South Korea Additive Manufacturing (AM) Market is expected to reach USD 1.51 billion by 2030
The increasing government support and investment in South Korea are driving up demand for the Additive Manufacturing (AM) market during the forecast period.
South Korea Additive Manufacturing (AM) Market is valued at USD 0.25 billion in 2022 and is expected to reach USD 1.51 billion by 2030, with a CAGR of 25.1% from 2023 to 2030, according to new research by Next Move Strategy Consulting.
The South Korean government has taken proactive measures to promote the advancement of additive manufacturing by implementing policies, allocating funds, and providing research grants. Recognizing the wide-ranging potential of this technology across multiple industries, the government has shown a strong commitment to fostering its adoption and facilitating its growth. For instance, in 2021, the Korean government invested about USD 86 million in the 3D printing industry.
However, the cost of additive manufacturing technologies, including printers, materials, and post-processing equipment is relatively high compared to traditional manufacturing methods. This cost factor may limit the accessibility and adoption of additive manufacturing, particularly for small and medium-sized businesses, which is expected to restrain the growth of the market.
On the other hand, continuous advancements in additive manufacturing technologies, including improved printer capabilities, enhanced materials, and more efficient post-processing techniques, have fueled the growth of the market. These advancements enable higher quality, faster production, and expanded application possibilities, attracting more industries to adopt additive manufacturing. Thus, it is expected to create ample opportunities for the market.
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According to the report, leading players in the South Korea additive manufacturing market include SLS Solution, Mcor Technologies, Voxel8, Neo-Metallurgy, Divergent 3D, LG Chem, Samsung, Hyundai Heavy Industries, Doosan Machine Tools, and KIMM.
Key Insights from the South Korea Additive manufacturing Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the South Korea additive manufacturing market is provided in the report.
The value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the South Korea additive manufacturing market is provided in the report along with their competitive analysis.