3D Printing Market
GMI Research projects the 3D printing market to expand at a CAGR of 21% over the forecast period (2020-2027), owing to the ongoing innovation in material structure and the increasing research and development activities.
3D printing technology helps producers to provide customized products with enhanced accuracy and shine depending on the customer’s need. Growing use of 3D printing technology for product designing due to its ability to reduce risk and real-time insights is a prime factor stimulating the 3D printing market size. Increasing investment by government across 3D printing projects and the reduction in process down time and production cost are likely to bolster the market growth. Several end-use industries such as aerospace, automotive, and consumer goods have shifted towards functional part manufacturing from prototyping, which will fuel the market growth. However, the misunderstanding about prototyping process across the small and medium-sized producers might hamper the 3D printing market growth.
By technology, the direct metal laser sintering segment is projected to witness a promising growth over the forecast period, due to the growing use of DMLS to produce complicated structures, such as automotive and aerospace. Further, as per the 3D printing market analysis, the augmenting deployment of the technology to produce fixtures and jigs and the user-friendly feature have propelled the market growth. The direct metal laser sintering helps producing superior metal parts as it facilitates the construction of complicated geometries of metals.
By application, the prototyping segment is anticipated to grow at a higher CAGR over the coming years. The 3D printing produces prototypes from 3D computer-driven designs to help organizations decrease the wastages and operational costs. The fast production of cheaper prototypes based on the customer’s need has bolstered the prototyping demand across several industries, driving the 3D printing market size.
By region, the North American region is forecast to boom over the upcoming years due to the increasing application of 3D printers across healthcare, automotive, and energy sector. Asia-Pacific region, on the other hand, will lead the market owing to the rapid urbanization and increasing production of consumer electronics.
Leading operating in the market include GE Additive, SLM Solutions, EOS GmbH, Envisiontec, Exone, Stratasys, 3D Systems, Protolabs, and Mcor Technologies, Voxeljet, HP, among others.
In 2020, SLM solutions partnered with Honeywell International Co., to introduce new parameter sets for the 3D printed aluminum alloy with higher thicknesses. This partnership intended to use this material to produce components in the aerospace industry.
In 2020, Protolabs introduced new 3D printed cobalt chrome for the aerospace sector. The cobalt chrome gained huge prominence due to high strength to weight ratio and ability to take shape depending upon the product.
3D Printing Market Segmentation:
3D Printing Market by Offering
- Acrylonitrile Butadiene Styrene (Abs)
- Polylactic Acid (Pla)
- Polyvinyl Alcohol (Pva)
3D Printing Market by Process
- Powder Bed Fusion
- Material Extrusion
- Vat Photopolymerization
- Material Jetting
- Binder Jetting
- Directed Energy Deposition
- Sheet Lamination
3D Printing Market by Application
- Functional Part Manufacturing
3D Printing Market by Vertical
- Aerospace & Defense
- Consumer Products
- Architecture and Construction
- Printed Electronics
- Food and Culinary
3D Printing Market by Technology
- Stereolithography (SLA)
- Fused Deposition Modeling (FDM)
- Selective Laser Sintering (SLS)
- Direct Metal Laser Sintering (DMLS)
- PolyJet/MultiJet Printing (MJP)
- Inkjet Printing
- Electron Beam Melting (EBM)
- Laser Metal Deposition (LMD)
- Direct Light Projection (DLP)
- Laminated Object Manufacturing (LOM)
3D Printing Market by Region:
- Asia Pacific
- Rest of APAC
- North America
- United States of America
- United Kingdom
- Rest of Europe
- South Africa
- Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.