predict in the new AMPower Report 2024. This means that growth is considerably less than expected a few years ago. Moreover, the number of parties that have to divide the cake is large; and that number is growing further due to both newcomers and Asian parties that are expanding their operating area.
AMPower researchers base their findings on more than 300 personal interviews. Not only with suppliers, but also with users. Because the expectations of these two groups often differ, the German consultancy firm previously concluded.
Both suppliers and buyers see their earlier optimism foundering in a difficult 2023
Growth expectations tempered by 5%
This year both are adjusting their vision. Both buyers and suppliers of additive manufacturing remain optimistic regarding the coming years. But the expected growth rates are significantly lower than in previous years. AMPower predicts a compound annual growth rate (CAGR) of 13.9% for the next 5 years, leading to a market volume of just over 20 billion euros in 2028. A year ago it predicted a growth rate of 18% annually. The decrease is equally distributed across both metal and polymer AM. It is striking that in 2021, when the 3D printing industry emerged from the Corona period full of optimism, a market turnover of € 18 billion was already expected for 2025. That rosy image has now been overtaken by reality.
More competition from Asia
The past year has been challenging for the additive manufacturing industry. Competition between machine suppliers increased. The number of new competitors also grew. Suppliers from the Asian market in particular are increasingly trying to win customers across national borders. All in all, AMPower currently estimates the total AM market at around €10.5 billion. The production of AM parts takes up the largest share of this market. That will not change in the next five years.
Steady growth in general industry
Aerospace remains the strongest drivers of growth, with great potential to use additive manufacturing even more widely, concludes Maximilian Munsch, co-author and partner at AMPower. Defense has also been a strong grower in the past two years. The automotive market, on the other hand, is in a wait-and-see phase with regard to the development of applications for series products in vehicles. Currently, series products in this segment are limited to the racing sector and sports cars and to spare parts in commercial and special vehicle construction. In the management summary, AMPower reports that steady growth of additive manufacturing can be expected for the general industry. By 2028, the overall industry will be the largest consumer of AM equipment.
About the report
This year, a separate section of the AMPower Report 2024 will once once more discuss regional developments. This year’s contribution regarding AM in the Benelux comes from Franc Coenen (3D Print magazine). You can read the AMPower report 2024 (already the sixth edition). buy here or view the table of contents. Purchasing the report provides access to more than 33,000 data points underlying the report.
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