According to media reports, there is a wave of layoffs at the Texas-based 3D printing company Essentium. The exact number of employees affected is unclear, but speculation ranges from 16 to 30 people.
Essentium CEO Blake Teipel confirmed the workforce reduction. He said it was necessary in order to realign roles and accelerate the right initiatives for the company’s success. The layoffs at Essentium reflect a broader trend in the 3D printing industry. Other companies such as Beehive Industries, AMT, Desktop Metal and 3D Systems have also announced job cuts this year due to a weakening manufacturing sector.
According to forecasts from the International Monetary Fund, economic growth is being impacted by global conflicts. As a result, there is expected to be lower growth than in 2022, according to the latest forecast. This also affects the manufacturing theory and thus the 3D printing industry.
A recent report from analysis firm Context also shows a mixed market. While sales volume is decreasing, revenue is increasing on average.