3D printing is the technique of building an object in three dimensions by adding materials in consecutive layers in various 2D configurations. This method differs fundamentally from subtractive manufacturing, which involves removing a block of material and eliminating extra layers to create the desired object. Healthcare, energy and power, automotive, industrial, and consumer electronics are a few industries that use 3D printing.
The market worth of 3D printing in 2021 was USD 14 billion, and by 2030 it will reach USD 77.83 billion, growing at a 21% CAGR during the forecast period.
Over the next five years, technological advancements, changes in printer and material technologies, and evolving value chains are all expected to boost the market growth. Furthermore, integrated production systems, which smoothly incorporate 3D printing into the manufacturing environment, would encourage the use of contemporary solutions.
Market Dynamics
Drivers
The availability of materials and advancements in 3D printing technologies have increased the use of print-on-demand parts to produce specialized functional parts. A product can be made specifically for a person via 3D printing, according to their requirements and preferences. The companies provide specialized services, including basic design created by designers. Followed by the chance for clients to get involved in the product design process. Continuous improvements in 3D printing technology, declining printer costs, and the availability of a variety of materials enable the simple production of specialized goods.
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. Spending on hardware, software, and other components is also included. A 3D system setup costs significantly more than using traditional printing methods and takes more resources.
Opportunity
3D printing could improve supply chain management, impacting the logistical relationship between suppliers and customers for specific goods or parts. The 3D printing sector has also experienced advancements in printing media, machines, and technology, as well as an increase in the workforce’s degree of knowledge.
Market Segmentation
Software Insights
With over 35% of all sales in 2021, the printing software industry ruled the global 3D printing market. The scanning, printer, design, and conception software segments of the 3D printing market are all software-based. Design-based software is widely used to produce the blueprint of the products. Printed in the automotive, aerospace, military, construction, and engineering industries. The global market for scanning software will rise as the practice of scanning goods and preserving scanned documents becomes more widespread.
Application Insights
The prototyping segment ruled the market with more than 45% of total sales in 2021. The extensive application of the prototyping method across numerous industries explains this. In constructing and designing complex systems, components, and parts. Prototyping is widely used in the automotive, aerospace, and defense industries. Through prototypes, manufacturers may create reliable finished goods and achieve increased and greater precision.
Component Insights
In 2021, the hardware market dominated the industry with a substantial market share of 60%. The hardware sector has benefited greatly from the market for specialized production techniques and quick prototyping. The market expansion of the hardware segment is due to factors including rapid industrialization. Increased consumer electronics penetration, falling labor costs, enhanced civil infrastructure, and rapid urbanization.
Technology Insights
Stereolithography held the top rank in 2021, with a share of more than 8%. One of the earliest and most popular printing techniques is stereolithography. However, the stereolithography method is more frequently employed due to its benefits. Such as ease of use, technical advancement. And research initiatives carried out by numerous industry researchers and specialists.
Regional Overview
In 2022, North America ruled the market with a revenue share of more than 33.34. This is a result of additive manufacturing being widely used in the area. The U.S. and Canada are two North American nations that are the leading users of these technologies in various manufacturing procedures. Europe is the largest region in terms of geography and is home to a number of industry participants in additive manufacturing that have extensive technical knowledge of the procedures. So, in 2021, the European market grew to become the second-largest regional market.
Key Players
- HP Inc
- 3D Systems Inc
- Envision TEC Inc
- Autodesk Inc.
- Materialise
- Canon Inc
- Stratasys Ltd
- Voxeljet AG
- Made In Space
- GE Additive
- Autodesk Inc
- The ExOne Company
The market worth of 3D printing in 2021 was USD 14 billion, and by 2030 it will reach USD 77.83 billion, growing at a 21% CAGR during the forecast period. The market is stimulating as a result of the strong 3D printing research and development efforts and the increased demand for prototype applications from various industrial industries, especially automotive, healthcare, military, and aerospace.