Additive Manufacturing
Additive manufacturing is a mix of hardware, materials, software and service providers selling into production use cases such as aerospace, automotive, defense and medical. Recent company data is mixed: Materialise raised its profit outlook on medical and defense strength and GM is scaling its use of Stratasys systems, while Stratasys and 3D Systems both reported roughly flat to slightly lower second-quarter 2026 revenue. Tariffs, export controls, partner-agreement renewals and shareholder disputes are the main disclosed risks.
Active institutional exposure flipped from a net outflow of $793.6 million in Q1 2026 to a net inflow of $853.1 million in Q2 2026. 80% of companies in this sub-theme saw increased active positions in Q2 2026.
Overview
Additive manufacturing covers industrial 3D printing hardware, materials and software used to make production parts, and excludes consumer printers and general machine tools without additive capability. The value chain has several layers. Printer OEMs such as Stratasys, 3D Systems and Velo3D sell systems, consumables and parts services, and compete with each other and with larger players such as HP. Stratasys and 3D Systems also hold a mutual patent cross-license. Software and services providers such as Materialise sit alongside the printers. Materialise integrates its additive technology into Siemens NX and PTC Creo, works with Stratasys on validated build processors and FDA-cleared medical workflows, and produces patient-specific surgical guides and devices. Orthopedic companies including Zimmer Biomet, Smith & Nephew, Stryker, Medtronic and Enovis distribute or collaborate on these under agreements. Digital manufacturing marketplaces such as Xometry compete with OEM service bureaus for buyers. Component suppliers such as laser makers sit upstream; Velo3D, for example, buys nLIGHT lasers, and IPG Photonics competes with nLIGHT in fiber lasers. Third-party materials partners supply validated materials into OEM ecosystems. Industrial end users include General Motors, Boeing, Toyota and TE Connectivity. Nano Dimension participates through additively manufactured electronics and as a Stratasys shareholder. Demand is project- and qualification-driven, and the sector is exposed to cross-border supply chains and export-control regimes.
Investment Thesis
Investment thesis details are part of the Pro plan.
Bottleneck Tracker
Bottleneck details are part of the Pro plan.