Global 3D Printing Market Is Estimated to Witness High Growth Owing to Rising Demand from Manufacturing Industries & Expanding Applications Across Diverse End Use Verticals
The global 3D printing market is estimated to be valued at USD 19.06 Bn in 2024 and exhibit a CAGR of 21.7% over the forecast period 2024-2031. Rapid advancement in technology is enabling manufacturers to develop innovative and customized products using 3D printing. Furthermore, the reduction in 3D printing costs is encouraging adoption across small and medium enterprises.
Market Dynamics:
The global 3D printing market growth is driven by rising demand from manufacturing industries for prototyping and production applications. 3D printing helps manufacturers reduce production time and costs by providing flexibility of design and materials. Expanding applications across healthcare, automotive, aerospace and defense industries are further propelling the market growth. For example, 3D printing is increasingly used in healthcare sector for surgical planning, medical device development and tissue engineering. In automotive industry, 3D printed parts are used for electric vehicles, aircraft components and rapid prototyping. Additionally, ongoing research and development activities for development of advanced 3D printing technologies such as multi-material 3D printing are expected to present lucrative opportunities over the forecast period.
Market Drivers
Rise in Adoption of 3D Printers Across Various Industries
The adoption of 3D printing technologies is growing rapidly across various industries like automotive, aerospace, consumer goods, healthcare, and others. 3D printing helps in speeding up the product development process and lowering the manufacturing costs. It allows easy customization of products as per customer needs. With growing awareness about the benefits of 3D printing, more companies are now incorporating 3D printing in their production workflows. This widespread adoption of 3D printing technologies across industries is a major driver for the growth of the global 3D printing market.
Advancements in 3D Printing Materials and Technologies
Continuous advancements are happening in the technologies and materials used for 3D printing. New materials like plastics, metals, composites, ceramics etc are being used. Multi-material 3D printing is allowing the manufacturing of products with varying properties. Technologies like polymer jetting, stereolithography, material extrusion etc are becoming more sophisticated. Developments in areas like auto stereolithography, selective laser sintering etc are improving printing speed and precision. Companies are bringing innovative 3D printers with greater functionality. Such technological improvements are making 3D printing more viable for complex applications, thus fuelling the growth of the 3D printing industry.
Market Restraints
High Material and Equipment Costs
The costs of 3D printing equipment and materials are still quite high compared to conventional manufacturing methods. High-end 3D printers can cost anywhere between US$ 5000 and US$ 500,000 depending on the type and features. Specialized 3D printing materials are also expensive. This makes 3D printing not feasible for large scale or mass production where costs are a major factor. The high initial investment requirement poses a challenge for wider adoption of 3D printing, especially in cost-sensitive industries and regions. This acts as a major restraint for the 3D printing market.
Lack of Standardization
Currently there is a lack of industry-wide standards for various aspects of 3D printing like file formats, printer types, materials and processes. Different manufacturers follow their own propriety standards which limits interoperability between various 3D printing systems. This inconsistency poses challenges for supply chain integration. The absence of common process parameters also affects production quality and repeatability. Implementing standard testing methods, file formats, material specifications etc can help address these issues and accelerate the adoption of 3D printing. However, lack of standardization currently remains a big restraint.
Market Opportunities
Growing Demand from Healthcare Sector
3D printing is finding increasing applications in healthcare like printing medical devices, implants, surgical guides, drugs etc. It allows quick customization of medical solutions as per patient needs. Areas like dentistry, orthopaedics and tissue engineering are leveraging 3D printing significantly. With rising healthcare costs and growing geriatric population worldwide, demand for personalized medicines and 3D printed medical products is on the rise. This presents a major growth opportunity for 3D printing solutions in the healthcare industry.
Rising Demand for Customized and Personalized Products
With increasing purchasing power, consumers now demand customized products as per their individual tastes and needs. 3D printing enables on-demand manufacturing of unique customized parts, prototypes and end-use products. Industries like consumer products, wearables, footwear etc are leveraging 3D printing for producing personalized solutions. Even in areas like education, art and fashion, demand for custom 3D printed products is rising. This growing demand for personalization and customization presents a big market opportunity for the expansion of the 3D printing domain.
Link - https://www.coherentmarketinsights.com/market-insight/3d-printing-market-3940
Key Developments:
- In November 2023, Autodesk, Inc., a leading provider of software solutions for the design, engineering, and construction industries, announced the launch of Autodesk AI. This new technology, integrated into Autodesk's products and native to its Design and Make Platform, is designed to offer customers generative capabilities and intelligent assistance. With the introduction of Autodesk AI, the company aims to minimize errors by automating repetitive tasks, enhance creative exploration and problem-solving, and better meet the needs of its customers across various sectors, including architecture, engineering, construction, manufacturing, and media and entertainment.
- In November 2023, Stratasys, a leading provider of 3D printing solutions and the inventor of Fused Deposition Modeling (FDM) technology, introduced the F3300 FDM 3D printer at the Formnext conference. This new system promises enhanced manufacturing capabilities with improved accuracy, maximized uptime, and doubled output. Featuring faster print speeds, higher part quality, and significant cost savings, the F3300 is designed to streamline production processes and overcome supply chain challenges, particularly targeting demanding industries such as aerospace and automotive.
- In March 2023, 3D Systems, Inc., a leading provider of 3D printing solutions with over 30 years of experience in the field, announced the launch of two new printing materials, NextDent Cast and NextDent Base, along with the NextDent LCD1, a small-format, easy-to-use printing platform. These new materials are designed to enhance mechanical properties, while the NextDent LCD1 printer aims to facilitate the adoption of additive manufacturing by offering improved ease of use and efficiency, particularly benefiting dental care professionals and laboratories.
- In February 2022, Dassault Systèmes, a leading provider of 3D design and product lifecycle management solutions and the developer of the 3DEXPERIENCE platform, announced a strategic partnership with Cadence Design Systems, Inc., a pivotal leader in electronic systems design with over 30 years of computational software expertise. This partnership aims to provide integrated, next-generation solutions for the development of high-performance electronic systems to enterprise customers across various vertical markets, including high tech, industrial equipment, transportation and mobility, aerospace and defense, and healthcare.
Key Players:
3D Systems Corporation, Arkema, EOS GmbH, ExOne Company, General Electric Company (GE Additive), Hewlett Packard Inc., Markforged Holding Corporation, Materialise NV, Renishaw plc, SLM Solutions Group AG, Stratasys Ltd, Sisma SPA, Ultimaker BV, voxeljet AG, and Xometry Inc.
