New York, US, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global 3D Printing Market information by Material, by Technology, by Operational Model and Applications– forecast to 2027” the market valued USD 13.63 Billion in 2020 and it is estimated to reach USD 35.38 BN by 2027, growing at a 14.6% CAGR.
3D Printing Market Scope:
The global 3D printing market is flourishing, mainly due to vast investments in additive manufacturing and CNC technology. Besides, the vast developments in the additive manufacturing of PPE materials using 3D printing systems and medical treatment & care concepts drive the market growth.
Growing uses of 3D printing in major industries such as healthcare, automotive, aerospace, plastics, and electronics have dramatically changed market dynamics. With extensive uses of 3D printing in dentistry to improve dental & orthodontic treatments, development of orthopedic implants & drugs, tissue engineering, and many more, the market is projected to grow further during the next six years. Rapidly growing manufacturing sectors worldwide accelerate the uses of 3D printing exponentially.
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3D Printing Market Leaders Profiled Are:
- MyMiniFactory (UK)
- Stratasys Ltd. (US)
- Com, Inc. (US)
- Canon Inc. (Japan)
- Arcam Group (Sweden)
- 3D Systems Corporation (US)
- Envisiontec GmbH (Germany)
- Proto Labs (US)
- HP Inc (US)
- Graphene 3D Lab Inc. (US)
- Formlab (US)
- Shapeways (US)
- 3D Hubs (Netherlands)
- Carbon 3D (US)
- Ultimaker (Netherlands)
- Zortrax (Poland)
- Local Motors (US)
- 3d Ceram (France)
- Reprap (Denmark)
- Beijing Tiertime Technology Co., Ltd. (China)
- Wiivv Wearables Inc. (Canada)
- The Argen Corporation (US)
- Materialise NV (Belgium)
- The Exone Company (US)
- Optomec Inc. (US)
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Market Drivers
Rapid Advances & Rising R&D Funding Boost 3D Printing Market
Almost all industries require 3D printing for accurate machine parts that sometimes are complex to produce. Rapid advances in 3D printing technology and rising R&D funding from public-private sectors impact the market growth positively.
Rising commercial demand for 3D printing increases, rapid advances in production technology, and emerging needs for smaller factory footprints boost 3D printing market revenues. Increasing demand for 3D printing from aerospace & defense, agriculture, automotive, construction, firearms, and electronics fosters market growth.
Lack of Expertise is a Major Headwind for 3D Printing Market Growth
Despite demonstrating promising prospects, the market still witnesses several challenges, such as lack of expertise and high costs of 3D printing technology. Also, complexities in material selection and inappropriate settings are major factors impeding market growth. Nevertheless, rising usages of 3D printed models to improve surgical services would support the market growth throughout the assessment period.
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Segmentation of Market covered in the research:
The 3D printing market analysis is segmented into offering, operational model, process, material, applications, and regions. The offering segment is sub-segmented into materials, software, printers, and services. The operational model segment is sub-segmented into in-house and service providers.
The process segment is sub-segmented into material jetting, sheet lamination, binder jetting powder bed fusion, material extrusion, vat photopolymerization, and directed energy deposition.
The material segment is sub-segmented into polymer, nylon, metal, and ceramic. The application segment is sub-segmented into pharma & medical, consumer goods, automotive & aerospace, plastics, wholesale & retail, energy logistics, mechanical & plant engineering, electronics, transport, and others.
Regional Analysis
North America is a leading region in terms of the global 3D printing market share. Factors such as the presence of notable industry players and the augmenting demand for 3D printing technology drive the regional market share. Besides, the spurring rise in the medical device industries and increasing medical device use foster the region’s 3D printing market size.
Vast advances in 3D printing technologies and manufacturing techniques, alongside the rapidly growing manufacturing sector, boost the 3D printing market growth. Additionally, the high demand for 3D printing from flourishing building & construction and industrial sectors in the region substantiates the market developments.
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COVID-19 Impact on the Global 3D Printing Market
The onset of COVID-19 affected the 3D printing market briefly. However, the market remained reassuringly dynamic and constantly changing compared to the pre-pandemic era. The need to respond to market changes became more important than ever in post-pandemic periods.
The pandemic-driven lockdown challenges fostered many 3D printing market trends, including the vast adoption of additive manufacturing and CNC technology. There is a vast demand for 3D technology in many industries, which would support the market to grow continually over the next few years.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.