3D Printing Markets Grows 8% Year over Year

Despite a market slowdown in 2023, the additive manufacturing (AM) sector continues to grow at a robust rate, according to AM Research. The market analysis firm published its Q1 2024 3D printing market data and written analysis, reporting that the 3D printing sector totaled $3.47 billion in Q1 2024, growth of eight percent compared to the same time last year.

The market generally has shown a slowdown of machine sales in general but continues to expand in terms of material consumption and services, particularly in the dental market compared to Q1 2023.

Scott Dunham, Executive Vice President of AM Research, said of the latest market trends, “Stakeholders in the AM world have learned that it’s very difficult to cater to every possible use case for additive and still be successful, but that means in the current climate and maturity of AM adoption, there are winners and losers each period as certain segments perform strongly and others do not. Many companies are showing better backlogs and orders for the rest of the year, but we should be cautious about anticipating a major rebound the rest of the year.”

About the Report

AM Research’s quarterly 3DP/AM market data product represents the most thorough and accurate data available worldwide, tracking markets by individual vendor, by print technology, by geography, and by industry/application The company has also published its “3DP/AM Market Insights: Q1 2024,” a written analysis combined with proprietary charting and graphs, which provides color and context to AM Research’s traditional Core Metal and Core Polymer market data products.

AM 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 AM Research’s website and are customizable as needed. The quarterly 3DP/AM Market Insights written analysis report is also available for purchase or as a standalone product. For more information on these market data reports and other specialty market reports, you can visit the AM Research website.

Companies included in AM Research’s Core Metals and Core Polymers tracking data and 3DP/AM Market Insights report include, but are not limited to, 3D Systems, Stratasys, Markforged, Desktop Metal, Velo3D, Nikon SLM Solutions, EOS, GE Additive, Trumpf, Farsoon, BLT, HBD, Eplus3D, Optomec, BeAM, HP, Formlabs, Prodways, DWS, and Carbon.

The Latest 3D Printing Data

AM Research’s latest report highlights a number of key trends in the industry. Print services consolidation, including CORE Industrial Partners’ acquisition of Fathom, highlights the need for providers who possess both expertise specific to additive manufacturing and resources that span across manufacturing capabilities and markets. Excluding dental labs and biomedical companies, the market for print services for industrial and durable goods is expected to exceed $5 billion in global revenues for the first time in 2024.

Defense initiatives are continuing to translate into real opportunities in Q1 and beyond for the 3DP/AM industry. Two significant announcements from Bechtel Plant Machinery Inc. (BPMI) illustrate this trend in action.

In Q1 2024, the metal powder bed fusion market shrunk year-over-year for only the second time in the last decade. However, this result was not uniform across all vendors. Companies such as Trumpf, Renishaw, 3D Systems, and Nikon SLM Solutions all reported significant sales wins despite the overall market decline.

The dental market remains the most influential and mature sector for polymer AM technologies, yet there is still significant opportunity awaiting exploitation. Align’s acquisition of Cubicure reflects efforts towards directly printing new classes of dental devices from robust materials, capable of serving new applications such as palate expansion devices and directly printed clear orthodontic aligners.

Going Forward

To get a more granular examination of where the industry is heading, it’ll be necessary to keep up with AM Research’s data. However, from a bird’s eye view, we may be able to predict a stronger recovery for Q2, as well.

EOS and i3DMFG make a deal at RAPID + TCT 2024.

In the wake of RAPID + TCT, we’ve learned of multiple high-volume hardware sales, in large part to advanced service bureaus backed by private equity, including by EOS to i3DMFG and Incodema. We also know that a number of hardware manufacturers, such as Velo3D, have claimed a substantial backlog from the end of last year that may make it onto their Q2 reports. Meanwhile, as predicted, the more financially robust companies are acquiring distressed smaller firms, as evidenced by the Nano Dimension acquisition.

As the larger economy recovers from the prior financial tumult, the AM sector may lag behind sectors with that are less dependent on overhead investment, such as software. At the moment, private equity and government initiatives are picking up the slack where general capital investment has fallen short. Once a full recovery is underway, it may be these two forces that kick AM into overdrive as national economies, particularly the U.S. and China, compete to shore up advanced manufacturing as quickly as possible.