The Global 3D Printing Market was valued at USD 14.1 Billion in 2020 and is expected to reach USD 65.88 Billion by 2027, with a growing CAGR of 23.22% during the forecast period.
3D printing is an additive manufacturing process that is used to build a three-dimensional object by using computer-aided design (CAD). This process involves the addition of a raw material layer by layer in order to provide the desired shape. 3D printing process finds applications in multiple industries such as manufacturing, automobile, food & beverages, medical, aerospace & defense, among others. The growth of the 3D printing market is primarily driven by the benefits offered by additive manufacturing over conventional manufacturing processes such as ease in development of complex products, and demand for customized products. Moreover, the growing emphasis on reducing manufacturing costs and operational downtime is fuelling the growth of 3D printing market.
In addition to this, the 3D printing market has considerably penetrated the automotive industry. With the help of 3D printing, the production of light-weight automobile components is feasible for decreasing the weight of vehicles, enhancing automobile performance, and increasing the fuel economy. Moreover, better performance may be gained in manufacturing equipment for injection molding by the use of 3D printing technology. The vehicle plastic components manufactured by the use of traditional strategies take time for cooling, and then, mounted in vehicles. However, 3D printing can restrict the manufacturing time, enhance the quality of equipment, and decrease maintenance prices by incorporating internal cooling channels into the injection molding method. For instance, in May 2018, BMW released a brand new prototype in their bike, the s1000RR that consists of 3-d printing. The prototype of the bike consists of a 3D printed body and a swing arm manufactured by 3D technologies.
By End-use Industry
Based on offering, the service segment expected to grow at the fastest rate of 21% CAGR during the forecast period owing rapid growth in healthcare and aerospace industry
Based on the offering, the global 3D printing market has been segmented into printer, material, software, and service. The 3D printing market is in an evolution phase with multiple manufacturers developing more compatible product offerings. There numerous small and medium scale industries who require additive manufacturing solutions but cannot afford the initial investments owing to varying product specifications. Such industries, along with well-established ones prefer 3D printing service as it saves a good amount of cost and time. Moreover, rapid growth in healthcare and aerospace industries, which continuously require to optimize the products, is driving the growth of the service offering sector.
Based on the end-use industry, the automotive segment is expected to lead the 3D printing market during the forecast period due to the early adoption of 3D printing technology
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 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.
Based on region, North America to dominate the 3D printing market throughout the forecast period owing to the presence of additive manufacturing companies
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. For instance, as per the 3D printing Sentiment Index carried out by a desktop 3D printing company, Ultimaker, in November 2019, the US leads as the most advanced country in 3D printing. Moreover, the growth of construction, automotive and textile manufacturing industry in the United States are also propelling the growth of 3D printing market in the North America region. Asia Pacific accounted for the highest CAGR in the global 3D printing market during the forecast period.
The report also provides an in-depth analysis of 3D printing market dynamics such as drivers, restraints, opportunities, and challenges:
COVID-19 Impact on the 3D Printing Market Analysis:
The COVID-19 pandemic impacted the diverse sector because of the strict lockdown imposed by the government throughout the globe. The business hubs, manufacturing sectors witnessed an instantaneous supply chain disruption and halts on production. Due to the COVID-19 pandemic, the overall industrial production throughout the globe has seen a sharp decline. The pandemic has compelled market players to lessen their operational expenditure. Fewer operations expenses are probably to restrict the spending of market players on new 3D technologies. This would possibly impede the market growth of 3D printing. A more detailed analysis specific to this industry will be provided in the report.
The report also provides an in-depth analysis of key trends in the 3D printing market:
The report also provides an in-depth analysis of recent news developments and investments:
The unique insights provided by this report also include the following:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis