3D Printing Market: Current Analysis and Forecast (2022-2028)

3D Printing Market: Current Analysis and Forecast (2022-2028)

3D printing, also known as additive manufacturing, combines processes to produce three-dimensional objects from 3D models or other electronic data sources. In the case of 3D printing, numerous layers of different kinds of printing materials are formed under machine control to create a 3-dimensional object. The 3-dimensional images can be of varied shapes or geometries and can be created with computer-aided design packages or 3D scanners. 3D printing as an end-use manufacturing technology is still in the infancy stage.

The 3D Printing Market is expected to grow at a strong CAGR of 25.9% during the forecast period owing to the ease in the development of customized products and growing demand for prototyping applications. Moreover, the growing digitalization and increasing adoption of industry 4.0, robotics, and machine learning is further contributing to the growth of the market. In addition, the new product launches in the 3D printing industry are also helping the market to grow at a strong growth rate. For instance, in June 2019, the ExOne Company announced the premiere of its newest industrial 3D sand printer, the S-MAX Pro™. The latest generation of industrial 3D printing technology impresses with its speed, reliability, and precision, and is an excellent choice for both prototyping and industrial series production.

• Based on component, the market is divided into hardware, software, and services. Amongst these, the hardware segment catered to a dominating share of the market in 2021. This is due to the increasing number of product launches by the key market players in the 3D printing industry to serve high demand from several industry verticals. Moreover, the extensive demand for 3D printing for prototyping, designing, functional models, digital part production, and other applications is further contributing to the growth of the hardware segment
• By technology, the market is segmented into fuse deposition modelling, selective laser sintering, material jetting, stereolithography, and metal sintering. The fuse deposition modelling segment captured more than 50% share of the 3D Printing market in 2021 owing to the extensive adoption of the technology across various 3D printing processes. Further, the growing demand from aerospace and defense, healthcare, and automotive verticals would open opportunities for the adoption of these technologies
• On the basis of application, the market is classified into direct part production, fit and assembly, functional models, and others. The functional model application held a commendable share of the 3D printing market in 2021 and is expected to grow at a substantial CAGR during the forecasted period due to the rising adoption of the functional modelling process across several industry verticals. The automotive and aerospace and defense verticals particularly use functional models to design and develop parts, components, and complex systems precisely
• Based on end-user, the market is divided into automotive, aerospace & defense, healthcare, consumer electronics, and others. Among these, the aerospace & defense segment catered to a significant share of the market in 2021. Aerospace constitutes an area that demands consistent innovation in design and safety, cost efficiency, and reduced turnaround time for 3D printing solutions. Hence, 3D printing is catering to the players involved in the aerospace area to indulge in new product development, function testing, review, and remodeling at an instant pace
• For a better understanding of the market adoption of the 3D printing industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America led the market in 2021. 3D printing technology has gained vastly in prominence over traditional manufacturing methods in North America due to its efficiency and high precision rate. Considering the rapid growth prospects of the region in every aspect, the region continued to dominate the 3D industry in terms of market share in 2021. Furthermore, the growth in the region can also be attributed to efficient utilization of materials, time and cost efficiency, the drastic surge in customization of 3D solutions, burgeoning technical upgradation coupled with the region’s economic potential to make consistent investments in the emerging economies
• Some of the major players operating in the market include Stratasys; Materialise; ENVISIONTEC US LLC; 3D Systems, Inc.; GENERAL ELECTRIC; Autodesk Inc.; Canon Inc.; voxeljet AG; HP Development Company, L.P.; and ExOne