The cost involved in certain additive manufacturing processes is comparatively higher than traditional manufacturing. When the cost of additive manufacturing process is optimized, it will enable manufacturers to deploy the technology as an alternative for traditional manufacturing. Product life cycle analysis gives better understanding about the cost drivers in additive manufacturing. A better understanding of the cost drivers in additive manufacturing tends to optimize the parameters involved in the process. The difference in cost drivers can be compared before and after the implementation of cost optimization techniques by comparing the variation of cost drivers between standard and optimized production. In this study the cost drivers associated with additive manufacturing are analysed and optimized. © 2019 IOP Publishing Ltd. All rights reserved.