3D Printing Market To Grow at a CAGR of 23.22% during the forecast period
The Global 3D Printing Market was valued at USD 14.1 Bn in 2020 is expected to reach USD 65.88 Bn by 2027, with a growing CAGR of 23.22% during the forecast period.
3D printing technology enhances the manufacturing process of the final merchandise throughout an extensive range of end-use verticals. The utilization of 3D printing is growing constantly throughout numerous industries, and it is benefiting expert surroundings financially and operationally with improved performance and cost-effectiveness. Currently, there was a huge growth in the demand for 3D printing, because the customers are inclined more towards the custom-designed merchandise and price-efficient solutions and increasing demand for automation throughout different industries.
The technological advancements such as AI and ML, proliferating the demand of 3D printing market owing to the enable automated printing for efficient production. For instance, In November 2019, the UK-based company, Additive Manufacturing Technologies (AMT), released its new Digital Manufacturing Systems at Formnext 2019. It makes use of AMT's proprietary technology to offer an automatic and virtual solution for the complete production workflow.
Based on the end-use industry, the 3D printing market has been segmented into automotive, aerospace and defense, healthcare, architecture and construction, consumer products, and others. The automotive segment accounted for almost 35% share in the market in 2019 and further expected to lead the 3D printing market during the forecast period. Latest developments in 3D printing materials which are more suitable for advanced automobiles is one of the key driving factors for this segment. Additionally, growth in the automotive industry in the past few years and early adoption of 3D printing technology is propelling the segmental growth.
The high cost of raw materials and limitations regarding product size are some of the factors which are creating a major hindrance for its market growth. However, government initiatives to attract foreign investments in 3D printing projects is anticipated to offer multiple growth opportunities during the forecast period.
Global 3D Printing Market by Region Outlook (Revenue, USD Million, 2021-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
In terms of geography, North America accounted for nearly 32% share of the global 3D printing market in 2019 and is expected to dominate the market throughout the forecast period followed by Europe and Asia-Pacific. The strong presence of end-use industries in the North America region is one of the key factors driving the consumption of 3D printing in this region.
The Global 3D Printing Industry Segmentation:
Global 3D Printing Market by Offering Outlook (Revenue, USD Million, 2021-2027)
Global 3D Printing Market by End-use Industry Outlook (Revenue, USD Million, 2021-2027)
- Aerospace & Defense
- Architecture and Construction
- Consumer Products
- Based on the offering, the service segment expected to grow at the fastest rate of 21% CAGR during the forecast period.
- Based on the end-use Industry, the automotive segment is expected to lead during the forecast period.
- Based on regions, North America to dominate the 3D printing market throughout the forecast period.
The key players operating in the 3D printing market are:
- Stratasys Ltd.
- 3D Systems, Inc.
- EOS GmbH
- voxeljet AG
- SLM Solutions
- Renishaw plc.
- Proto Labs, Inc.
- CleanGreen 3D
- Optomec, Inc.
- Groupe Gorgé
- Ultimaker BV
- XYZprinting, Inc.
- In May 2021, GE Additive collaborated with Protolabs and fashion designer Zac Posen to construct 4 gowns and a headdress for displaying at the Met Gala. Electron-Beam Melting (EBM), Multi Jet Fusion (MJF), and Stereolithography (SLA) technology had been used throughout the objects to meet the design necessities of wearable clothes.
- In March 2021, Stratasys released a 3D printer that allows dental labs 3D printing performance paired with the company’s poly jet realism and precision technology. The J5 DentaJet 3D printer is a multi-material dental 3D printer that permits technicians to load combined trays of dental elements. The new 3D printer consumes the simplest 4.6 sq. ft (0. 43 sq. m) of ground space and may produce at the least 5 instances of extra dental elements on a single combined tray than aggressive 3D printers.