Jul 26, 2023
Global Hybrid Additive Manufacturing Market Soars: Projected $948.6 Million Valuation by 2030
Global Hybrid Additive Manufacturing Market Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Hybrid Additive Manufacturing Market Size, Share & Trends Analysis Report By Material (Titanium, Aluminum,
Global Hybrid Additive Manufacturing Market
Dublin, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The "Hybrid Additive Manufacturing Market Size, Share & Trends Analysis Report By Material (Titanium, Aluminum, Steel, Nickel, Others), By End-use, By Region, And Segment Forecasts, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global hybrid additive manufacturing market is on the brink of remarkable expansion, projected to achieve a substantial market size of USD 948.6 million by 2030, according to a comprehensive report.
This surge is indicative of a robust Compound Annual Growth Rate (CAGR) of 22.2% from 2023 to 2030, showcasing the escalating adoption and transformative potential of hybrid additive manufacturing.
Convergence of Manufacturing Innovations
The propulsion behind this market surge lies in the escalating adoption of hybrid additive manufacturing within pivotal sectors like aerospace, medical, and automotive. This convergence of manufacturing innovations is set to steer the market's growth trajectory, opening new horizons for intricate and high-quality production.
Customization Catalyzes Development
In response to the mounting demand for tailored products spanning diverse industries, hybrid additive manufacturing has emerged as a cutting-edge solution. This innovative technology seamlessly marries traditional subtractive manufacturing with additive manufacturing techniques to craft intricate, bespoke, and precision products. Beyond customization, this approach bestows added benefits including minimal material wastage, expedited production, and reduced costs.
Pandemic's Dual Impact
The COVID-19 pandemic wrought a dual impact on the hybrid additive manufacturing market. Disruptions in global supply chains triggered shortages in raw materials, components, and equipment, affecting the sector reliant on imports. Paradoxically, the pandemic expedited the adoption of additive manufacturing within the medical sphere, highlighting its indispensable role in healthcare.
Key Market Highlights:
The titanium segment is poised for exceptional growth with a projected CAGR of 23.4%. This segment's promise is underscored by the deployment of titanium in 3D printing due to its stellar strength-to-weight ratio, exceptional mechanical strength, and superior corrosion resistance, particularly when compared to stainless steel.
Dominating the landscape, the aerospace sector captured a significant 43.1% revenue share in 2022. Advancements in composite materials, including fiber metal laminates and multifunctional materials with structural and thermal properties, are driving the creation of sustainable, lightweight aerospace components.
North America commanded the largest share, 39.8% in 2022, poised to maintain its dominance. A thriving landscape of automobile, machinery, electronics, defense, healthcare, energy, and aerospace industries in the region are propelling the demand for hybrid additive manufacturing.
Hoganas AB, a pioneering metal powder producer, marked a significant milestone in April 2022 by introducing a new line of titanium powders tailored for additive manufacturing. This strategic expansion caters to the surging demand for 3D printing applications, offering a cost-effective and reliable solution.
Forecast Period: 2022 - 2030
Estimated Market Value in 2022: $191.3 Million
Forecasted Market Value by 2030: $948.6 Million
Compound Annual Growth Rate: 22.2%
Regions Covered: Global
Navigating Market Dynamics:
Growing demand from the aerospace sector
Rising appetite for customized products
High initial investment
Pioneering Companies at the Vanguard:
3D Systems, Inc.
GKN Powder Metallurgy
CRS Holdings, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/kxyqed
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Global Hybrid Additive Manufacturing MarketResearchAndMarkets.com'sConvergence of Manufacturing InnovationsCustomization Catalyzes DevelopmentPandemic's Dual ImpactKey Market Highlights:Key Attributes:Navigating Market Dynamics:Drivers:Restraints:Challenges:Pioneering Companies at the Vanguard:About ResearchAndMarkets.comAttachment