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AM Research Reports 8.4% Year-Over-Year Growth in Additive Manufacturing for Q2 2024

October 3, 2024

Additive Manufacturing Research (AMR) has published its Q2 2024 data and forecast, showing an 8.4% year-over-year growth in the additive manufacturing (AM) industry. Despite this growth, total market activity saw a slight decline, dropping from $3.47B in Q1 to $3.45B in Q2. However, the growth in AM services helped offset this decrease, with services contributing $1.87B in Q2, marking a 12% year-over-year increase.

AM Research Reports 8.4% Year-Over-Year Growth in Additive Manufacturing for Q2 2024
Image Credit: Additive Manufacturing Research<br />

Metal AM Market Shows Resilience Despite Decline in Machine Sales

The metal additive manufacturing market, which includes machines, materials, and services, totaled $1.4B in Q2 2024. This represents a 10.0% year-over-year growth despite a 2.2% decline in machine sales. Directed Energy Deposition (DED) technology was the only metal AM category to see year-over-year growth, driven by increased use of wire-based DED and the expanded application of powder DED for coating components like brake rotors.

According to Scott Dunham, EVP of AM Research, the industry has faced challenges, particularly in hardware sales, due to higher interest rates that have persisted since early 2023. “Most publicly traded AM companies have struggled, especially on the hardware side amidst increased interest rates,” Dunham noted. However, he highlighted that the utilization of installed AM equipment is at an all-time high, providing optimism for the future.

Optimism for Hardware Growth in 2025

AM Research is cautiously optimistic about the prospects for the AM hardware market in 2025, forecasting a potential 30% growth. This prediction is based on expected easier comparisons from the low levels seen this year and potential decreases in interest rates in the coming year.

Companies covered in AMR’s Core Metals and Core Polymers data, as well as its 3DP/AM Market Insights report, include major industry players like 3D Systems, Stratasys, Markforged, Desktop Metal, Velo3D, Nikon SLM Solutions, and EOS. Other notable contributors include GE Additive, Farsoon, and Carbon, alongside several Chinese providers such as BLT.

Despite challenges, the AM industry continues to evolve, with growth in service applications and utilization rates pointing toward a strong future for additive manufacturing technologies.
The full report is available for purchase here.

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