With 18.1% CAGR, 3D Printing Market Growth to Surpass USD 34.5 billion

The 3D printing market is predicted to reach USD 34.5 billion by 2028 from USD 15.0 billion in 2023; it is anticipated to grow at a CAGR of 18.1% from 2023 to 2028. The few driving factors are effortlessness in development of tailored products, reduction in manufacturing cost and process downtime, government investment in additive manufacturing based projects globally, availability of wide variety of industrial-grade 3D printing materials.

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3D printing is shifting toward manufacturing functional parts. 3D printing can help overcome challenges (such as higher tooling costs) associated with traditional manufacturing processes employed for rapid prototyping and short production runs, among others, as 3D printing eliminates the tooling requirement, unlike traditional manufacturing processes. Although traditional manufacturing would cost less per unit produced, it poses a high initial cost in tooling, leading to more expensive, low-volume manufacturing. 3D printing technology also helps reduce the waste produced during manufacturing by building parts layer on layer. Mass customization is another area where 3D printing has an advantage over conventional manufacturing, particularly for short production runs.

Based on offering: The printers segment captured the largest share of the 3D printing market in 2022. 3D printing has gained exceptional traction during the past decade owing to the multiple advantages of 3D printers over traditional manufacturing processes. The production process offers a range of advantages, such as design flexibility, rapid prototyping, print-on-demand, minimal wastage, fast designing and production, ease of access, and time and cost efficiency, amongst others.

Based on technology: The FDM technology held the largest share of the 3D printing market in 2022. FDM is the most common technology used in the 3D printing market. The materials used in this technology include thermoplastics (polylactic acid (PLA), acrylonitrile butadiene styrene (ABS), polyethylene terephthalate glycol (PETG), polycarbonate (PC), polyetherimide (PEI)). FDM can produce prototypes and functional parts faster and at a low cost from various thermoplastic materials. The lead times of FDM are short (as fast as next-day delivery) due to the high availability of the technology. A broad range of thermoplastic materials is available for prototyping and non-commercial functional applications. These materials are used to manufacture high-precision plastic components.

Based on application: Prototyping application in the 3D printing market to hold the largest market share of 3D printing market in 2022. Prototyping has been the major use of 3D printing for industries, including aerospace and automotive. 3D printing technology is an efficient method for new and innovative product development along with the capability to produce multiple design iterations in a shorter time span. The technology can be used to create functional prototypes using high-performance materials.

Based on vertical: The industrial vertical is leading the 3D printing market share in 2022. Rising trends of smart manufacturing, robotics, industrial services, and cloud applications provide opportunities to the providers of 3D printers and services to customers from the industrial vertical. Industrial robots are automated machines capable of high repeatability and freedom of motion in multiple axes. 3D printing can create parts with complex geometries in a fast and cost-effective way. Robotic additive manufacturing can potentially create large-scale objects.

Based on region: North America is leading the 3D printing market in 2022. This is attribute to several factors, such as the presence of 3D printing manufacturing companies, service bureaus, and other engineering firms. Many industries opt for 3D printing technology to develop innovative products with different combinations of materials, shapes, and structures to reduce the production cost for small-batch manufacturing, achieve quick production, and reduce material wastage. The education sector mainly drives the 3D printing market in North America. The growing rate of deployment and diffusion across verticals such as aerospace & defense, healthcare, and consumer products; strong support from regional governments; and the presence of key manufacturers are further expected to be the key driving factors for the growth of the North American 3D printing market.

Major players operating in 3D printing market include Stratasys (US), 3D Systems (US), EOS GmbH (Germany), Materialise (Belgium), GE (US), Voxeljet (Germany), HP (US), SLM Solutions (Germany), CleanGreen3D Limited (Ireland), Protolabs (US), Optomec (US), Groupe Gorgé (France), Ultimaker (The Netherlands), Renishaw (UK), Beijing Tiertime Technology (China), and XYZprinting (Taiwan), among others.

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Autonomous vehicles, electric cars, and mass production, are some of the trending automotive applications, which pushing automakers and suppliers to adopt 3D printing technologies. As per 2021 data, several EV projects use 3D printing in development and production. One example is Local Motors' Olli, a 3D-printed, autonomous electric shuttle designed for local, low-speed transportation.

News also Covered: https://www.prnewswire.com/news-releases/3d-printing-market-worth-34-5-billion-by-2028---exclusive-report-by-marketsandmarkets-301796530.html

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