The 3D printing market is projected to grow at a CAGR of 27.59% to reach the market size of US$39.640 billion by 2024 from US$9.190 billion in the year 2018. 3D printing is a process of making three dimensional solid objects from a digital file using a 3D printer. The rapid growth of industries like consumer electronics, healthcare and automotive among others and increasing focus of industry players towards reducing costs is steering them towards advanced technologies which can streamline the development process while helping them improve their profit margins are driving the market for 3D printing. Heavy investments by major market players into research and development are speeding up technological advancements. As technologies become more 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.
Study Scope and Coverage
The 3D Printing Market study presents the key market trends through various chapters focusing on different aspects of the market. The study provides a detailed market overview through the market dynamics sections which detail key market, drivers, restraints, and opportunities in the current market. The report analyzes key opportunity regional markets, and the current technology penetration through lifecycle analysis. The report also analyzes the market through comprehensive market segmentation by component, technology, end-user, and geography.
Regional analysis has been provided with detailed analysis and forecast for the period 2018 to 2024. The global market has been broken down into North America, South America, Europe, Middle East and Africa, and Asia Pacific regions. The report also analyzes these regions with thorough analysis and forecast along with prevailing market trends and opportunities which each of these regions present for the manufacturers and the service providers.
The 3D printing market has been segmented by component, technology, and geography. Based on component 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.
Rising technological advancements in 3D printing technology are driving the global 3D printing market growth.
With the rise in technological advancements new technologies are adding on the 3D printing industry, also known as additive manufacturing. Examples include the ability of a 3D printer to produce thin layers. The thinner the layers, the smoother the appearance of the object and will have a better feel and finish. Introduction of the new materials like flexible filament to produce flexible 3D prints, carbon- fibre mix to produce products of lightweight strengths. Other examples of innovations include 3D Printed shoes, it is based on the concept of “one size fits all”. Despite of the fact that the length of both of the feet may be same but still each might require the shoes of different sizes. Therefore, Feetz, a San-Diego based start-up has come up with customized 3D printed shoes. Major companies like Adidas, Nike have also started making 3D Printed shoes for running purposes.
Plastics hold the majority market share by material type owing to extensive use across industries.
By material, the global 3D printing market is segmented as metals, plastics, ceramics and others. Plastics held the largest market share in 2019 close to 40%. It is also expected to grow at the fastest rate as compared to other metals due to its increasing use in prototyping and tooling. There is an escalating use of plastic prototypes by the marketing and designing teams around the world to reduce lead time, trim down time-to-market and increase in profits.
The demand for metal as a material for 3D printing will be driven by ever-increasing investment by the aerospace industry to attain fuel efficiency and waste reduction. Metal as a material is used in the aerospace, automotive, electronics and other industries to build functional parts. It is also used for building prototypes in the engineering, high tech and aerospace industry among others. Metals can facilitate parts consolidation which ultimately leads to a reduction in manufacturing, machining and assembly cost. Moreover, it helps to build functional parts by reducing their weight and cost while retaining structural strength. This makes it useful in the aerospace and automotive industry as it helps them reduce the cost of fuel to a reduction in waste and weight. In addition, metals are also for building prototypes for robotics, aerospace and automotive industry in a time-efficient manner which reduces the lead time and improves flexibility.
Cost-effectiveness of using paper and growing expenditure in the field of research and development will boost the demand for these materials. Ceramics has applications in home de?cor and the introduction of economical 3D printers will augment the demand this material over the forecast period.
Industrial printers witness high usage owing to their deployment in large several scale industries.
By printer, 3D printing market is segmented as industrial printers and desktop 3D printers. Industrial printers hold the major market share in the 3D printing market owing to their wide application in industry verticals like healthcare, defense etc. Their ability to improve product performance and increase design freedom have further promoted their use in majority of the sectors. There has been a growing demand for the desktop 3D printers due to the rising awareness and increased government engagement. However, the two major restraints in the industrial printer is their high costs and the costs of proprietary material which restricts its use for small manufacturers.
The global 3D printing market is dominated by the healthcare and manufacturing industries.
By industry vertical, the global 3D printing market is segmented as automotive, healthcare, consumer electronics, manufacturing, printed electronics, and others. Healthcare and manufacturing industry held the largest market share in 2019 due to increasing use of 3D printing solutions for prototyping and function tools. The rising need for printing of highly specialized tools on-demand from the automotive and aerospace industry will add to the demand for this printing solution. Cost-effectiveness, reduction in wastage and shrinking lead time have been the major factors responsible for the increasing penetration of this printing solution across industry verticals. Healthcare and aviation industry are expected to grow at a significant rate in the coming years. In the healthcare sector, increasing investment in research for 3D bioprinting and budding adoption of 3D printing solutions in the pharmaceutical will drive the demand. Whereas, rising penetration of this market due to cost- effectiveness and environment friendliness will boost its demand in the aerospace industry for the next five years.
Booming healthcare industry is a major beneficiary of the recent advancements in the 3D printing technology.
3D printing is used for printing dental and bone implants, prosthetics and medical instruments among others. The demand for quick and cost-effective techniques will drive the demand for 3D printing solutions as they result in speedy recovery and reduction in manufacturing and hospitalization cost. 3D printers use software for printing which leads to increasing precision and reducing the room for error. The need for mass customization in a cost-effective manner of medical equipment and organs will add to the growing demand for these solutions. Furthermore, increasing investment in the field of research and development of 3D bioprinting solutions to reduce the demand-supply gap for organ donors will augment the demand for 3D printing solutions during the forecast period.
Aprecia Pharmaceuticals, a U.S. based company, was the first company to receive the approval from the U.S. FDA for the commercialization of Zipdose®. Zipdose® is a 3D printed drug which is used to treat epilepsy and dissolves faster than other commercially available drugs.
North America accounts for a major market share owing to the presence of a large number of manufacturers and early adoption of new technology in the region.
Americas holds a major share in the global market on account presence of a large number of players in North America. Being the early adopter of new technology, North America contributes majorly to the growth of overall Americas 3D printing market. North America being the early adopter of new technologies, holds the largest share in the global market. Flourishing industries like automotive, healthcare, consumer electronics and many others in this region are showing significantly high adoption of advanced manufacturing solutions by the industry players to improve the efficiency of their manufacturing processes while enhancing the quality and performance of their end-products.
Europe Middle East and Africa also hold a significantly large share in this market. Growth of market in this region is mainly attributed to the growth of end user industries like healthcare, automotive, and consumer electronics among others. The market in Asia Pacific is expected to witness an impressive growth over the projected period. Increasing investments by major market players in this region can be seen as one of the major factors driving the market growth.
Major players and Competitive Intelligence
Major players in the 3D printing market have been covered along with their relative competitive position and strategies. The report also mentions recent deals and investments of different market players over the last year. The company profiles section details the business overview, financial performance for the past three years, key products and services being offered along with the recent developments of these important players in the 3D printing market.
Some of the key players covered as a part of the study are Stratasys Ltd. The Exone Company, Ultimaker BV, Xjet, HP, SLM Solutions Group, Mcor Technologies Ltd, Optomec, DWS, and Luxexcel Group among others.
The 3D printing market has been analyzed through the following segments:
· CAD Tools
o By Type
o By Form
o By Type
o By Form
· Vat Photopolymerization
· Digital Light Processing
· Continuous Digital Light Processing
· Metal Extrusion
· Material Jetting
· Binder Jetting
· Direct Energy Deposition
· Powder Bed Fusion
· Multi Jet Fusion
· Selective Laser Sintering
· Direct Metal Laser Sintering / Selective Laser Melting
· Electron Beam Melting
· Sheet Lamination
· Aerospace and Defense
· North America
· South America
· United Kingdom
· Middle East and Africa
· Saudi Arabia
· Asia Pacific
· South Korea