Global 3D Printing Market Bolstered by Expanding Application in Prototype Development

3D printing refers to a process wherein three-dimensional solid objects are prepared using a digital file. These objects are manufactured using additives and a layered development framework, which prevents the need for drilling and cutting. As compared to the conventional printing technology, 3D printing is stable, durable, flexible and eliminates wastage of raw materials. According to IMARC Group’s 3D printing market analysis, the market reached a value of US$ 9.2 Billion in 2018.

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The 3D printing technology is utilized in the automotive sector for manufacturing prototypes as well as different functional parts since it aids users in creating digital models. Similarly, it is used in the fashion industry for making different jewelry and nylon-based clothing designs. The technology is also employed in the production of customized braces, tooth implants and hearing aid shells. Furthermore, manufacturers are investing in research and development (R&D) activities to build prosthetic parts using biological materials such as skin, bone and cartilage, which is anticipated to strengthen the market growth in upcoming years. Owing to this, the 3D printing market size is expected to reach a value of US$ 24.8 Billion by 2024, exhibiting a CAGR of 18% during the forecast period (2019-2024).

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Market Segmentation: Based on the Technology, Process, Material, Offering, Application and End User
On the basis of the technology, the market has been segmented into stereolithography, fused deposition modeling, selective laser sintering, electron beam melting, digital light processing and others. At present, stereolithography is utilized around the world as it is one of the oldest conventional printing technologies.

Based on the process, the market has been segregated into binder jetting, directed energy deposition, material extrusion, material jetting, powder bed fusion (PBF), sheet lamination and vat photopolymerization. Amongst these, PBF exhibits a clear dominance in the market.

The market has been analyzed on the basis of the material into photopolymers, plastics, metals and ceramics, and others. Photopolymers currently account for the majority of the total market share.

On the basis of the offering, the market has been classified into printer, material, software and service. Presently, the service segment holds the largest market share.

Based on the application, the market has been divided into prototyping, tooling and functional part manufacturing. Prototyping currently dominates the market as it reduces wastage during prototype transitions in the traditional manufacturing and minimizes the overall operational costs of organizations.

The market has been analyzed on the basis of the end user into consumer products, machinery, healthcare, aerospace, automobile and others. Amongst these, consumer products exhibit dominance in the market.

North America Enjoys the Leading Position
North America currently represents the largest market as individuals in the region have been one of the prominent adopters of 3D printing technology. The market in the region is experiencing continuous evolution and application of new technologies, various product launches, and merger and acquisition (M&A) activities. Besides this, the development of fitness trackers and smart apparel are also contributing to the 3D printing market growth.

The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players include Stratasys Ltd., 3D Systems, Inc., Materialise NV, EOS GmbH, General Electric (GE) Additive, The ExOne Company (XONE), Voxeljet AG, Hewlett Packard (HP) Company, SLM Solutions Group AG, EnvisionTEC, Protolabs, Inc., Mcor Technologies Ltd., Optomec, Inc., Groupe Gorgé SA, Ultimaker BV, Renishaw Plc, Beijing Tiertime Technology and XYZ-Printing Inc.

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the global 3D printing industry, which has enabled the clients to set up and expand their businesses successfully. Some of the company’s offerings include:

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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