Global 3D Printing Market was worth US$ 12.6 billion in 2021 and is expected to reach the valuation of US$ 36.8 billion by 2027 with a CAGR of 22.5% during the period of 2022 – 2027.
3D printing, also known as additive manufacturing, is an object-creation technique that provides a wide range of possibilities for the production, design, and performance of unique architectural shapes, construction systems, and materials. It is a product development and production technique that is more innovative, faster, and agile. Additive manufacturing is developing from a prototyping tool to a functioning aspect of fabrication, because of significant developments in material composition, such as the increasing use cases of polymers and metals. New materials, reduced lead times, and innovative finishes are allowing the technology to be integrated into manufacturing processes while conforming to regulations (FDA, ASTM, and ISO).
In a wide number of end-use verticals, 3D printing technology complements the manufacturing process of final products. The use of 3D printing is increasing across a variety of industries, and the increased efficiency and cost-effectiveness are benefiting the professional environment financially and operationally. Currently, there has been a significant increase in the demand for 3D printing market industry, as consumers prefer customized products and cost-effective solutions, as well as growing demand for automation across various industries.
It has been seen throughout the time that 3D printing solutions and service providers are focusing on forming partnerships and collaborations with other regional companies and raw material providers in the market to enhance and jointly develop their product range. These collaborations and partnerships are emerging all the time to meet the rising demand of the 3D printing market growth around the world and to give clients quick access to 3D printing solutions and services.
The market's expanding need for customized solutions across various industries has a significant influence. 3D printing services and solutions are increasingly being used by manufacturers across a wide range of industries, including aerospace, defense, industrial equipment, medical, and automotive.
Growing demand for customized functional parts and personalized products is driving the global 3D printing market growth. The use of print-on-demand parts for production has been accelerated by the availability of materials and developments in 3D printing technologies. The development of AI & ML technology is further speeding up the adoption of 3D printing devices as they help in automated printing and make production more efficient.
The availability of this technology has expanded due to lower pricing of additive manufacturing-based machines, as well as greater competence and awareness. In recent years, newer and more powerful fused deposition modelling technologies have enabled the use of a wider range of materials, resulting in widespread acceptance across a variety of industries. Governments all around the world have begun to engage in 3D printing research and development, which has aided in the spread and use of the technology.
Manufacturers gain from 3D printing in terms of prototyping, structural and final product design, modelling, and time to market. As a result, production costs have plummeted, allowing manufacturers to provide higher-quality items at lower prices. As a result of these advantages, 3D printing market size is predicted to increase in the next years.
The most major barrier to implementation of this technology appears to be the high initial cost. Hardware, software, materials, certification, additive and manufacturing education, and personnel training are all part of this expenditure. Setting up 3D systems is more expensive in terms of cash and resources than traditional printing processes.
Additive manufacturing may challenge established forms of Intellectual Property (IP) protection as technology progresses, resulting in a large increase in the unlawful use of printed weapons and medicines, which is projected to stymie market growth. Furthermore, the market's standardized structure is hampered by the lack of an international standards body that regulates manufacturers.
Many small–scale and medium–scale industries find the prototyping phase to just be an additional expense and not beneficial to the company. Because of this misconception manufacturers are doubtful about adopting the 3D printing technology and this is hindering the increase of 3D printing market size.
Hardware adoption for manufacturing 3D printed material is at an all-time high, and this trend is expected to continue in the projected period 2022-2027. Hardware demand is rising as the key companies expand their product portfolios and introduce new technologies to meet strong demand from a variety of business verticals. Companies are spending in research and development, which is helping to drive market growth.
In the year 2021, Fused Deposition Modeling (FDM) had the highest share among technology used. The reason behind the same is the various advantages and ease of operation it offers. FDM is mainly used to produce strong, durable and stable parts.
However, Direct Metal Laser Sintering (DMLS) and Selective Laser Sintering (SLS) are expected to witness a high growth rate in the forecast period 2022 – 2027.
On the basis of application, prototyping holds the largest share of 45% followed by production at 38% in the year 2021. Various industries follow the prototyping process to get a good understanding of the product before launching it in the market. Prototyping helps in achieving precision and perfection. Thus, the share of prototyping is the highest.
3D Printing Market - By End User:
Based on End User, the automotive industry is predicted to have the largest share in the forecast period. Manufacturers use this technology to produce prototypes in a short span of time and construction of light weight components for automobiles and OEMs.
However, 3D printing also has tremendous scope in the aerospace and healthcare industry.
3D Printing Market – By Region:
Over the period 2022 – 2027 North America is expected to have the maximum share in the Global 3D Printing market. This is mainly because of the increase in advanced manufacturing technologies in countries like Canada and USA. Moreover, agencies like NASA have also started using these technologies leading to the rise the Global 3D Printing Market Volume.
In the second place is Europe, owing to high demand of 3D printing technology in small and medium – sized industries. The manufacturing units utilize the technology for high-speed and reliable prototyping.
Asia Pacific region is expected to record the highest CAGR in the next coming years. The main reason behind this is the massive government funding for this industry in China.
Middle East & Latin America are also expected to show a high growth rate during the forecast period 2022 – 2027.
Key Market Players
The Global 3D Printing Market is anticipated to grow at a CAGR OF 22.5% during the period 2022 – 2027.
North America is expected to have the largest percentage of the Global 3D printing market share.
As per Global 3D printing market trends, technological advancement and investments would be key driving factor for the market growth.
In 2021, the market stood at US$ 12.6 billion.
The key players are 3D Systems Inc., Stratasys, ExOne, SLM Solutions, Voxeljet, Proto Labs, Nano Dimension Ltd., Renishaw Plc, Nanoscribe GmbH, Optomec Inc., Ultimaker BV, Arcam EBM and Triditive.
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