Hybrid Additive Manufacturing Market Revenue Growth, New Launches, Regional Share Analysis & Forecast till 2027
The global Hybrid
Additive Manufacturing market is forecasted to reach USD
243.2 Million by 2027, according to a new report by Reports and Data. The
market is witnessing a high growth rate due to the increasing demand for
complex design and low volume automotive parts. The automotive industry has
played a major part in increasing the adoption of additive manufacturing
techniques. Many companies have replaced the traditional manufacturing
processes with additive manufacturing as it is faster and a cost-effective
process.
Hybrid additive manufacturing or hybrid 3D provides a key
benefit of reducing wastage, due to which many players are continuously
adopting it. This process enables manufacturers to use only the necessary material
for production. The development of 3D printing technology and new products in
the market is a key factor for the growth of the market.
Major players are making huge investments in the research and
development of the automotive part production process. The market is also
witnessing a high growth rate from industries such as medical and aerospace.
This is leading to a surge in demand for the market. High initial investment is
needed to set up the facilities for hybrid additive manufacturing, which can be
a constraint for market growth. Also, low awareness regarding the market in
certain industries can hamper the market growth.
The COVID-19 impact:
The COVID-19 Pandemic has led to lockdowns in major countries
of the world. This has led to the operations of many industries being halted.
Industries that find applications for Hybrid Additive Manufacturing, such as
the automotive and aerospace industries, are also not operating in the current
scenario. This has led to a decline in the demand for the product. Major
manufacturers involved in the market have also halted operations currently,
which has led to a reduction in the supply. The medical industry is still
operating in the current scenario, which has stopped the demand from going down
drastically.
It is anticipated that once the COVID-19 pandemic is over and
the situation becomes normal, the industries will start operating again, and
the demand for the product will rise. Major manufacturers, who have currently
halted operations due to the pandemic, are involved in innovations of Hybrid
Additive Manufacturing. This would help them capture a larger market share in
the future. This will also create a greater overall market size.
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Key participants include Equispheres,
Carpenter Technology Corporation, Voxeljet AG, Hoganas AB, Renishaw PLC,
Materialise NV, 3D Systems Corporation, GKN PLC, ExOne GmbH, and Arcam AB,
among others.
Further key findings from the report suggest
- In
terms of Material, Nickel is forecasted to grow at a CAGR of 14.9% in the
forecast period. It exhibits properties, such as minimizing corrosion,
which allows it to be used for a long time without replacement. The
product finds extensive applications in the aerospace industry.
- The
Tooling and Mold segment is forecasted to grow at a CAGR of 14.4% in the
forecast period. Hybrid Additive Manufacturing is used in making molds as
it speeds up the process of production, along with leading to the
production of better-quality parts.
- In
terms of Application, Prototype is forecasted to grow at a CAGR of 14.7%
in the forecast period. This is because newer products are being tried and
tested to be produced through Hybrid Additive Manufacturing.
- The
Middle East and African region are forecasted to grow at a CAGR of 14.6%
in the forecast period. This is due to the presence of countries, such as
the UAE and Saudi Arabia in the region, which are witnessing high growth
rates in the aerospace and automotive industries.
- China
is one of the fastest-growing countries in terms of the adoption of Hybrid
Additive Manufacturing. The high growth comes from the increased number of
manufacturing industries in the region, along with the growth of the
automotive industry.
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For the purpose of this report, Reports and Data have
segmented into the global Hybrid Additive Manufacturing market on the basis of
material, end-use, application, and region:
Material Outlook (Revenue, USD Million; 2017-2027)
- Titanium
- Aluminum
- Steel
- Nickel
- Others
End-Use Outlook (Revenue, USD Million; 2017-2027)
- Aerospace
- Tooling
and Mold
- Medical
- Others
Application Outlook (Revenue, USD Million; 2017-2027)
- Repair
- Production
- Prototype
The Hybrid Additive
Manufacturing markets are segmented into five major regions such as North
America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Regional Outlook:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Germany
- The U.K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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