3D Printing Market - Analysis and Survey Report

The market for 3D printing is anticipated to more than double in size over the next five years, reaching US$ 48.7 billion by 2028. Delvens Analyst states, that about 85% of companies will use 3D printing to create functional end-use parts more (54%) or the same (30%) in 2020 compared to 2019.
Between 2019 and 2028, the primary market-which includes 3D printing systems, materials, supplies, and services-grew by at least 40% annually. The secondary market, which includes tooling, molding, and castings, accounts for the remaining growth.

Over two-thirds (69%) of the 3D printing market's revenue comes from Western nations (North America and Europe), while 28% comes from the Asia Pacific.

Twenty percent of the total revenue from 3D printing is contributed by the consumer electronics and automotive industries. The technology is primarily used in these early adopter industries during the prototyping phase of production. For instance, 3D printing is slowly being used by smartphone manufacturers for purposes other than prototyping; some of the parts are now produced using 3D techniques.
The third-largest market for 3D printing is the medical device sector (15%), which uses it to produce mass-customized finished goods like hearing aids. Currently, functional parts (29 percent), prototypes (18 percent), and visual aids are the most frequently used 3D-printed parts (10 percent)

Present & Future Application in Industries

Consumer electronics

Currently, the development of prototypes, the design of new products and concepts, and the prototyping of parts have all benefited the consumer electronics sector.

Smartphones, which account for an estimated 35% of all sales of consumer electronics, represent the next significant 3D printing market for the sector.

Automotive

Today, rather than manufacturing parts, automotive manufacturers mainly use the technology for prototyping.

The primary objective of the automotive sector, highlighting potential applications for 3D printing in the production of parts to make them more affordable, lighter, and quicker.

Check report on https://www.delvens.com/report/7/Automotive-3D-Printing-Market---Trends-Forecast-Till-2028

New and improved Materials for the 3D printing industry

Metal 3D printing is expected to grow faster than plastic. 90 percent of respondents reported they would like to see further development with metal in the future compared to 65% with plastic.

Post-Covid impact on the 3D printing market
Covid-19 has been an interesting year to observe the adoption of 3D printing. The technology is still not completely established in engineering businesses' workflows and demand in certain industries heavily fell. It has been analyzed that, the uptick in 3D printing was caused by more than usual downtime for engineering businesses, due to COVID-19 which led teams to focus more time on R&D, testing, and prototyping.

3D printing: An overnight success?

However, as a result of declining costs and technological advancements making 3D printing more accessible to more people, we can now clearly see that it has reached a turning point. Because it enables a more agile design process and quick product iterations, that application is the most popular. Some of the more forward-thinking consumers are investigating the mass production of parts for current products.

Survey Methods and approach

Data from 4 main different sources were collected to produce this report:

• A survey conducted by Delvens with 2,068 engineering businesses
• Analysis based on demand side/industry verticals
• Competitive analysis of the leading companies
• Market trends through a comparison of market analyst reports

A current assessment of the 3D printing market was sought after by the survey, which was carried out in April 2022 in response to the challenges and opportunities the coronavirus pandemic has brought about. The review of this update offers a broad overview of the industry's direction with a focus on large businesses' development. These early adopters in the industrial sector are at the vanguard of technology, driving cutting-edge innovation and market expansion.

Facts

3D printing is used in the production of 98 percent of hearing aids worldwide.
65 percent of engineering firms sourced or created more 3D printed parts in 2020 compared to 2019.
3D printing adoption
Existing Customers: Two-thirds of manufacturers already use 3D printing in some way, and 25% plan to adopt the technology in the future. Despite these numbers, the full potential of 3D printing is far from tapped
Planners: 42 percent of current users don't think their business is fully utilizing 3D printing's benefits, while 45 percent of intenders say they would use the technology more if their business was more aware of its advantages.
Inspirers: Managers in R&D, engineering, or manufacturing are the main forces behind companies' 3D printing strategies. To encourage greater adoption, it is essential to make the advantages of 3D printing clear to these audiences.
 
During the survey with engineering business and the industry vertical, we analyzed the effect of COVID-19 on 3D printing usage
It had no impact and remained unchanged 54%
It elevated my utilization 35%
It cut down on my usage 19%
These are the main justifications for using 3D printing
Prototyping 25%
Product development 18%
Innovation 12%
Implementing 3D printing is challenging
Too costly 40%
The parts' quality is not high enough 30%
Limited knowledge 21%
Few material choices are available 15%
In general, metal 3D printing, including DMLS and SLM, is more expensive, but new materials and techniques are being developed quickly in this field, which could start to lower the price.
Check report on https://www.delvens.com/report/101/Dental-3D-Printing-Market---Trends-Forecast-Till-2028
Q&A session with the experts for the technology innovation in 3D printing
What's the difference between previous and recent acceptance of 3D printing?
Prior to now, 3D printing was used for prototyping and specialised applications like dental implants, but it is now applicable for speed, quality, and materials as well as for auxiliary technologies like the Internet of Things, augmented reality, virtual reality, and data analytics.
How is 3D printing evolving?
The ModelMaker from Solidscape, one of several new 3D printers that have hit the market, deposits wax materials using an inkjet print head, which is more typical of traditional printing.
New techniques, like micro casting and sprayed materials, made it possible to use 3D printing for metals as well as plastics.
What media and tech companies adopting 3D printing
Companies in the media and technology sector can offer a variety of options to support manufacturers in exploring 3D printing applications beyond rapid prototyping.
How is 3D printing adopting new business models?
Making the most of the on-demand manufacturing opportunity could transform your prototyping process, providing flexibility and innovation as well as many other benefits.
What application areas do you truly see opening up for 3D printing?
New 3D printing applications are constantly being developed such as education, prototyping, medicine, construction, art & jewelry, and so much to explore!

Delvens
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Delvens is a market research and consulting company headquartered in Delhi, India. The company holds expertise in providing syndicated research reports, customized research reports and consulting services. Delvens qualitative and quantitative data is highly utilized by each level from niche markets to major markets, serving more than 800 prominent companies by assuring to provide the information on country, regional and global business environment. We have a database for more than 45 industries in more than 50+ major countries globally.

This release was published on openPR.