– Investment by the government in 3D printing projects and reduced manufacturing and process downtime will drive the market demand
– Market Size – USD 10.71 Billion in 2019, Market Growth – CAGR of 13.7%, Market trends – Growing demand from the medical and consumer goods industry
VANCOUVER, B.C., Sept. 29, 2020 /PRNewswire/ — The Global 3D Printing Market is forecast to be worth USD 28.23 Billion by 2027, according to a new report by Emergen Research. The industry for 3D printing is witnessing a surge in demand as there is an increased application in consumer products, automotive, and medicals, among others. The reduction in errors and overall time and development cost, ease in manufacturing, and the ability to build intricate tailored designs are driving market growth.
The market is revolutionizing the industry with automation becoming a norm in manufacturing sectors. It will witness increased investment by manufacturing companies as it reduces cost by limiting the need for man force and can produce goods locally. However, deployment of large-sale 3D printing is quite high, and lack of governing bodies for the regulation of the market will curb the growth of the 3D printing market.
Technological advancement has led to a lower cost in tools, materials, and technology, which have made manufacturing more feasible. It helps end-users prototype, design, and model structures, which is fostering the growth of the market. As the medical sector is embracing innovative technology to design prosthetics and the rising investment by the government all over the world, the healthcare sector is augmenting the market demand.
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Key Highlights From The Report
- In the offering segment, ceramic material has various applications such as aerospace, biomedical, electronics, and automotive engineering due to their high medical strength, hardness, good thermal, and chemical stability. Moreover, research on bio-ceramics for application in bone implants are driving the demand for the segment.
- In the medical sector, 3D printing is used to make implants, scaffolds, surgical instruments, and prosthetics. The growing demand for advanced medical products and prosthetics are propelling the demand for the market.
- Digital fabrication technology has made 3D prototyping cost-effective and less time-consuming. A variety of materials can be used for the prototype application such as cheap PLA, durable nylon, impact-resistant ABS, and others. The prototyping application segment is forecast to grow with a significant CAGR during the forecast period.
- Stereolithography or SLA printing is among the most common technology for 3D printing, and it helps create the most precise prototypes of extremely high quality and complex geometrical shapes. However, its printing takes a relatively long time.
- Material extrusion is used to speed up the fabrication process or open multi-material capabilities. A wide range of materials can be extruded, and the most popular one is thermoplastics such as Acrylonitrile Butadiene Styrene, PolyLactic Acid, High-Impact Polystyrene, Thermoplastic PolyUrethane, and aliphatic PolyAmides.
- North America dominated the market for 3D printing, and the United States have the highest adoption rate of the product. The region has various medium and small-sized manufacturers. The presence of a mature 3D printing market and adoption of advanced technology is spurring the demand for the product. The region held a market share of 36.5% in the year 2019.
- Key participants include 3D Systems, Stratasys, GE Additive, EOS GmbH, Voxeljet, SLM Solutions, Hewlett Packard, Optomec, Mcor Technologies, and Protolabs, among others.
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For the purpose of this report, Emergen Research has segmented the Global 3D Printing Market on the basis of offering, process, application, industry verticals, technology, and region:
Offering Outlook (Revenue, USD Billion; 2017-2027)
- Desktop 3D Printer
- Industrial 3D Printer
- Design Software
- Scanning Software
- Pinter Software
- Inspection Software
Process Outlook (Revenue, USD Billion; 2017-2027)
- Material Extrusion
- Material Jetting
- Powder Bed Fusion
- Vat Photopolymerization
- Binder Jetting
- Sheet Lamination
- Directed Energy Deposition
Application Outlook (Revenue, USD Billion; 2017-2027)
- Functional Part Manufacturing
Industry Verticals Outlook (Revenue, USD Billion; 2017-2027)
- Aerospace and Defense
- Consumer Products
- Printed Electronics
- Architecture and Construction
- Food and Culinary
Technology Outlook (Revenue, USD Billion; 2017-2027)
- Fused Deposition Modeling (FDM)
- Direct Metal Laser Sintering (DMLS)
- Inkjet Printing
- Laser Metal Deposition (LMD)
- Laminated Object Manufacturing (LOM)
- Stereolithography (SLA)
- Selective Laser Sintering (SLS)
- PolyJet/MultiJet Printing (MJP)
- Electron Beam Melting (EBM)
- Direct Light Projection (DLP)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- Rest of Europe
- South Korea
- Rest of APAC
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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SOURCE Emergen Research