Multi Jet Fusion 3D Printing Technology Market Size, Share, Opportunities, And Trends By Component (Hardware, Software, Service, Material), By End-User (Healthcare, Automotive, Aerospace And Defense, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Dec 2023
- Report Code : KSI061613027
- Pages : 119
The multi-jet fusion 3D printing technology market was valued at US$2.749 billion in 2021 and is projected to expand at a CAGR of 22.32% over the forecast period to reach US$11.261 billion by 2028.
The multi-jet fusion 3D printing technology market is expanding rapidly due to several factors, including ongoing technological advancements, the technology's remarkable speed and scalability for mass production, an increasing selection of compatible materials, cost savings, and the capacity to create intricate and highly customised parts. Moreover, the environmentally sustainable characteristics of MJF, together with robust industrial demand and government backing, have expedited its assimilation across many domains, rendering it a propitious and swiftly developing technology with a bright future.
Advancements in printing technology
Multi Jet Fusion (MJF) 3D printing technology has made significant strides that have changed its applications and attractiveness across many sectors. Improvements in printing resolution, speed, and accuracy have made precise manufacturing applications possible in addition to boosting production efficiency. Its application is expanded by the availability of more suitable materials, such as thermoplastics and composites, and design freedom is increased by the capacity to print in full colour and combine various materials into a single print job. The competitiveness and sustainability of MJF have been improved via scalability, post-processing methods, machine learning integration, and sustainability features. With additional improvements, MJF has the potential to upend conventional production techniques and find use in a larger range of sectors.
As per the International Trade Administration, the sales data for 2020, saw a total of $168.6 million in sales of additive manufacturing, or 3D printing equipment in Japan. The overall trends in Japan's 3D printing industry indicate that annual growth in sales of 3D printing equipment is expected. Additionally, as per the Ministry of Electronics and Information Technology, the market size for additive manufacturing increased from US$ 16.94 billion in 2021 to US$ 20.02 billion in 2022, further fueling the demand for 3D printing.
Growing adoption of 3D printing technology
The industrial business is changing owing to the phenomenal expansion of three-dimensional printing technology. With this adaptable technology, the consumer can quickly and affordably achieve complicated geometries, customisation, prototyping, and a variety of production processes. Large-scale manufacturing and professional enterprises that depend on 3D printing to operate their operations are the target market for the business and industrial 3D printer categories. These printers range in price from $5,000 to hundreds of thousands of dollars.
Furthermore, in 2020, researchers at Oak Ridge National Laboratory created artificial intelligence software that evaluates component quality in real time for powder bed 3D printers without the need for costly characterisation tools. The Peregrine software facilitates the ORNL-developed "digital thread" for advanced manufacturing, which gathers and evaluates data at each stage of the manufacturing process, including design, feedstock selection, print construction, and material testing.
It is projected that the multi jet fusion 3D printing technology market in the USA will grow steadily.
Multi-jet fusion 3D printing produces finely detailed end-use production parts and functional nylon prototypes. The high level of precision provided by such 3D printing technology solves the issue of manufacturing parts having complex designs, owing to which it is finding applicability in various industrial sectors, such as automotive, and aerospace & defense. The bolstering growth in such major end-users in the USA coupled with technological innovations, and increasing efforts to improve product efficiency has propelled the need for multi-jet fusion 3D printing. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, USA automotive production stood at 10.06 million units, thereby signifying a 10% increase over 2021’s production volume of 9.15.
Growth in aircraft manufacturing
According to the General Aviation Manufacturer Association, in 2022, the number of US-manufactured aircraft stood at 1,954 units which represented a significant 25.6% increase over 2020’s production figure of 1,555. Moreover, the commercial launch of metal-jet fusion 3D printers by major market players such as HP is also fueling the multi-jet fusion 3D printing technology market growth at the country level. For instance, in September 2022, HP Inc. announced at the 2022 International Manufacturing Technology Show (IMTS) held in Chicago, the commercial availability of its “Metal Jet S1000 Solution”. The product would assist in scaling 3D metal mass production. The low-cost material utilization by such technology makes it ideal for mechanical testing and prototypes and with the growing investments to bolster smart manufacturing in the USA, the demand for such 3D printing technology is poised to show positive growth in the coming years.
Product innovation by major market players
Product innovation by major multi-jet fusion 3D printing technology market players is further fueling the market. For instance, by selecting Materialise for Multi Jet Fusion printing, the consumer might benefit from the company’s wealth of knowledge on this cutting-edge technology. The company is honoured to be a part of HP's Digital Manufacturing Network, having received recognition from the company for the superiority of 3D production and quality control procedures. Furthermore, for a comprehensive supply chain solution, HP Digital Production Suite offers the management and analytics needed to expand additive manufacturing. HP provides 3D printing technology that produces superior white components and efficiency that allows for minimal operational costs and can give the best of both worlds.
Market Key Developments
- In November 2022, the commercial release of ESTANE® 3D TPU M88A thermoplastic polyurethane (TPU) under a selective availability programme was announced by Lubrizol 3D Printing Solutions. This grade is specifically made and approved for use with HP's Jet Fusion 5200 series 3D printers, which are great for use in production settings. A flexible and very strong material, ESTANE 3D M88A is ideal for printing intricate geometries and lattice structures as well as production parts.
- In November 2021, HP Inc. expanded partner programmes and ecosystem, and creative production applications created with its Multi Jet Fusion and Metal Jet 3D printing platforms at Formnext, the largest additive manufacturing exhibition in the world. The largest cosmetics firm in the world, L'Oréal, and HP worked together to expand industrial additive manufacturing and investigate whole new cosmetics packaging and uses. Additionally, HP is increasing its Digital Manufacturing Network (DMN) of component suppliers to address the growing need across sectors for mass customization and more agile 3D production.
Multi Jet Fusion 3D Printing Technology Market Scope:
Report Metric | Details |
Market Size Value in 2021 | US$2.749 billion |
Market Size Value in 2028 | US$11.261 billion |
Growth Rate | CAGR of 22.32% from 2021 to 2028 |
Base Year | 2021 |
Forecast Period | 2023 – 2028 |
Forecast Unit (Value) | USD Billion |
Segments Covered | Component, End-User, and Geography |
Regions Covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies Covered | HP Development Company, L.P., Materialise, Stratasys Ltd., Proto Labs Inc., Sculpteo |
Customization Scope | Free report customization with purchase |
Segmentation:
- By Component
- Hardware
- Software
- Services
- Materials
- By End-User
- Healthcare
- Automotive
- Aerospace and Defence
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- Germany
- France
- United Kingdom
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Indonesia
- Taiwan
- Others
- North America
Frequently Asked Questions (FAQs)
Q5. What factors are anticipated to drive the multi-jet fusion 3D printing technology market growth?
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. MULTI-JET FUSION 3D PRINTING TECHNOLOGY MARKET BY COMPONENT
5.1. Introduction
5.2. Hardware
5.3. Software
5.4. Services
5.5. Materials
6. MULTI-JET FUSION 3D PRINTING TECHNOLOGY MARKET BY END-USER
6.1. Introduction
6.2. Healthcare
6.3. Automotive
6.4. Aerospace and Defence
6.5. Others
7. MULTI-JET FUSION 3D PRINTING TECHNOLOGY MARKET BY GEOGRAPHY
7.1. Introduction
7.2. North America
7.2.1. USA
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Argentina
7.3.3. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. United Kingdom
7.4.4. Spain
7.4.5. Others
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. UAE
7.5.3. Israel
7.5.4. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. Japan
7.6.3. India
7.6.4. South Korea
7.6.5. Indonesia
7.6.6. Taiwan
7.6.7. Others
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisitions, Agreements, and Collaborations
9. COMPANY PROFILES
9.1. HP Development Company, L.P.
9.2. Materialise NV
9.3. Stratasys Ltd. (Nano Dimension)
9.4. Proto Labs Inc.
9.5. Sculpteo (BASF 3D Printing Solutions)
HP Development Company, L.P.
Materialise NV
Stratasys Ltd. (Nano Dimension)
Sculpteo (BASF 3D Printing Solutions)
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