Additive Manufacturing Industry grew by 10.3% in 2023: AMPOWER Report

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Global metal and polymer Additive Manufacturing market 2020 to 2023 and forecast 2028
Global metal and polymer Additive Manufacturing market 2020 to 2023 and forecast 2028/Source: AMPOWER

AMPOWER, a Germany-based strategy consultancy, has released its annual market report for industrial additive manufacturing. The AMPOWER report 2024 analyses global industry developments in 2023 and forecasts the next five years based on supplier and buyer expectations.

According to the AMPOWER report, the global additive manufacturing market, which includes metal and polymer systems, materials, and part manufacturing services, is worth USD 11.3 billion (EUR 10.5 billion) in 2023 which represents a growth of 10.3% from 2022. The industry is expected to grow at a compound annual growth rate (CAGR) of 13.9% until 2028, when it will be worth USD 21.5 billion (EUR 20 billion).

Insights from the AMPOWER Report 2024

Trend of metal PBF equipment sales 2018 to 2023 and forecast 2028
Trend of metal PBF equipment sales 2018 to 2023 and forecast 2028/Source: AMPOWER

The Additive Manufacturing industry faced significant challenges over the last year, as competition among equipment suppliers increased and new competitors emerged. Asian suppliers, in particular, are increasingly looking to broaden their reach beyond domestic borders in order to compete with customers.

In addition to a general market cooling in 2023 on a unit sales basis, supplier saturation, combined with the struggle to differentiate their products and concerns about profitability, has resulted in low stock market valuations, prompting discussions of consolidation.

Looking ahead, both buyers and suppliers of additive manufacturing remain optimistic, predicting significant growth for the industry in the coming years and continued adoption in an ever-increasing number of industrially important applications.

“Aerospace and defence are currently the strongest market drivers due to the new space race as well as increasing global investments into defence programs.”

– Dr. Maximilian Munsch, co-author and partner at AMPOWER

However, the automotive market has reached a plateau in terms of discovering new, groundbreaking application developments. While prototyping and tooling applications remain popular in this industry, end-use parts are restricted to racing, high-performance cars, trucks, and buses.

The AMPOWER Report 2024 is based on over 300 personal interviews conducted by the Hamburg-based consulting firm. In addition to suppliers, a focus is placed on interviewing users in order to provide a demand-oriented evaluation of future market developments. In addition to the market analysis, the report includes articles by guest authors that discuss the growth of the 3D printing market in specific regions. The AMPOWER Report 2024 is available online for purchase.

About Manufactur3D Magazine: Manufactur3D is an online magazine on 3D Printing. Visit our Global News page for more updates on Global 3D Printing News. To stay up-to-date about the latest happenings in the 3D printing world, like us on Facebook or follow us on LinkedIn and Twitter. Follow us on Google News.

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About author
Abhimanyu Chavan is the founder of Manufactur3D Magazine. He writes on Additive Manufacturing technology, interviews industry leaders, shares industry insights, and expresses his thoughts on the latest developments in the industry. You can follow him on LinkedIn, Twitter and Instagram.
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