Chicago, June 11, 2024 (GLOBE NEWSWIRE) -- The 3D Printing Market is projected to grow from USD 17.5 billion in 2024 and is estimated to reach USD 37.4 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.4% from 2024 to 2029. The growth of the 3D Printing industry is driven by ease in the advancement of customized products; reduction in manufacturing cost and process downtime; global government investment in 3D printing projects; availability of wide variety of industrial-grade 3D printing materials; complex part manufacturing in the aerospace & defense sector.
To know about the assumptions considered for the study
Major Companies Leading in the 3D Printing Market:
- Stratasys (US),
- 3D Systems, Inc. (US),
- HP Development Company, L.P. (US),
- EOS GmbH (Germany),
- General Electric (US),
- Materialise NV (Belgium),
- Desktop Metal, Inc. (US),
- voxeljet AG (Germany),
- SLM Solutions (Germany),
- Renishaw plc. (UK).
Regional Growth in the 3D Printing Market:
The 3D Printing market in the Asia Pacific is estimated to grow at a higher CAGR during the forecast period.
The Asia-Pacific region is poised to experience rapid growth in the 3D printing market, driven by government initiatives promoting advanced manufacturing technologies and a growing demand for personalized products. This surge in adoption can be attributed to significant developments in the manufacturing sector, particularly in the automotive and healthcare industries. With a strong presence in consumer electronics and ongoing urbanization, the region sees a rising need for additive manufacturing solutions. Small and medium-sized enterprises benefit from 3D printing's ability to efficiently produce customized products in small batches, a key advantage in sectors like automotive, aerospace, and healthcare. Asian-Pacific governments recognize this potential and offer support through funding and infrastructure development, fostering a favorable environment for 3D printing companies.
By Offerings Segment Analysis:
The 3d printing market for printer segment to hold largest market share during the forecast period.
The 3D printing market is divided into desktop and industrial printers, serving various applications across personal, professional, and production sectors. These printers offer a continuous printing capability that minimizes material costs and reduces wastage, making them environmentally sustainable options for manufacturing. Companies like BigRep and WASP have developed industrial-grade printers capable of printing objects on a massive scale, which are ideal for creating large prototypes, sculptures, architectural models, and building components. Simultaneously, the market has seen the emergence of affordable desktop 3D printers, democratizing access to this technology for hobbyists, small businesses, educational institutions, and individuals.
By Application Segment Analysis:
Prototyping segment to hold the largest market share in the application segment in the 3D Printing market during the forecast period.
Adopting 3D printing for prototype development substantially reduces material waste and operational costs, offering a more sustainable and cost-effective approach compared to traditional manufacturing methods. 3D printing achieves this through its additive approach, building models layer-by-layer and using only the necessary material, thus minimizing scrap and optimizing material usage within designs, especially for complex geometries. This approach reduces material waste and lowers material consumption costs, particularly for expensive materials like metals and high-performance plastics.
What is the current 3D printing market?
The 3D printing Market is projected to expand from USD 17.5 billion in 2024 to an estimated USD 37.4 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 16.4% during the forecast period.
Who is the market leader in 3D printing?
The 3D printing market is led by several key players, standing out as the foremost leaders in the industry.
Stratasys Ltd.: Stratasys is recognized globally for its wide range of 3D printing solutions, including industrial-grade printers that are known for their reliability and high-quality outputs. They offer various materials and services catering to multiple industries, making them a dominant player in the market
What is the future of 3D printing?
The future of 3D printing is incredibly promising, with the industry expected to experience robust growth and significant technological advancements from 2024 to 2030. Innovations in materials, such as high-strength metals and biocompatible polymers, are expanding the range of applications across industries, including healthcare, automotive, aerospace, and construction (3D Printed) (PBI Insights). The technology's evolution towards higher precision, faster printing speeds, and the capability for mass production is transforming it from a prototyping tool into a mainstream manufacturing method. The global market for 3D printing is projected to reach approximately USD 88.28 billion by 2030, driven by increased adoption and integration into traditional manufacturing processes (3D Printed). Additionally, supportive government policies, substantial investments in research and development, and the presence of key industry players are contributing to the rapid expansion of 3D printing, particularly in North America, Europe, and the Asia Pacific regions (PBI Insights). As these trends continue, 3D printing will play a crucial role in enabling customized, efficient, and cost-effective manufacturing solutions across various sectors.
