Additive Manufacturing Industry Overview
The global additive manufacturing industry is expected to witness substantial growth through 2022, owing to the increasing developments in additive manufacturing technologies. Also, the rising investments into R&D, coupled with the introduction of new combinations of printing materials are expected to spur the development of new equipment and applications, thereby bolstering the growth of the additive manufacturing market. On the flip side, the high cost involved in implementing additive manufacturing machines, lack of skill required for mass production, and unavailability of suitable materials for production are expected to hinder the additive manufacturing market growth. To address these pressing concerns, companies in the additive manufacturing industry will need to keep pace with market changes and adopt strategic initiatives.
Business Challenges Faced
Our client, an additive manufacturing firm, based out of Spain, faced challenges in meeting the upfront capital expenditures for machines and facilities necessary to support additive manufacturing. Also, the company faced difficulties in ensuring consistent quality and reliability of products produced through additive manufacturing techniques. In addition to this, the client faced difficulties in meeting the speed of production, which subsequently limited the mass production potential of the company. The client, therefore, wanted to thoroughly investigate the market challenges and uncover profitable growth opportunities. To do so, they needed to gather comprehensive information about the market and customers. They approached the experts at Infiniti Research to leverage their expertise in offering information services for growth mapping.
With Infiniti’s market growth mapping, the client also wanted to address challenges including:
- Technological constraints in terms of materials, process implementation, post-processing, and quality assurance
- Digital threats across each stage of the design and manufacturing process
- Shortage of well-trained and skilled technicians familiar with additive manufacturing technology
- Rigid adherence of engineers to establish design principles
Our Integrated Approach
The experts at Infiniti Research gathered actionable insights on emerging and untapped potential in the target regions within small and medium-sized additive manufacturing firms. Also, identification of most suitable distributors of raw materials in each region based on the regional strength scorecards was done.
As a part of the market growth mapping engagement, the experts at Infiniti Research evaluated whether additive manufacturing solution fits the company. The experts also evaluated impacts along the entire supply chain and product lifecycle associated with the use of additive manufacturing. In addition, the experts created a roadmap including a pilot in the targeted areas before scaling operations.
Technology assessment study was conducted to spot the next technological breakthrough and identify which technologies are important for gaining a competitive advantage. In addition, the development of market forecast and opportunity model was done to recommend critical success factors for business expansion.
Results Obtained
Infiniti’s market growth mapping solutions provided the client with the confidence to make bold changes in its business models, leading to long-term sustainable growth. Also, the client was able to identify profitable opportunities, improve market share, and optimally allocate resources.
The client was able to maximize sales and current revenue flow with existing partners. By gathering insights into the expenditures for machines and facilities necessary to support additive manufacturing, the client was able to better allocate capital for implementing new technologies and processes. The implementation of innovative technologies further helped the client to enhance product quality. Also, the client was able to speed up the production process and take up new contracts of bulk orders.
Infiniti’s market growth mapping engagement further helped the client to identify digital threats and take strategic approaches to tackle them. This subsequently enhanced efficiency across each stage of the design and manufacturing process. Also, by recruiting well-trained and skilled technicians familiar with additive manufacturing technology, the client was able to better manage demand and supply requirements. In addition, the company was able to sign new contracts with leading companies in the aerospace and automotive market. Within one year of leveraging our market growth mapping engagement, the client was able to maximize its current revenue flow and realize savings of over €3.8 million.
