The Asia Pacific Additive Manufacturing Market would witness market growth of 19.7% CAGR during the forecast period (2022-2028).
It is also easy to build tiny quantities of things with additive manufacturing. Small quantities are not cost viable in traditional manufacturing due to setup costs. Because setup expenses are mostly eliminated with additive printing, producing a small number of products becomes more feasible. This enables designing products like prosthetics and implants easier, which may lead to better patient results. Hearing aids are virtually and additively made and are personalized for each individual. In traditional additive manufacturing, machines create a fixed 3D object. 4D printing produces 3D things that can change or alter over time without requiring human intervention. 4D printing employs a wide line of uses. Self-configuring substances would be beneficial in severe conditions, such as space. Biomaterials are another example, which would change over time.
Compared to traditional manufacturing methods, additive manufacturing produces much less waste. A milling machine, for example, removes material from a block that is larger than the finished result. The material removed is usually in the form of embers or flakes, which cannot be reused and hence end up as waste. In contrast, additive manufacturing operates in a different way. Instead of removing material, it accumulates it layer by layer, ensuring that only what is needed is used. In this method, additive manufacturing can save a significant amount on material prices and waste.
According to government data, China's main additive manufacturers reported total operational revenue of 7.5 billion yuan (around $1.14 billion) in the first nine months of the year. According to the Ministry of Industry and Information Technology, the figure was up 10.3% year on year. Profits for additive manufacturing enterprises with a yearly turnover of over 20 million yuan increased by 135.5% to 730 million yuan during the time. In addition, China is also increasing its efforts to improve consumer product quality and promote the Made in China mark in order to meet rising demand.
The government is imposing various mandatory quality standards, strengthening monitoring, and encouraging firms to improve products. Moreover, to accommodate rising domestic demand, China is focusing on improving its manufacturing sector. A number of initiatives have been implemented, including supply-side structural transformation. Hence, due to the increasing government initiatives for the development of the manufacturing sector, the demand for additive manufacturing would surge in the region. This factor would propel the growth of the regional additive manufacturing market.
The China market dominated the Asia Pacific Additive Manufacturing Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,701.6 million by 2028. The Japan market is poised to grow at a CAGR of 19% during (2022 - 2028). Additionally, The India market would display a CAGR of 20.5% during (2022 - 2028).
Based on Printer Type, the market is segmented into Industrial 3D Printer and Desktop 3D Printer. Based on Technology, the market is segmented into Stereolithography, Fuse Deposition Modeling, Selective Laser Sintering & Direct Metal Laser Sintering, Polyjet Printing & Inkjet Printing, Electron Beam Melting & Laser Metal Deposition, Digital Light Processing, and Laminated Object Manufacturing & Others. Based on Component, the market is segmented into Hardware, Software (Design, Printer, and Scanning & Inspection), and Services. Based on Application, the market is segmented into Prototyping and Tooling & Functional Parts. Based on Material, the market is segmented into Metal, and Polymer & Ceramic. Based on Vertical, the market is segmented into Automotive, Consumer Electronics, Aerospace & Defense, Educational Purpose, Healthcare & Dental, Fashion & Jewelry, Power & Energy, Food, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Additive Manufacturing Market is Projected to reach USD 44.6 Billion by 2028, at a CAGR of 18.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 3D Systems Corporation, Autodesk, Inc., Canon, Inc., Materialise NV, EnvisionTec, Inc., General Electric (GE) Co., Voxeljet AG, Redwire Corporation, and Stratasys, Ltd.
By Printer Type
By Technology
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By Material
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By Country
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