India – March 16, 2022 —
The 3d printing market expected to garner USD 35.38 Billion with a CAGR of 14.6% for the forecast period of 2020 to 2027. 3D printing is touted as an innovative technology that will offer solutions for various design and developmental issues that currently exists. The global manufacturing sector is likely to benefit from the advances in 3D printing. The technology is expected to benefit the manufacturing world. 3D printing holds tremendous application potential, thereby holds significant market prospects.
The attractive application potential of 3D printing in sectors such as consumer goods, automobile, healthcare, and aerospace is drawing a strong commercial interest towards the technology. 3D printing has already made a considerable headway in some of the manufacturing verticals. Advantages such as high precision, minimum wastage of raw material, and cost efficiency are prompting manufacturers to explore the technology. In addition, advances in computer aided design (CAD) model or a digital scan, and bioprinting is likely to propel the global 3D printing market forward.
Growth Drivers and Top Barriers
The top trend gaining prevalence in the 3D printing market includes the customization of the purchased products. 3D printing offers the customers the freedom to customize the products as per their requirements. The issue with the standard mass production lies with the products that are the same, since they come from moulds, preventing the margin for customization. Therefore, 3D printing is being viewed as the best option, since the technology helps personalize the purchased products. The high demand for fast prototyping also benefits the 3D printing market to a large extent.
With the surge in technological advancements as well as product innovations, the 3D printing technology has noted a growth in its applications across a variety of areas, like advanced prosthetics, jet engines as well as living tissue. The 3D printing is constantly supported by continuous technological advancements that are leading to the emergence of products with better flexibility and quicker design. A huge number of manufacturers understand the benefits of using 3D printing, which include low labour and transportation costs coupled with the ability to optimize the material. More and more manufacturing units are now able to bring down material wastage via the use of 3D printing.
Governments around the world are making colossal investments in research and development (R&D) to churn out more advanced 3D printing technology, which can positively influence technology propagation as well as adoption.
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Segmental analysis of the market has been conducted on the basis of technology, material, operation model, and application.
Based on technology, the market has been segmented into Digital Light Processing (DLP), Selective Laser Sintering (SLS), Electronic Beam Melting (EBM), Comprises Stereolithography (SLA), Laminated object manufacturing (LOM), Selective laser melting (SLM), and Fused deposition modelling (FDM). Based on material, the market has been segmented into polymer, ceramic, nylon and comprises metal. Based on operation model, the market has been segmented into service provider and comprises in-house. Based on application, the market has been segmented into plastics, electronics, consumer goods, comprises automotive and aerospace, pharma and medical, energy logistics and transport, wholesale and retail and mechanical and plant engineering.
North America is expected to spearhead the global 3D printing market during the forecast period. In terms of value, North America represented the largest share of the market in 2016. This can be attributed to the presence of some of the leading 3D printing technology companies in the countries such as the U.S. and Canada. The North America 3D printing market is led by the U.S. and this trend is likely to continue beyond 2019. Adoption of 3D printing in sectors such as defence and aerospace is supporting the market growth in the region. The aforementioned sectors are expected to present lucrative opportunities in the foreseeable future. North America is followed by Europe and Asia Pacific (APAC) respectively. During the forecast period, the APAC market is projected to exhibit the highest growth.
Some of the leading companies operating in the global market for 3D printing include Shapeways (U.S.), Carbon 3D (U.S.), Zortrax (Poland), Stratasys Ltd. (U.S.), Canon Inc. (Japan), Graphene 3D Lab Inc. (U.S.), Shapeways, Inc. (U.S.), The Argen Corporation (U.S.), The Exone Company (U.S.), Envisiontec GmbH (Germany), 3d ceram (France), Formlab (U.S.), 3D Hubs (Netherlands), Beijing Tiertime Technology Co., Ltd. (China), Proto Labs (U.S.), Reprap (Denmark), Ultimaker (Netherlands), Optomec Inc. (U.S.), Local Motors (U.S.), 3D Systems Corporation (U.S.), MyMiniFactory (U.K.), Arcam Group (Swedan), Wiivv Wearables Inc. (Canada), Amazon.Com, Inc. (U.S.), Materialise NV (Belgium) and HP Inc (U.S.) The level of competition in the market is high. This continues to prompt companies to implement aggressive growth strategies. Technology companies are taking a deeper interest in the 3D printing technology owing to its high potential. Market players are engaging in mergers and acquisition activities and investing in R&D pipelines to capitalise on emerging technology trends in 3D printing. Moreover, having a large and diverse portfolio is essential for achieving long-term sustainability. Increased government funding also remains as encouraging factor for companies. Meanwhile, private public partnership for new product development gains further momentum in emerging economies.
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