3D Printing Market, By Use (Commercial and Personal), by Technology (Polyjet, FDM, SLS, SLA, Others), by Application (Consumer electronics, Automotive, Medical, Industrial or business machines, Aerospace, Military and defense, Architectural, Education and Others ) and by Region (North America, Europe, Asia Pacific, RoW) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027
Press Release : 3D Printing Market
3D printing or also referred to as additive manufacturing is the construction of a three-dimensional object from a CAD model or digital 3D model. An object of any shape and size can be created by using a digital model. The primary principle in 3D printing includes the flexibility of output, translation of code, and material cartridges into a visible pattern. At present, this technology is used for rapid prototyping, speedy manufacturing, mass customization, and mass production.
The global 3D printing market is estimated to account for US$ 15,320.8 Mn in terms of value by the end of 2027.
Market Dynamics- Drivers
- Expanding applications in consumer products and automotive industries is expected to drive growth of the global 3D printing market during the forecast period
3D printing has witnessed massive adoption in the recent past, owing to expanding application areas. Growing awareness about the benefits of using 3D printing over conventional methods of manufacturing has further increased the adoption of 3D printing. Moreover, technological advancements such as the incorporation of new materials and surface enhancement of the final model, are expected to expand the application areas of 3D printing. In consumer applications, 3D printing is used in jewelry, home décor, toys, art, gadgets, and glass frames. Currently, this technology is set to replace die-casting and sand casting in the early phases of production. Therefore, these factors are expected to drive growth of the global 3D printing market during the forecast period.
- Growing trend to manufacture technologically advanced products is expected to propel the global 3D printing market growth over the forecast period
3D printing technology has witnessed technological evolution in the recent past. These innovations are created with high precision and accuracy, which in turn, has increased the demand for 3D print printing technology and associated products. Moreover, key players in the market are focused on research and development activities, in order to innovate novel products and expand the product portfolio. For instance, Fused Deposition Modeling (FDM) and Polyjet technology are the most widely used technologies at present in the 3D printing industry. Therefore, these factors are expected to propel the global 3D printing market growth over the forecast period.
North America held dominant position in the global 3D printing market in 2019, accounting for 39.0% share in terms of value, followed by Europe, APAC and RoW respectively
Figure 1: Global 3D Printing Market Share (%), in terms of Value, By Region, 2019
Market Dynamics- Restraints
- Presence of counterfeit products is expected to restrain growth of the global 3D printing market during the forecast period
The major threat for market players is the violation of copyrighted products. This infringement of rights has disrupted the harmony of intellectual property laws in many countries. Although governments in many countries are conducting rigorous investigations, the issues regarding counterfeit products and infringement remain prevalence. As a result of this, certain laws and regulations have been exercised to prevent such felonies. For instance, using the Digital Millennium Copyright Act (DMCA) in the U.S., a copyright holder can notify an online service provider to claim and stop the continued infringement. Thus, these factors are expected to restrain growth of the global 3D printing market during the forecast period.
- Inability to mass produce in quick time is expected to hamper the global 3D printing market growth over the forecast period
3D printing is expected to replace conventional manufacturing in numerous countries since it is a simple and fast way of producing objects. It is economical, and the technology is currently being used to manufacture parts for assembling. For instance, computer parts such as chips and automotive components can be manufactured by 3D printing. However, the technology has not yet been successful in mass manufacturing of larger objects. Thus, these factors are expected to hamper the market growth in the near future.
- Replacement of conventional manufacturing by 3D printing can present lucrative opportunities
3D printing has gained massive popularity in the recent past. The low cost and faster manufacturing in 3D printing have seen higher adoption of this technology in commercial applications. This is owing to the low manufacturing requirements of this technology. For instance, the US Naval Undersea Warfare Center (NUWC) got reductions in lead-time for the reverse engineering of submarine compressor pump casting from 51 weeks to 8 weeks. The cost for the same was reduced from US$ 29,562 to US$ 18,200.
- Development of 3D scanning can pose excellent opportunities for market players
Advent of 3D scanner has present numerous opportunities. A 3D scanner can scan objects of any dimension and print them into 3D models. Over the year, the 3D printing industry has witnessed significant development. For instance, Occipital developed and launched “Structure,” a 3D scanner for iPad devices that can scan objects in 3D space. The device uses infrared LEDs and a camera to model and measure its surroundings in 3D. Moreover, currently, technological advancements in the field of 3D scanning to develop 3D desktop scanners are taking place. For instance, in 2013, MakerBot Industries, a key player in the 3D printing market, launched “Digitizer,” a new 3D desktop scanner.
Figure 2: Global 3D Printing Market Value (US$ Mn), 2017 - 2027
The global 3D printing market was valued at US$ 7,240.0 Mn in 2019 and is forecast to reach a value of US$ 15320.8 Mn by 2027 at a CAGR of 9.8% between 2020 and 2027.
- High demand from consumer product & electronics and automotive sector
The demand for 3D printing for consumer products and electronics and automotive has increased over the last couple of years due to the incorporation of new printing materials such as metal. This is supporting the growth of 3D printing. 3D printed electronic gadgets and 3D printed cars are expected to raise the demand in the future.
- Growing adoption of 3D printing for personal us
In the near future, the market for personal use is expected to experience a faster growth. This is due to declining cost of 3D printers and increased accessibility through 3D printing service centres. Moreover, this trend is expected to continue during the forecast period.
Global 3D Printing Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on 3D printing market, as healthcare industries have suffered significant shortage of products. During this time of social and economic despair, most of the healthcare industries are under stress due to shortage of beds and medical equipment’s. There are disruption in the supply chain of these medical equipment throughout Europe, US and in India and due to this there is a shortage of medical equipment and kits. For instance, in Italy, there is a shortage of medical equipment’s and PPE kits for the protection of the heath workers in the hospitals.
Major companies operating in the global 3D printing market are 3D Systems, Inc., Voxeljet Technology GmbH, Arcam AB, Stratasys, Ltd., Concept Laser GmbH, Solidscape, Inc., EOS GmbH Electro Optical Systems, SLM Solutions GmbH, ExOne GmbH, and Optomec.
- Major companies operating in the market are focused on product development, in order to expand product portfolio. For instance, in November 2019, 3D Systems, Inc. introduced its new application-specific production solution for automotive, aerospace, and healthcare industries.
- Key players are involved in partnerships and collaborations, in order to gain a competitive edge in the market. For instance, in November 2019, Voxeljet Technology GmbH partnered with Evonik for next-generation binder jetting technology.
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