The additive manufacturing (AM) market grew by 20 percent year-over-year in Q3 2022, reaching revenues of $3.1 billion, according to SmarTech Analysis, the leading research firm dedicated to 3D printing. Despite macroeconomic challenges, this was the fourth consecutive quarter that revenues exceeded $3 billion.
“With the reported conditions in the market, the sequential growth in additive once again declined slightly on a quarter over quarter basis, but still Q3 2022 saw the largest industry activity level for a third quarter in history. We are being cautious about our outlook for AM going forward, but we are still seeing plenty of demand out there for additive technologies. It varies company to company and market to market, but on the whole SmarTech is still optimistic about the AM industry’s potential heading into 2023,” said Scott Dunham, SmarTech Analysis EVP Research.
SmarTech releases quarterly market data, separated into “Core Metals” and “Core Polymers”, that include historical quarterly data and 10-year forecasts. Available as a one-time or subscription purchase, they provide in-depth information about the complete AM market, in including hardware, software, materials, and services. The most recent market data includes 3D Systems, HP, EOS, Farsoon, Prodways, Velo3D, SLM Solutions, Optomec, Trumpf, Markforged, Desktop Metal, GE Additive and ExOne, among others. For a free sample or to purchase the latest data, visit Q3 2022 Metal Market Data and Q3 2022 Polymer Market Data.
In this latest report, SmarTech suggests that the AM market is comparatively insulated from the larger uncertainty on the planet. The market research firm argues that companies are increasingly turning to additive to address supply chain issues that have impacted revenues more broadly. For this reason, the services subsegment represents that largest portion of the whole 3D printing market, followed by materials and hardware. While software is the smallest area, it is also the fastest growing.
It’s interesting to note that, earlier this year, SmarTech estimated the total value of the AM market to be $10.6 billion. However, if the industry continues to grow at this rate, it will be worth over $12 billion, which would align with the company’s overall predictions. This, and more, will be the topic of conversation at the upcoming Additive Manufacturing Strategies 2023 event, taking place February 7 to 9 in New York.