Additive manufacturing is also known as 3D (three dimensional) printing; and used to create 3D objects. Computer control is used to create a 3D object. To create the object additive processes are used. The 3D objects can be customized as per the industry requirement.
The additive manufacturing refers to processes used to synthesize a 3D object wherein successive layers of material are formed under computer control to create an object. Object can be of almost any shape or geometry and is produced from digital model data (3D model) or another electric data source such as Additive Manufacturing File (AMF) file. The size of the market is expected to grow at the highest CAGR in the forecast period.
The major factor driving the market isincreasing the demand for 3D printing from industries such as automotive, dental, manufacturing and healthcare.
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Currently, the usage of additive manufacturing or 3D printing is on the rise in developed economies, but the usage is limited in the developing economies. The limited penetration of additive manufacturing in the underdeveloped and developing economies is expected to inhibit the growth of the global additive manufacturing market over the forecast period.
The increasing demand for functional food in developing countries such as India among others is anticipated to broaden options for different manufacturing companies as new entrants in additive manufacturing market.
The next generation automobile concepts such as driverless technologies, electrification, and the societal shift in perception of mobility with 3D printed automobile production are driving the market further.
The positive growth due to mergers and acquisitions by many companies in developing nations such as India, China, Brazil, and Thailand among others is expected to act as winning imperative for additive manufacturing market globally.
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