NEW YORK, Nov. 21, 2012 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue: Global Additive Manufacturing Market (2012 – 2017) – By Application [Medical Devices, Automotives, & Aerospace] & Technology [3D Printing, Laser Sintering, Stereolithography, Fused Deposition Modeling, Electron Beam Melting, & Tissue Engineering]
Additive manufacturing is an automatic process used to create rapid prototypes and functional end-use parts. It takes virtual designs from Computer Aided Design (CAD) software, and transforms them into thin, virtual, horizontal layer-wise cross-sections, until the model is complete. The AM is a potentially growing market in every manufacturing sector with a global market of $1,843.2 million in 2012 and is expected to grow at a CAGR of 13.5% to reach $3,471.9 million by 2017.
The global additive manufacturing devices market has been segmented into different areas such as, automotives, consumer products, business machines, medical, academic, aerospace, government/military and others. Automotives or motor vehicles account for the largest share in this market, primarily due to the easy applications of 3D printing in the production of end-products (engines, spare parts, other interior, and exterior parts) as compared to other segments such as consumer products and business machines, which have limited usage in manufacturing of end-products. Rising healthcare expenditure in emerging economies provide growth opportunities for the additive manufacturing technologies, as new healthcare facilities have come up in these areas.New and improved technologies, financial support from governments, large application area, rapid product development at a low cost, and ease of development of custom products are the major drivers that are slated to propel this market. However, a few pivotal factors restraining the growth of this market are regulatory hurdles in different countries, material characterization during development, and process control and understanding.