A digital model is transformed into a tangible, solid, three-dimensional object using 3D printing, typically by adding numerous thin layers of a material in succession. Because it makes manufacturing more accessible than ever, 3D printing has quickly gained popularity.
The market worth of 3D printing in 2021 was USD 14 billion and will reach USD 77.83 billion by 2030 at a 21% CAGR during 2021-2030.
Industries using 3D
printing
Due to the process flexibility, 3D printing has applications in a variety of industries, including:
Aerospace:
Due to its ability to produce lightweight yet geometrically complex parts, like blisks, 3D printing is widely used in the aerospace industry.
Automotive
Due to the inherent weight and cost savings, the automotive industry has embraced 3D printing. It also enables quick prototyping of novel or customized components for testing or small-scale production. As a result, if a specific part is no longer available, it can be produced as part of a small, custom run that also includes producing spare parts.
Medical
Making custom implants and devices using 3D printing has applications in the medical field. For instance, a digital file matched to a scan of the patient’s body can quickly produce hearing aids. Costs and production times can both be significantly decreased with 3D printing.
Market Dynamics
Drivers
Increasing Adoption of 3D Printing Technology
The market will experience strong growth due to the expanding switch from conventional printing to 3D printing technology. A few advantages of 3D printing include less waste, more complex designs, cost-effectiveness, and improved design modification. Additionally, the growing understanding of the undeniable benefits of 3D printing technology has attracted producers from various industries. The method is being used to
produce new products more affordably in the food, footwear, music, jewelry, and medical industries. The market share for 3D printing materials will grow in the coming years. Additionally, the market will grow quickly throughout the projection period due to the rising demand for 3D-printed parts in aerospace, automotive, and military applications.
Challenges
The high initial costs of this technology are the main obstacle to its adoption. The cost of employee training, materials, certification, and education in additive manufacturing is included in this investment. Spending on hardware, software, and other components is also
included. A 3D system setup costs significantly more than traditional printing methods and requires more resources. However, since the professional Desktop 3D printer is now readily available, the manufacturers are helping the end users cut back on significant up-front costs. Unlike a 3D system, desktop printers are more practical and less expensive.
Market Segmentation
By Printer Type
In the year 2022, the industrial printer segment held the largest market share of 77%. The largest share of industrial printers is due to their rising utilization in automotive, electronics, healthcare, and defense & aerospace.
The desktop printer segment will expand rapidly during the forecast period. For technological research and instruction, desktop printers are also utilized in higher education, which includes universities, colleges, and schools. Particularly small enterprises are adopting desktop printers and expanding their business operations to incorporate 3-D printing and various other related processes.
By Technology
In 2022, the stereolithography segment held the biggest market position, with a revenue share of 11%. It is the most extensively used printing technique. Furthermore, the benefits and convenience of stereolithography technology encourage its adoption, while technological development and R&D works carried out by industry researchers and experts are opening up new possibilities for various other reliable and efficient techniques.
By Application
With over 55% of total revenues in 2022, the prototyping segment ruled the market. This is a result of the widespread adoption of the prototype process across numerous industries. In order to properly create and design components, parts, and intricate procedures, prototyping is widely utilized in the aerospace, defense, and automotive industries.
By Vertical
The automobile industry had the largest market in 2022, with a revenue share of 25%. The aerospace and defense, healthcare, and automotive industry will contribute significantly to the rise of industrial additive manufacturing in the projected timeframe because of the active technology adoption in various production processes related to these verticals.
By Component
In 2022, the hardware segment led the entire market with a revenue share of 65%. The hardware sector has profited greatly from the increased importance of faster prototyping and novel manufacturing techniques. The growth of the hardware industry is primarily driven by fast urbanization, rapid industrialization, the increasing popularity of consumer electronics, improved civil infrastructure, and reduced labor costs.
Regional Analysis
In 2022, North America significantly contributed for the largest market share of 34% due to the extensive use of additive manufacturing in the area. Canada and the US are the early adopters of these advances across various manufacturing processes. Smart clothes and fitness trackers are also expected to advance 3D printing technology in the US. The market is also driven by the demand for flexible bands and electronic systems that use 3D printing technology, created by changing consumer preferences and an increased need for individuality.
Key Players
Stratasys Ltd
Autodesk Inc
The ExOne Company
Materialise
Made In Space
GE Additive
Voxeljet AG
Canon Inc
EnvisionTEC Inc
3D Systems Inc
Autodesk Inc.
HP Inc
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