3D Printing Market by Technology, Component and Application, 2019 – 2025 | 3D Systems, Arcam AB, Autodesk, Inc., Stratasys Ltd, The ExOne Company, Hoganas AB, Optomec, Inc., Organovo Holdings, Inc.

The global 3D printing market was valued at $4,164.2 million in 2014, and is projected to reach $44,393.1 million by 2025, registering a CAGR of 21.8% from 2019 to 2025. North America was the highest contributor to the global market, with $1,728.1 million in 2014, and is estimated to reach $16,838.3 million by 2025, registering a CAGR of 20.8% during the forecast period.

3D printing, also known as desktop fabrication or additive printing technology, allows manufacturers to develop objects using a digital file and various printing materials. The materials used in 3D printing include several types of polymers, metals, and ceramics. 3D printing offers methodologies that can make manufacturing of complex designs an apparent reality.

The factors that drive the 3D printing market are reduction of errors, decrease in development cost and time, and the ability to build customized products. In addition, increase in applications in healthcare and various other industries is expected to create lucrative growth opportunities. On the contrary, high cost of 3D printing, and scarcity of skilled labors hamper the growth of the market.

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The key players involved in the 3D printing market include 3D Systems, Arcam AB, Autodesk, Inc., Stratasys Ltd., The ExOne Company, Hoganas AB, Optomec, Inc., Organovo Holdings, Inc., Ponoko Limited, and Voxeljet AG.

Top Impacting Factors
Growth in use of 3D printing in the automotive industry

In recent years, 3D printing has significantly penetrated the automotive industry. With the help of 3D printing, the manufacturing of lightweight vehicle components is possible for reducing the weight of vehicles, improving car performance, and increasing fuel economy. Moreover, higher efficiency can be gained in manufacturing tools for injection molding using this technology. The vehicle plastic parts manufactured using conventional methods take time for cooling, and then, installed in vehicles. However, 3D printing can limit the production time, enhance the quality of tools, and minimize the maintenance costs by incorporating internal cooling channels to the injection molding method. One of the latest examples of 3D printing is of the automotive giant BMW. In May 2018, BMW launched a new prototype of their bike, the s1000RR that incorporates 3D printing. The prototype of the bike consists of a 3D printed frame and a swing arm manufactured by 3D technologies.

Ability to provide customized products

3D printing helps deliver customized products as per their requirement. However, it may not replace common assembly line methods. Consumers can develop products as per their requirements such as customized toys, shoes, decorative items, jewelry, and more, thus, giving the freedom of producing items as per the specification. In addition, manufacturing complex designs using conventional technique is a difficult task as compared to 3D printing. The healthcare industry is increasingly using 3D printing technology for producing complex bio printing and personalized prosthetics, which is affordable than conventional techniques. For instance, in January 2016, Dr. Dana Piasecki, an orthopedic surgeon from North Carolina, U.S., made use of 3D printed metal tools for the reconstruction of anterior cruciate ligament (ACL) over the standard surgical technique, which significantly improved the success rate of the surgery. 3D printer provides a platform for creation along with the freedom of manufacturing and designing objects as per user specifications. For instance, if a user needs to design a product using 3D printing, then a feasibility check can be done to decide whether to implement the idea or try a different design.

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Increase in application in healthcare

The healthcare sector primarily focuses on reducing costs, improving quality, and becoming more patient-centric. The 3D printing technology has enabled a more patient-centric approach in this field by enabling customization of prosthetics and dentistry and with the help of bio-printing researches can print human-sized bones, cartilage, and muscles. For instance, in November 2016, Bioniks, Pakistan’s first biomedical 3D printing company, produced the country’s first ever 3D printed prosthetic arm for a five-year-old boy. Bio-implant is one of the emerging technologies in healthcare where artificial production of body parts is possible. The time required to produce human body parts is reduced, which curtails the cost of manufacturing artificial body parts. These factors are expected to create lucrative growth opportunities for the 3D printing market in future.

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