The 3D Printing market is expected to grow at a compound annual growth rate of 27.95% over the forecast period to reach a market size of US$64.518 billion in 2026 from US$14.704 billion in 2020.
3D printing is the technology that enables the printing of three dimensional solid objects from a digital file using a 3D printer. The global market is anticipated to witness a promising growth over the forecast period which may be attributed to the growing applications of 3D printed objects across several industries such as consumer electronics, healthcare, and automotive among others. The key factor augmenting the adoption is the and increasing focus of industry players towards reducing costs is steering them towards advanced technologies that can streamline the development process while helping them improve their profit margins are driving the market for 3D printing. Moreover, the market players are investing heavily in the R&D since technology is becoming advanced the end-user requirements are increasing substantially as advanced and more new and innovative products enter the market, their adoption can be expected to increase significantly both among professionals and hobbyists, further fueling the market growth. Moreover, the aerospace and manufacturing industry are primarily driving the global 3D printing market since these industries are majorly dependent on prototyping and 3D printing enables these industries to take several benefits through these technologies.
The use of 3D printing across emerging sectors coupled with the growing investments by players operating in that sector for the adoption of this technology further shows the growth of the 3D printing market in the coming five years. For instance, recently in February 2021, ArcTern Ventures, one of the leading companies engaged in climatic tech funding announced their investment in an Oakland-based company, Mighty Buildings as part of the company's $40 million Series B round which is entering the market for making 3D printing of homes through their advanced robotics and materials technology.
On the other hand, the market is set to witness an exponential growth in the coming years since industries such as automotive and healthcare are leveraging leverage the technology for the mass production of various components.
The 3D printing market has been segmented by component, technology, and geography. Based on components the market has been segmented into hardware, software, services, and material. By technology, the market has been classified into vat photopolymerization, metal extrusion, material jetting, binder jetting, direct energy deposition, powder bed fusion, and sheet lamination. On the basis of end-user, the market is segmented as healthcare, automotive, aerospace and defense, construction, and others. Geographically, the 3D printing market has been segmented on the basis of North America, South America, Europe, Middle East and Africa, and the Asia Pacific.
Hardware to hold a prominent market share
On the basis of component, the hardware segment is projected to hold a considerable share in the market which may be attributed to the fact that there has been a significant demand for 3D printing across several industries out of which healthcare and automotive are considered to be the prominent industries among others. Multiple industries are adopting 3D printing solutions for the mass production of parts which in turn is has propelled the demand for 3D printing hardware over the years. The services segment is anticipated to hold a considerably lesser share in the market with high growth prospects owing to the fact that multiple smaller businesses are adopting 3D printing services to assist their manufacturing process with an aim to reduce the spending on hardware solutions.
Healthcare to witness a substantial growth
On the basis of the end-user industry, the 3D printing market for the healthcare industry is projected to witness a promising market growth during the next five years. 3D printing is used for printing dental and bone implants, prosthetics, and medical instruments among others. The 3D printing technology enables the healthcare providers to offer cost-effective and high-quality treatments which further serves as an economic benefit to both patients and the healthcare institution since it further leads to speedy recovery and reduction in manufacturing and hospitalization cost. The adoption of additive manufacturing in the automotive industry is growing at a fast pace due to its growing applications in rapid prototyping. Various parts such as interior accessories, full-scale panels, brackets, casts, and lights are prototyped or manufactured using this technology as resins are used in manufacturing those parts.
APAC to witness a healthy growth
Geographically, the North American region is expected to hold a significant share in the market which is primarily attributed to the early adoption of technology and the presence of well-established industries in the United States and Canada among others. Moreover, the presence of major market players in the region further plays a significant role in supplementing the major share of the North America 3D printing market at the global level. On the other hand, the market in the Asia Pacific region is projected to show a noteworthy growth since the region has established itself as a global manufacturing hub, and is rapidly moving towards innovations in the industry, and is estimated to show multiple growth opportunities in the years to come which is also bolstered by the presence of emerging economies such as India and China among others.
Prominent/major key market players in the 3D Printing market include Stratasys Ltd. The Exone Company, Ultimaker BV, Xjet, HP, and SLM Solutions Group among others. The players in the 3D Printing market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the 3D Printing market.