Global 3D printing market is estimated to be worth $17.5 Bn in 2021 and is projected to grow at a CAGR of 21% between 2021 to 2031.
The market is predicted to increase due to strong R&D in three-dimensional printing (3D Printing) and rising demand for prototype applications from several industrial verticals, including healthcare, automotive, and aerospace and military. Because it involves the layer-by-layer addition of material to construct an object referring to a three-dimensional file with the use of software and a 3-dimensional printer, the industrial application of 3D Printing is referred to as additive manufacturing.
Some of the factors driving the market’s growth are the ease with which customized goods may be developed, the reduction in production costs and process downtime, government expenditures in 3D printing initiatives, and the discovery of new industrial-grade 3D printing materials.
Furthermore, technical breakthroughs such as artificial intelligence (AI) and machine learning (ML) are accelerating the adoption of 3D printing machines since these technologies enable automated printing for more efficient production.
It’s also used in the fashion sector to manufacture jewelry and clothing that’s made of nylon. Furthermore, 3D printing is used in the healthcare industry to create customized hearing aid shells, braces, and tooth implants. Biological materials such as bone, skin, and cartilage are now being used in the fabrication of prosthetic components, and businesses are investing in research and development.
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COVID-19 Impact Analysis:
The COVID-19 epidemic has had a tremendous influence on the world economy and, as a result, the 3D printing sector. In the beginning, Europe and Asia Pacific were among the worst-affected regions in terms of COVID-19 patients worldwide.
In terms of the market, the pandemic has had a wide range of effects on industries such as healthcare, automotive, aerospace, consumer electronics, retail, energy and power, oil and gas, construction, jewelry, food and cuisine, and education, to name a few. The governments issued an order for the entire closure of some key cities due to the virus’s rapid spread.
Trends and Drivers:
- The popularity of print-on-demand parts for the creation of customized functional parts has accelerated due to the availability of materials and developments in 3D printing technologies.
- Hardware advancements have resulted in faster and more reliable 3D printers for production applications. One of the most commonly used 3D printers is the polymer 3D printer.
- The widespread usage of 3D technology in the manufacturing process has increased the demand for software that may assist enterprises in increasing production volumes and improving their additive manufacturing processes.
Restraints and Challenges:
- Setting up a 3D system is more expensive in terms of money and resources than traditional printing processes.
- Over the forecast period, extraordinary expansion in the consumer electronics sector in Asia Pacific, North America, and Europe will fuel growth.
Segmentation:
By Product
- Plastics
- ceramics
- Metals
By End User
- Electronics & Consumer Products
- Automotive
- Medical
- Industrial
- Education
- Aerospace
By Type
- ABS Filament
- PLA Filament
- PVA Filament
- PET Filament
Key Players:
- 3D Systems Corporation
- Arkema S.A.
- HP Inc
- Proto Labs Inc.
- SABIC
- Stratasys Ltd.
- LPW Technology Ltd.
- ExOne
- Nano Dimension Ltd.
- Ultimaker BV
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