SmarTech Analysis (now Additive Manufacturing Research) Reports 3D Printing Markets at $3.52B in Q2 2023; Sequential Growth Stalls on Tougher Economic Backdrop
NEW YORK, NY: The global additive manufacturing (AM) market recorded less than 1 percent estimated sequential growth in Q2 2023 versus Q1 2023, due in part to mounting economic challenges affecting hardware investments, according to Additive Manufacturing Research / SmarTech Analysis. The value for all additive manufacturing hardware, materials, software and services is estimated to be to $3.52B for Q2 2023 compared to $3.50B in the previous quarter. Additive Manufacturing Research (“AMR”) now projects the AM industry to total $46 billion by 2030.
Although metal AM markets remained relatively strong in Q2, hardware investment across the industry was impacted by high interest rates for equipment financing. Print Services results were also mixed in the second quarter, dropping slightly from Q1 worldwide, on mixed activity levels across markets and an underperforming dental sector. Still, the year-over-year results showed a more positive outlook across other sectors, with metal 3D printing markets up more than 16 percent and polymer 3D printing markets up 13 percent year over year.
SmarTech also announces its rebranding to “Additive Manufacturing Research” to better reflect its AM-dedicated focus. AMR has tracked 3D printing and AM market data on a quarterly basis for nearly a decade. SmarTech’s market data represents the longest running and deepest quarterly industry accounting available worldwide.
Scott Dunham, AMR EVP Research, commented, “The trends we saw in the first quarter of 2023 mostly continued and strengthened slightly to round out the first half of 2023, with hot spots and cold spots in the market. The most consistent trend, however, was the impact of interest rates on the ability of companies to invest in AM machines, which many have reported has altered the sales cycles of these large capital investments. However, utilization of existing AM equipment appears to continue to grow, creating highly valuable markets for materials. Print services are more affected by supply chain fluctuations.”
About the Report
Additive Manufacturing Research’s “Core Metals” and “Core Polymers” market data products include nearly a decade of historical quarterly data and provide 10-year forward forecasts. Quarterly reports on the metal and polymer AM markets are available as a one-time or subscription purchase via AMR’s website and are customizable as needed. For more information on stand alone reports or ongoing subscription services for the additive market, go to: http://www.smartechanalysis.com/data-services
From the Report
- The additive metal powder market continues to grow at a strong pace making it one of the industry’s best overall opportunities. While hardware providers slug it out to innovate and capture business, an increasing and maturing customer base has created a strong undercurrent of demand for powder. By the end of 2023, consumption of AM metal powder is expected to have more than doubled from pre-pandemic peaks.
- Significant consolidation of the leading players in the market, though likely to create short term turmoil and impact growth negatively in its wake, will ultimately create entities with enough financial gravity and expertise to alter the value proposition for AM and accelerate growth.
- Government sponsorship of development activities and large-scale contractual agreements will also have downstream benefits to making adoption on the commercial market more significant.
