The “Chart of the Week” from Additive Manufacturing Research (“AMR”, formerly SmarTech Analysis) is a weekly segment that offers readers an insightful dive into the additive manufacturing (AM) landscape, showcasing pivotal statistics and trends derived from AMR’s exhaustive research.
This week, we can say that the upward trajectory of the AM sector continues, as evidenced by the latest quarterly market revenue data. In the second quarter of 2023, the industry saw an increase in total revenue to $3.4 billion, up from $3.36 billion in Q1. This marks a consistent rise from $2.18 billion in Q1 2020, demonstrating a growth of 54.17% from then until Q1 2023.
Nonmetal AM hardware remains a strong contributor, with revenues increasing from $323.8 million in Q1 2020 to $514.2 million in Q2 2023. This suggests a growing market for nonmetal AM applications and a diversification of the industry’s portfolio.
The metal AM sector also shows significant growth, particularly in services and powder materials. Metal AM services saw a revenue increase from $581.9 million in Q1 2020 to $783.2 million in Q2 2023. This growth reflects the expanding use of metal AM in industries requiring robust and complex components, like aerospace and medical devices.
Metal AM powders, crucial for these production process, have also seen a steady increase in revenue, indicating strong demand for high-quality, specialized materials. In Q2 2023, revenues reached $219.2 million, up from $100.4 million in Q1 2020.
However, the data also shows some fluctuations. Metal AM hardware experienced a slight dip in Q1 2023 before rebounding in Q2. This is possibly due to market adjustments or seasonal buying patterns but may also be attributed to the larger macroeconomic climate.
Nonmetal AM materials and services have shown a more consistent growth pattern, underscoring the broadening applications of nonmetal AM in consumer goods, automotive, and other industries.
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