Industrial 3D Printing Market

Global Industrial 3D Printing Market Size (2023 to 2028)

The global industrial 3D printing market size is expected to be worth USD 6.20 Billion in 2023. It is expected to grow at a CAGR of 20.80% during the forecast period and reach a value of USD 15.95 Billion by 2028.

MARKET DRIVERS: 

The industrial 3D printing market is one of the largest markets, and furthermore, it is expected to gain the largest market share in the overall 3D printing industry during the forecast period, which requires large investments in technology, the introduction of new materials, channel associations, and vertical integration throughout the value chain. The industrial sector is driven by the contemporary aspects of mass customization, the Internet of Things (IoT), and the upcoming administrative initiative invoking the introduction of 3D printing in the manufacturing sector.

Drivers of the 3D printing market are reduced errors, decreased development time and costs, and the ability to create custom products. What's more, the development of uses in medical care and different ventures is required to set out worthwhile development opportunities for the 3D printing market.

3D printing, also known as additive manufacturing, is an object-creating technology offering a plethora of opportunities in the production, design, and performance of new architectural forms, building systems, and materials. It is an innovative, fast, and agile method of product development and production with fast advances in the material organization; for example, with the rising use cases for polymers and metals, additive substance production is developing from a prototyping instrument to a practical piece of assembling. New materials, more limited lead times, and invention get done with the following principles (FDA, ASTM, and ISO) permit innovation to be coordinated into assembling measures. Furthermore, falling prices for machines based on additive manufacturing, coupled with growing experience and awareness, have increased the availability of this technology. Newer and more advanced molten deposit modeling methods have enabled the use of various materials, driving widespread adoption across various industries in recent years.

MARKET RESTRAINTS:

Unexpectedly, the significant expense of 3D printing and the lack of talented work is hampering the development of the market.

Impact of COVID-19 on the Industrial 3D Printing Market:

Factors that will drive the growth of the post-COVID-19 industrial 3D printing market include the growing need for 3D printing to support disrupted supply chains, a step taken by companies to produce a range of products in a shorter time. For the long-term benefit, companies are moving towards creating a digital inventory. To do this, companies will need to start adopting new strategies and making radical changes to ensure that they are not in a situation similar to what they are currently facing due to a potential pandemic/disaster in the future. As such, industrial 3D printing is an integral part of organizations' digitization plans, which will now pick up quickly over the next few years to regain momentum.

REPORT COVERAGE:

This research report on the global industrial 3D printing market has been segmented and sub-segmented into the following categories.

Global Industrial 3D Printing Market - By Offering

• Printers 
• Materials 
• Software 
• Services 

Global Industrial 3D Printing Market - By Technology

• Stereolithography 
• Fused Deposition Modelling 
• Selective Laser Sintering 
• Direct Metal Laser Sintering 
• Polyjet Printing 
• Inkjet Printing 
• Electron Beam Melting 
• Laser Metal Deposition 
• Digital Light Projection 
• Laminated Object Manufacturing 

The selective laser sintering segment is having the highest shares of the industrial 3D printing market. Selective laser sintering (SLS) has been identified as the most preferred technology. It is expected to record the highest CAGR during the forecast period due to its various advantages over other technologies. SLS uses 12 nylon powders as raw material, replacing the photosensitive resin used in stereolithography. Research companies and organizations around the world have been identified to take advantage of this material and technology to address problems such as the brittle nature of resin when exposed to sunlight. In addition to this, SLS has also proven to be inexpensive and material-friendly as it does not require any dedicated support structure after printing. In addition to that, SLS offers increased durability and can function as well as workpieces or prototypes.

Global Industrial 3D Printing Market – By Process

• Material Extrusion 
• Material Jetting 
• Binder Jetting 
• Sheet Lamination 
• Vat Photopolymerization 
• Powder Bed Fusion 
• Direct Energy Deposition 

The power bed fusion segment is leading with the dominant shares of the industrial 3D printing market. Powder bed fusion 3D printing includes direct laser sintering of metals (DMLS), electron beam fusion (EBM), selective thermal sintering (SHS), selective laser fusion (SLM), and selective laser sintering (SLS) technologies, which are the most used in industrial 3D printing technologies, for the development of tools and machinery parts for the aerospace, automotive, healthcare and printed electronics industries. The ability to produce complex geometries and provide high-resolution characteristics, good strength, and a decent surface finish are the main drivers of the growth of the powder bed fusion 3D printing market. This process also saves less time to develop a product.

Global Industrial 3D Printing Market – By Application

• Prototyping 
• Manufacturing 

Prototyping is one of the significant uses of industrial 3D printing. With the assistance of prototyping, plans, and their precision can be confirmed. This is an important step that is usually taken before the design of the final product and is mainly done with the help of 3D printing. Additive manufacturing greatly simplifies the prototyping process. A few organizations are additionally considering the appropriateness of 3D prototyping for the creation of devices, substantial hardware, and apparatus.

Global Industrial 3D Printing Market - By Region

• North America
• Europe
• Asia Pacifica
• Latin America
• Middle East and Africa 

The North American region is expected to dominate the 3D printing market, as the region has dominated the adoption of technology. Based on the 3D printing sentiment index conducted by a desktop 3D printing company. A series of new product launches and product innovations and developments are expected to further increase market growth. Several 3D printing solution providers around the world are expanding their presence in the North American market to increase their market presence. Additionally, there have been a number of new product launches, mergers, and acquisitions in North America to harness the potential that 3D printing offers. The region is also experiencing a number of investments in the healthcare, aerospace and defense, industrial, and consumer products sectors in North America, which are expected to see significant growth.

Europe is next in leading the significant shares of the industrial 3D printing market. The increasing economy in the developed countries is escalating the growth rate of the market.

Asia Pacific is deemed to have the highest CAGR in the near future. The growing population and rising scale of the industries are increasing the demand for the industrial 3D printing market.

KEY MARKET PLAYERS:

The key players involved in the 3D printing market include 3D Systems, Arcam AB, Autodesk, Inc., Stratasys Ltd., The ExOne Company, Hoganas AB, Optomec, Inc., Organovo Holdings, Inc., Ponoko Limited, and Voxeljet AG.

RECENT HAPPENINGS IN THE MARKET:

• EDEN PRAIRIE, Minnesota and REHOVOT, Israel - (BUSINESS WIRE) - Stratasys Ltd. (NASDAQ: SSYS), a leader in polymeric 3D printing solutions, today announced the acquisition of RP Support Ltd., a provider of 3D printers and stereolithography solutions. 
• Autodesk incorporates Netfabb 3D printing programming into Fusion 360.
• Arcam today dispatches Arcam Q20, another EBM framework planned explicitly for assembly in the avionics business - Arcam AB.