CAGR: 19.6%Current Market Size: USD 11.5 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2021-2028Base Year: 2020
Global 3D Printing Market- Market Overview
The global 3D printing market is expected to grow from USD 11.5 Billion in 2020 to USD 47.5 Billion by 2028, at a CAGR of 19.6% during the Projection period 2021-2028. This growth of the 3D Printing market is significantly driven by ongoing research and development (R&D) in three-dimensional printing coupled with the rise in demand for prototyping applications.
3D Printing also referred to as additive printing technology or desktop fabrication which involves the process of creating a physical object with the help of a three-dimensional digital model. Coupled with the applications in industrial prototyping and manufacturing process, this technology has become accessible to small companies as well as individuals. The number of materials used in 3D printing comprises various grades of ceramics, polymers, and metals. This technology is an innovative, faster, and more agile method for product development and production.
Further, 3D printing includes different types of 3D printing technologies such as Selective Laser Sintering (SLS), Stereo-lithography (SLA), and Fused Deposition Modeling (FDM) among others. Such technologies are being used in a number of industries such as consumers, aerospace, construction, automotive, and medical for 3D printing.
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Market Dynamics
Drivers:
3D printing is helping automotive designers rapidly fabricate a prototype of a physical part or assembly. Such prototypes include a dashboard, any interior element, or even a scale model of an entire car. The prototyping attained by 3D printing enables automotive companies to turn ideas into convincing proofs of concept. In addition to this, the use of 3D printing has enabled the manufacturing of lightweight vehicle components to reduce the weight of vehicles, by increasing fuel economy and improving car performance. Such a range of applications of 3D printing in the automotive sector considerably fuels the growth of the market.
3D printing is enabling to manufacture of personalized products as per individual requirements and needs. For instance, a number of 3D printing services providers operating in the industry are providing customized services such as the basic design development by designers and enabling customers to co-design the product. In addition to this, the customers can develop products including customized toys, shoes, jewelry, and decorative items among others. Further, in the healthcare sector, 3D printing technology is being adopted for the production of complex bioprinting as well as personalized prosthetics. This ability of 3D printing to enable the production of customized products fuels the growth of the market.
Restraints:
There is a decrease in the cost of 3D printers; however, costs associated with the 3D printing process are still high. For instance, the electrical energy needed for the 3D printing process is up to 50-100 times more as compared with the injection molding machines. In addition to this, there is a need for periodic updates of the software system to keep printing operations effective and efficient, adding costs to the printing process. Such high costs associated with 3D printing may hamper the growth of the market to some extent during the Projection period.
Opportunities:
Advances in medical 3D printing technology in the healthcare sector have led to the development of innovative tools as well as therapeutic methods to bring personalization and comfort to treatment. The range of surgical planning models along with the 3D printed vasculature and bioreactors are being developed with the integration of 3D printing.
In addition to this, the usage of a 3D printed anatomical model as a reference tool for intraoperative visualization, preoperative planning, and pre-fitting or sizing medical equipment for both highly complex and routine procedures has created lucrative growth opportunities for the 3D printing market growth.
Challenges:
The 3D printer uses a huge amount of electricity as compared with CNC or other machining tools; thus, it impacts the environment particularly in countries where fossil fuel is mainly used for electricity generation. In addition to this, the demand for residential as well as commercial construction has seen a significant decline during the pandemic, which has led to the decrease in demand for 3D printing in the building construction industry. Such factors are expected to pose challenges to market growth.
Segmentation Analysis
The global 3D printing market has been segmented based on offering, technology, process, application, industry vertical, and regions.
By Offering
By Technology
By Process
By Application
By Industry Vertical
By Regional Analysis
The regions analyzed for the 3D Printing market include North America, Europe, South America, Asia Pacific, and the Middle East and Africa. The North American region dominated the 3D Printing market and held the 36.9% share of the market revenue in 2020.
Key Industry Players Analysis
Companies are focusing on collaborations and partnerships for improving market position
The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances, and partnerships to improve their market position in the global 3D printing industry.
For instance, 3D Systems announced an expansion of its joint development program with United Therapeutics Corporation in October 2021. This program combines the 3D printing expertise of 3D Systems, with the regenerative organ and medicine manufacturing expertise of United Therapeutics (UT).
In April 2021, a provider of polymer 3D printing solutions Stratasys Ltd., launched three new 3D printing systems to grab a share in the additive manufacturing industry.
In November 2021, two metal additive manufacturing systems were introduced by GE Additive named the Concept Laser M2 Series 5 and the Arcam EBM Spectra L, along with an automated powder recovery station at Formnext 2019.
Latest Development
Report Metrics
Report Attribute |
Details |
Projection period |
2021-2028 |
Base year considered |
2020 |
CAGR (%) |
19.6% |
Market Size |
11.5 Billion in 2020 |
Projection unit |
Value (USD) |
Segments covered |
Offering, Technology, Process, Application, Industry Vertical, and Regions |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Stratasys, Ltd., Made In Space, Materialise, 3D Systems, Inc., GE Additive, Autodesk Inc., EnvisionTec, Inc., Canon Inc., and Voxeljet AG among others. |
By Offering |
|
By Technology |
|
By Process
|
|
By Application |
|
By Industry Vertical |
|
Regional scope |
|
Scope of the Report
Global 3D Printing Market by Offering:
Global 3D Printing Market by Technology:
Global 3D Printing Market by Process:
Global 3D Printing Market by Application:
Global 3D Printing Market by Industry Vertical:
Global 3D Printing Market by Region:
The market value of the 3D Printing Market in 2020 is $11.5 Billion.
Printers segment is the most influencing segment in the 3D printing market.
North America held the major share in the market over the Projection period 2021- 2028.
The leading market players active in the global 3D Printing market are Stratasys, Ltd., Made In Space, Materialise, 3D Systems, Inc., GE Additive, Autodesk Inc., EnvisionTec, Inc., Canon Inc., Voxeljet AG among others.
Offering, Technology, Process, Application, Industry Vertical, And Regions are the six segments of the report.
Yes, the market includes qualitative and quantitative insights for COVID-19 impact on the 3D Printing market.
The 3D Printing market is studied from 2020-2028.
Political- The increasing interest of the government in development of sustainable 3D printing environment has boosted the growth for the market. Implementation of several policies and legislative proposals by the government in different countries is helping in the growth of the market at regional level. In addition to this massive funding by the government for the development of new technologies in 3D printing is also an advantage for the market.
Economic- There is a decrease in the cost of 3D printers; however, costs associated with the 3D printing process are still high. For instance, the electrical energy needed for the 3D printing process is up to 50-100 times more as compared with the injection molding machines. In addition to this, there is a need for periodic updates of the software system to keep printing operations effective and efficient, adding costs to the printing process. Such high costs associated with 3D printing may hamper the growth of the market to some extent during the Projection period.
Social- North America holds tremendous potential for 3D Printing demand. In addition to this, widespread adoption of additive manufacturing across the industrial sector in this region fuels the growth of the market. Moreover, the U.S. and Canada are prominent and early adopters of 3D printing across the manufacturing processes. This factor further boosts the growth of the market size in North America. The Asia-Pacific region is likely to register the highest growth during the Projection period. This is mainly due to the ongoing development of the manufacturing sector in the region. In addition, the region has become a hub for the healthcare and automotive industries. Also, significant growth in the production of consumer electronics products in the region has boosted the demand for three-dimensional printing.
Technological- Advances in medical 3D printing technology in the healthcare sector have led to the development of innovative tools as well as therapeutic methods to bring personalization and comfort to treatment. the use of 3D printing has enabled the manufacturing of lightweight vehicle components to reduce the weight of vehicles, by increasing fuel economy and improving car performance. Such a range of applications of 3D printing in the automotive sector considerably fuels the growth of the market.
Environmental- The 3D printer uses a huge amount of electricity as compared with CNC or other machining tools; thus, it impacts the environment particularly in countries where fossil fuel is mainly used for electricity generation. In addition to this, the demand for residential as well as commercial construction has seen a significant decline during the pandemic, which has led to the decrease in demand for 3D printing in the building construction industry. Such factors are expected to pose challenges to market growth.
Legal- Stratasys Ltd., a provider of polymer 3D printing solutions collaborated with Adobe. This collaboration allows designers to print full-color 3D pictures and Tactile models directly from Adobe Substance 3D Painter. 3D Systems, one of the leading 3D printer manufacturers launched several new 3D printers, innovative additive manufacturing software, a new redistribution partnership with post-processing system specialist AMT, and a new industrial-grade resin material. This strategy boosts the growth of the 3D printing business of 3D Systems.
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