Additive manufacturing market increased 21% in 2020, demonstrating relentless growth despite COVID-19.
Amsterdam – The Additive Manufacturing Trend Report 2021 from Hubs revealed the additive manufacturing market grew by 21 percent in 2020, to a total of $12.6B, and is expected to continue to grow by 17 percent annually over the next three years.
The report found further evidence of market growth on an organizational level, with 65 percent of engineering businesses increasing their 3D printing usage in 2020 compared to the previous year. This growth is anticipated to continue into 2021, with the majority of engineering businesses (73%) predicting an increase in their 3D printing usage this year.
The Additive Manufacturing Trend Report 2021, includes insights from a survey conducted in February 2021 with 1,504 engineering businesses, and a systematic review of the news and market analyst reports.
Key findings include:
- The additive manufacturing market is forecasted to more than double in size over the next five years, reaching a value of $37.2bn in 2026.
- Limited accessibility to traditional manufacturing technologies accelerated additive manufacturing adoption in 2020 with 65 percent of engineering businesses increasing their usage of 3D printing compared to the previous year.
- The application of additive manufacturing for functional end-use parts is rapidly progressing. 54 percent of engineering businesses increased their usage of 3D printing for functional end-use parts in 2020 and 30 percent of engineering businesses maintained their usage of 3D printing for functional end-use parts this year, showing that 3D printing should no longer be seen as a rapid prototyping technology only.
- Barriers still remain that hold 3D printing adoption back. 38 percent of engineering businesses report price and 29 percent report part quality as the key factors that prevent them from utilizing 3D printing more.
- This optimism for 3D printing growth is not restricted to 2020. In 2021, 73 percent of engineering businesses predict they will produce or source more 3D printed parts compared to 2020.
Hubs is an online manufacturing platform that provides engineers with on-demand access to a global network of manufacturing partners. Users can easily upload their design, instantly receive a quote, and start production at the click of a button.
Founded in Amsterdam in 2013, Hubs was acquired by Protolabs in January 2021. To date, Hubs has produced more than 6 million parts, using various manufacturing technologies, including CNC machining, 3D printing, injection molding and sheet metal fabrication.
The full report will be available to download for free here on April 22nd.
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