Ottawa, July 31, 2023 (GLOBE NEWSWIRE) -- According to Precedence Research, the global 3D printing market size was valued at USD 17,380 million in 2022. 3D printing, also known as additive manufacturing, is the process of creating a 3D item from a computer-aided design model or digital 3D model. It can be done utilizing a variety of techniques that typically include layer-by-layer combining, connecting, or hardening of materials under the supervision of a computer. The capacity to create exceedingly complex structures or geometrical figures, including hollow pieces or portions with inside truss systems to minimize weight, that would often be challenging to make by hand is one of the key advantages and benefits of 3D printing.
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FDM (fused deposition modeling), an additive manufacturing process that produces 3D components using continuous thermoplastic or composite material thread in the form of filament, is expected to be the most widely used 3D printing technique by 2020. VAT Another class or form of additive manufacturing called photopolymerization uses carefully cured liquid resin by focused light induced polymerization to produce 3D objects. The market is expected to grow as a result of the active 3D printing research and development efforts as well as the increased demand for prototype applications from various industry segments, notably the automotive, healthcare, military, and aerospace industries.
Key Insights:
- North America contributed more than 34% of the revenue share in 2022.
- By printer type, the industrial printer segment accounted for more than 77% of total revenues in 2022.
- By technology, the stereolithography segment captured more than 11% of total revenues in 2022.
- By application, the prototyping segment registered more than 55% of total revenues in 2022.
- By vertical, the automotive segment recorded more than 25% of revenue share in 2022.
- By material, the metal segment generated over 53% of global revenue in 2022.
- By component, the hardware segment captured more than 65% of total revenue in 2022.
Regional Snapshots
The North American 3D printing materials industry is expected to generate more than USD 5,909.2 million by 2032. The growth of the market in North America will be fueled by positive developments in the medical and aerospace sectors. The adoption of 3D printing in several industries and the increased diversity of materials will both present opportunities for growth. Initiatives by the American government to advance 3D printing, together with financing for research and development, will hasten its adoption and raise the need for 3D printing equipment and materials in the region.
Scope of this report:
| Coverage | Details |
| Market Size by 2032 | USD 98.31 Billion |
| Market Size by 2032 | USD 98,310 Million |
| Growth Rate from 2023 to 2032 | CAGR of 18.92% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Component, By Printer Type, By Technology, By Application, By Vertical, By Material, and Regions |
| Key Players | Stratasys Ltd., EnvisionTec, Inc., Materialise, 3D Systems, Inc., Autodesk Inc., GE Additive, Voxeljet AG, Made In Space, Canon Inc., and others |
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Market Dynamics:
Drivers
The use of additive manufacturing or 3D printing has altered many industrial processes, particularly in the manufacturing sector. The technology's unrivaled ability to accelerate time to market, reduce prices, and customize unique parts is encouraging innovation and the development of ground-breaking innovations. Due to the expanding spectrum of 3D printing applications across several industries, it is estimated that the market for 3D printing materials & equipment would grow throughout the projected period. Fused deposition modeling (FDM), also known as fused filament fabrication (FFF), creates components by layer-by-layer selectively depositing molten material in a preset pattern. It makes use of thermoplastic polymers, which are a kind of polymer. Due to its affordability, portability, simplicity, ergonomic and compact design, and ability to deal with many materials, FDM would improve product acceptability.
Restraints
The high initial expenses of this technology are said to be the main obstacle to its adoption. The cost of personnel training, supplies, certification, and instruction in additive manufacturing is included in this investment. A 3D system setup costs significantly more than using traditional printing methods and takes more resources. However, because the professional Desktop 3D printer is now readily available, the manufacturers are helping the end users cut back on the significant up-front costs. Compared to a 3D system, desktop printers are more practical and less costly.
Opportunities
Since its inception, 3D printing has shifted from being used primarily for designing and prototyping to producing useful components. Because 3D printing doesn't require tooling as traditional manufacturing methods do, it can help businesses get beyond obstacles like expensive equipment. Low-volume production is more expensive than conventional manufacturing even though it has lower per-unit expenses because to the high initial tooling requirements. The 3D printing approach helps to lessen waste produced during the production process by building components layer by layer. Mass customization is another area where 3D printing excels over conventional manufacturing, particularly for short production runs. According to a US poll, for instance, the rise in percentage from 14 percent in 2020 to 24 percent in 2021 is solely attributable to more companies switching to additive manufacturing (AM) for large-scale production runs of a variety of parts.
What parts will eventually be 3D-printable and whose production would not be possible using traditional manufacturing methods is still unknown. In light of this uncertainty, 3D printing may improve supply chain management, which might impact the logistical relationship between suppliers and buyers for specific goods or parts. In addition, the 3D printing sector has experienced advancements in printing mediums, equipment, and technology as well as an increase in the degree of labor competence. In response to the Covid-19 outbreak, 25% of American firms seek to change their supply chains, according to a research by "The Society of Manufacturing Engineers." When making investments following COVID-19, firms prefer investing in this technology above others, such as artificial intelligence (AI), 5G, robots, and digital security, according to the research. This suggests that manufacturers' increasing expenditures in 3D technology will fuel the market's expansion in the next years.
Challenge
Although intriguing, the market for 3D printing is currently relatively small. Although 3D printing services are well known, many of the technology's uses are not nearly as widespread as they ought to be. Despite decades of teaching and standardization of conventional machining, the majority of engineers today are still unaware of how to create components that are best suited for 3D printing techniques. Rapid prototyping is one application that takes a long time and costs a lot of money.
Companies all around the world are having trouble locating technical knowledge due to the ongoing developments in 3D printing technology. To address this obstacle, a number of businesses are taking initiatives to cross-train its workers in 3D printing.
Related Reports:
- 3D Printing Construction Market: The global 3d printing construction market size was valued at USD 3.42 billion in 2022 and it is projected to reach around USD 519.49 billion by 2032, poised to grow at a CAGR of 65.25% from 2023 to 2032.
- 3D Printing Materials Market: The global 3D printing materials market size is estimated to be worth around USD 12.7 billion by 2030 and is expected to grow at a CAGR of 19.32% from 2022 to 2030.
- 3D Printed Electronics Market: The global 3D printed electronics market size was valued at USD 12.22 billion in the year 2022 and is expected to reach around USD 38.2 billion by 2030 with a registered CAGR of around 15.31% from the period 2022 to 2030.
Recent Developments
- In October 2022, Australian metal 3D printing company AML3D and aircraft manufacturer Boing increased their collaboration. Earlier this year, Boeing assigned AML3D the responsibility of 3D printing aluminum prototype airplane parts as part of a rigorous testing procedure in which they were examined in comparison to the standards of AS9100D quality assurance for "fly" parts. Using this agreement as a foundation, it has been agreed to increase the project's value by 150% by extending the project's scope to include the delivery of additional 3D-printed components.
- PostProcess Technologies and EOS have begun a distribution partnership in October 2022 to provide EOS clients a completely automated and long-lasting depowering solution. The Variable Acoustic Displacement (VAD) technology solution, according to PostProcess, will automate bulk depowering for 3D printed items and complement the EOS printer product range. The collaboration facilitates customer access to post-printing technologies and enables whole process digitalization.
Market Segmentation:
By Component
- Software
- Hardware
- Services
By Printer Type
- Industrial 3D Printer
- Desktop 3D Printer
By Technology
- Selective Laser Sintering
- Stereolithography
- Fuse Deposition Modeling
- Direct Metal Laser Sintering
- Inkjet Printing
- Polyjet Printing
- Electron Beam Melting
- Laminated Object Manufacturing
- Digital Light Processing
- Laser Metal Deposition
- Others
By Application
- Functional Parts
- Tooling
- Prototyping
By Vertical
- Industrial 3D Printing
- Automotive
- Aerospace & Defense
- Healthcare
- Consumer Electronics
- Industrial
- Power & Energy
- Others
- Desktop 3D Printing
- Educational Purpose
- Fashion & Jewelry
- Objects
- Dental
- Food
- Others
By Material
- Metal
- Polymer
- Ceramic
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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