The global 3D printing industry has been on a stable growth path over the last decade. 3D printing has opened a plethora of opportunities for mankind. It is permeating many industries and sectors, thereby creating ways to explore new products. The 3D printing market has been growing tremendously in the last decade, and it is witnessing investments by both public and private enterprises. Several governments across the world are keen to invest in this domain, and they have already started investing in the same. The US, UK, Germany, France, and China are the leading countries with the highest adoption and investment rates. The automotive industry is expected to expand at the fastest pace because of the growing acceptance of the technology in automotive part manufacturing. 3D printing technology is adopted mainly in the aerospace and defense sectors. The aircraft industry is among the early adopters of the technology.
3D printing continues its industrialization journey despite the outbreak of the COVID-19 pandemic. It is supporting the battle against the COVID-19 pandemic. As many hospitals struggle to get critical medical supplies, this technology has emerged as a solution that enables a quick response to certain supply chain shortages. The agility offered by 3D printing can be useful not only during this pandemic. 3D printing materials for medical applications must be developed for medical environments, meaning that they must withstand high temperatures and be biocompatible. While such materials do exist on the 3D printing market, their variety is much lower than that of more common thermoplastics.
- The service segment is expected to reach incremental revenue of close to $7 billion by 2025 due to the growing number of independent service bureaus and the presence of low entry barriers.
- The industrial machinery segment is likely to grow at a phenomenal CAGR of close to 20% during the period 2019–2025 on account of the slow shift toward efficient production techniques and optimum resource utilization.
- The aerospace & defense sector is projected to achieve an incremental growth of close to $4 billion by 2025.
- The 3D printing market in India is expected to grow at a CAGR of over 20% by 2025 due to the increased adoption of the technology in automotive, healthcare, housing, and defense end-users.
3D PRINTING MARKET SEGMENTATION
This research report includes a detailed segmentation by component, end-user, application, process, and geography.
INSIGHTS BY COMPONENT
3D printers have grown exponentially in recent years as they become cheaper, more efficient, and more capable. The demand for faster speed and higher printing reliability has driven manufacturers to shift their focus on metal 3D printing to production applications. The industrial 3D printing market is growing at a significant rate around the globe, particularly in developed economies, as large manufacturers are likely to use this technology to reduce production costs. Electrics and electronics, food and beverage, aerospace, automobile, and healthcare are the main end-users of commercial printers.
The software segment has not received higher levels of interest than hardware and materials. The market was characterized by multiple free and open-source processors, with one or two organizations providing commercial services to industrial users. However, the market landscape has considerably changed since 2017 after the acquisition of smaller start-ups with both established CAD/PLM developers and 3D printer manufacturers. One of the key drivers is the push to develop software that enables users to take full advantage of designs. The optimization software is expected to demonstrate high potential value as it will allow 3D printing design, thus increasing the overall appeal of the printing.
INSIGHTS BY END-USER
The industrial machinery industry is the largest revenue-generating segment. The demand for 3D printing in this industry is growing as the industry is witnessing a slow shift toward efficient production techniques and optimum resource utilization. The UK and Switzerland are the leading countries in the overall manufacturing climate, followed by the US, Japan, and Canada due to their strategies, cost factors, labor contributions, and infrastructure.
The aerospace and defense industry has been an early adopter of this technology and continues as a contributor to market growth. The demand for this technology in the aerospace industry is expected to increase during the forecast period owing to the high standard of parts performance and accuracy.
3D printing offers many potential advantages in the healthcare industry. The medical and dental industry utilizes this technology to design metal structures, metal implants, and tools, and sustainably transform the healthcare infrastructure. The 3D printing market share by healthcare is expected to grow impressively during the forecast period owing to the cost-effective production, increased effectiveness, and belief of patients in the technology.
France, the UK, Germany, and the Nordics region are moving forward with the introduction of 3D healthcare printing technology. Besides, 3D printing’s technical potential is providing prospects to develop procedures, activities, and medicines that are compatible with individual needs like no other tool.
INSIGHTS BY APPLICATION
3D printing can be particularly useful for prototyping of jewelry design, architecture, or electronics in the manufacturing of mechanical components, cases, architectural templates, props, and practical consumer goods. Rapid prototyping is a cost-effective option for almost any 3D concept, from small pieces to massive outputs. The increasing application in healthcare, manufacturing, and construction, and consumer goods and electronics are expected to drive the 3D printing market in prototyping.
The increase in consumer electronics consumption is expected to increase the demand for the tooling segment. The focus on product customization fuels the requirement for new molds and dyes designed for the manufacturing of products. Besides, the growth of renewable energy systems requires sophisticated and professionally designed dye molds and machine tools to produce parts. Owing to the demand for product customization, the increased use of consumer electronics and electrical appliances, and the growth in renewable energy, the demand for equipment is projected to rise at a remarkable pace during the forecast period. Furthermore, advancements such as penetration of IoT and automation are expected to offer several lucrative opportunities during the forecast period.
INSIGHTS BY GEOGRAPHY
The 3D printing services market in North America thrives on the ongoing surge in industrial automation in the region. It is witnessing a healthy growth of industries such as manufacturing, chemicals, and energy. The US is the largest market for industrial 3D printers in the world, followed by Japan, Germany, and China. Industries are open toward the adoption of these printers as systems for rapid prototyping. The deployment of such printers could save such costs while demonstrating higher efficiency, greater flexibility, and reduced waste at the same time. Thus, these devices are witnessing demand from the manufacturing industry in the country. The efficient use of materials, along with minimized human errors, product customization, and reduced production time and cost, is the main driving factor in the market. However, the high cost of software and the lack of skilled labor limit the growth of 3D printing market share in North America.
INSIGHTS BY VENDORS
The 3D printing industry is growing, with new companies and investors investing in the market. The introduction of new 3D hardware printing firms has turned the market more dynamic, thus more profitable than ever. The 3D printing market remains a diverse environment, with technology not generally interconnected around each of the core segments. Therefore, greater connectivity is required, which is an important prerequisite for 3D printing as a digital production technology. Businesses are adopting this technology as part of digital transformation strategies, as the COVID-19 pandemic threatens to impact processes and create supply chain shortages. Digitization provided by this technology will provide companies the efficiency and agility they need to fix supply chain challenges and change consumer demands.
The global 3D printing market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- By Sub-products
- BY Machine Type
- Ceramic and Others
- Industrial Machinery
- Aerospace & Defense
- Consumer Products
- Functional Part Manufacturing
- VAT Polymerization
- Powder Bed Fusion
- Material Jetting
- North America
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- Saudi Arabia