The selective laser sintering 3D printing technology market is evaluated at US$1.144 billion for the year 2020 and is projected to grow at a CAGR of 22.38% to reach the market size of US$4.705 billion by the year 2027.
Selective laser sintering is a 3D printing technology that uses tiny particles of plastics and ceramics by heat from a high-powered laser to form a 3D object. The technique is popularly used for prototyping and hobby projects. The rising adoption and availability of 3D printing solutions around the globe are projected to shoot their demand in the coming years. The increasing use in aerospace, coupled with the growing aerospace industry, is expected to surge the market growth during the forecast period. Furthermore, the increased use of technology in creating surgical learning tools as well as surgical guides & tools and the surging adoption of prosthetics are some other prominent factors anticipated to boost the market growth in the coming years. However, the availability of substitute technologies is projected to hinder market growth during the forecast period.
The recent outbreak of the novel coronavirus disease had a negative impact on the selective laser sintering 3D printing technology market. The end-use industries such as automotive and aerospace witnessed a decline which led to declining demand for SLS 3D printing technology during the pandemic. Furthermore, many surgeries were postponed in 2020, which decreased the demand for surgical tools and guides and consequently harmed the market growth.
Widespread use in the aerospace industry
Selective laser sintering 3D printing technology provides a high level of geometric design freedom. It enables the manufacturing of profoundly intricate and lightweight designs with high stability, which is required in aerospace. Furthermore, selective laser sintering can produce a small batch of components at decent unit costs, which has led to its widespread use and is expected to drive the growth of the SLS 3D printing technology market during the forecast period. SLS is the recommended process for aerospace applications such as engine compartments, for instance, tarmac nozzle bezel, which requires heat-resistant functional parts. The technology is also recommended for use in air ducts, for instance, airflow ducting, which requires flexible ducts and bellow directors. In addition, the aerospace & defence industry has been growing steadily and is anticipated to supplement the demand for SLS 3D printing technology which is projected to surge the market growth during the forecast period. According to the Aerospace Industries Association (AIA), the aerospace & defense industry in the United States generated a revenue of $909 billion in 2019 and witnessed a strong annual growth rate of 6.7% compared to the previous year. Space systems led the industry growth, with a significant gain of nearly 9% revenue growth, while commercial aerospace posted a 7% growth in revenue. The growing trend in the aerospace industry is projected to continue in the coming years as well, which, coupled with the increasing use of SLS 3D printing technology in aerospace, is anticipated to propel market growth in the coming years.
Rising use in surgery and prosthetics
One of the prominent factors anticipated to drive the market's growth during the forecast period is the increasing use of SLS 3D printing technology in prosthetics and surgical uses, such as creating surgical learning tools and surgical guides & tools. SLS 3D printing technology is considered ideal for replicating bone as the parts produced by the process are generally white with a surface finish similar to bone and possess superior strength. Furthermore, the use of anatomical models and surgical guides has been increasing as it allows the precise placement of screws and plates and hence provides better postoperative results. SLS 3D printing technology is being used for making functional guides and tools, and the increased use of surgical guides is projected to propel the growth of the SLS 3D printing technology market during the forecast period. Moreover, due to its ability to produce complex geometries, it is generally utilized in prosthetics which require everything to be specially designed and fit the necessities of the wearer. In addition, SLS is generally used in the interface section of functional prosthetics due to its superior strength and high level of precision. The use of prosthetics has been becoming increasingly prevalent with the rise in the ageing population, the higher number of sports injuries, and advancements in technology, which is anticipated to boost the growth of SLS 3D printing technology in the coming years.
North America holds a significant market share
Geographically, North America is projected to hold a significant share of the market during the forecast period owing to the presence of an advanced healthcare system that extensively makes use of surgical guides and tools. Also, the region has large aerospace and automotive industries, which are steadily growing and are expected to drive market growth in the region. The Asia Pacific is anticipated to witness the highest growth owing to multiple growth opportunities in the coming years due to the rapidly increasing manufacturing sector of the region. According to data from the World Bank, the value-added in the manufacturing industry in South Asia reached US$491.606 billion in 2019, rising from US$278.594 billion in 2009, witnessing a growth of 76.46% over a decade. This is expected to have a positive impact on the SLS 3D printing technology market in the Asia Pacific region.
Selective Laser Sintering 3D Printing Technology Market Scope:
|Market size value in 2020||US$1.144 billion|
|Market size value in 2027||US$4.705 billion|
|Growth Rate||CAGR of 22.38% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Component, End-Use Industry, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Formlabs, Inc., PRODWAYS GROUP, 3D Systems, Inc., Proto Labs, Ltd., Stratasys Ltd., EOS GmbH, Shining 3D, XYZprinting, Inc. (New Kinpo Group), Shenzhen Dazzle Laser Forming Technology Co., Ltd., Proto3000|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the selective laser sintering 3D printing technology market size by 2027?
A1. The global selective laser sintering 3D printing technology market is projected to reach a market size of US$4.705 billion by 2027.
Q2. What is the size of the global selective laser sintering 3D printing technology market?
A2. Selective Laser Sintering 3D Printing Technology Market was valued at US$1.144 billion in 2020.
Q3. What are the growth prospects for the selective laser sintering 3D printing technology market?
A3. The selective laser sintering 3D printing technology market is projected to grow at a CAGR of 22.38% over the forecast period.
Q4. Which region holds the maximum market share in the selective laser sintering 3D printing technology market?
A4. Geographically, North America is projected to hold a significant share in the selective laser sintering 3D printing technology market during the forecast period.
Q5. What factors are anticipated to drive the selective laser sintering 3D printing technology market growth?
A5. One of the prominent factors anticipated to drive the growth of the market is the increasing use of SLS 3D printing technology in prosthetics and surgical uses such as creating surgical learning tools and surgical guides & tools.
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
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. Selective Laser Sintering 3D Printing Technology Market Analysis, by Component
6. Selective Laser Sintering 3D Printing Technology Market Analysis, by End-Use Industry
6.4. Aerospace and Defense
7. Selective Laser Sintering 3D Printing Technology Market Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Formlabs, Inc.
9.2. PRODWAYS GROUP
9.3. 3D Systems, Inc.
9.4. Proto Labs, Ltd.
9.5. Stratasys Ltd.
9.6. EOS GmbH
9.7. Shining 3D
9.8. XYZprinting, Inc. (New Kinpo Group)
9.9. Shenzhen Dazzle Laser Forming Technology Co., Ltd.
3D Systems, Inc.
XYZprinting, Inc. (New Kinpo Group)
Shenzhen Dazzle Laser Forming Technology Co., Ltd.
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