3D Printing Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (FDM, SLS, SLA, DMLS/SLM, Polyjet, Multi Jet Fusion, DLP, Binder Jetting, EBM, CLIP/CDLP, SDL, LOM), By Application (Prototyping, Production, Proof of Concept, Others), By End User (Automotive, Aerospace, and Defense, Healthcare, Architecture and Construction, Consumer Products, Education, Others), and Regional Forecast, 2023-2030

The global 3D printing market size was valued at USD 18.33 billion in 2022 and is projected to grow from USD 22.40 billion in 2023 to USD 105.99 billion by 2030, exhibiting a CAGR of 24.9% during the forecast period.

Rapidly rise in digitization and increase in the adoption of advanced technologies including smart factories, Industry 4.0, machine learning, and robotics fuel the demand for online 3D printing in simulation applications. 3D printing has a wide application scope through these technologies across industries, including automotive, aerospace, healthcare, and others. For instance,

• Aerospace companies are exploring this printing technology for manufacturing various hardware parts of their products. For instance, Boeing leverages industrial 3D printing to manufacture the interior parts of its plane, whereas, NASA uses it to build rocket engines and parts of the satellite.


• Automotive industry is expected to show a huge adoption of this technology. Rapid tooling incorporated with additive manufacturing has become the priority of many automotive manufacturers. Customization of the automotive interior is another major application of this technology in the automotive industry.

COVID-19 IMPACT

Supply Chain Disruption and Halts on Production Units Negatively Impact 3D Printing Industry Amid Lockdown

Post outbreak of the COVID-19 crisis, industrial hubs, and manufacturing sectors witnessed an immediate supply chain disruption and halts on production. As a result of the fast-spreading pandemic, overall industrial production across the globe had experienced a sharp decline. It was demobilized, reflecting supply chain disruption, and reviving financial market conditions. The crisis forced market players across the globe to reduce their operational expenditures. Fewer operation expenditures restricted the investments of market players in this technology in 2020, impacting the 3D printing market growth.

The temporary closures of the factories in major economies such as China, Southeast Asia, the U.K., Germany, and others have impacted the production plants of the 3D technology industry and operations of suppliers resulting in short-term supply shortages. Manufacturing capacity was observed to be restored to normalized levels by the end of July 2020. The short-term disruptions in supply shortages have resulted in logistics challenges, including delays in delivering services to end-use industries. Such a situation affected the company’s ability to meet the technology demand of the end customers. For instance,

• Stratasys, one of the well-known companies in the market, experienced a dip in sales in the early months of the COVID-19 pandemic. However, the company started rebounding later as it picked up new manufacturing contracts.

However, the study conducted by the Society of Manufacturing Engineers states that 25% of the manufacturers in the U.S. plan to change their supply chains in response to the pandemic. The study also found that they prioritize investing in this technology post-COVID-19 out of other technologies such as robotics, 5G, digital security, and artificial intelligence. This shows that the increasing investments of manufacturers in 3D technologies are likely to uplift market growth in the forthcoming years.

LATEST TREND

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Advancement in 3D Hardware and Software is Generating New Revenue Streams for Market Players

Techno-savvy start-ups and established market players are upgrading and developing new technologies. The advancements in hardware have led to faster and more reliable 3D printers for production applications. Polymer printers are one of the most used 3D printers.

• December 2022 – Redington Limited made an agreement with ETEC, Materialize & Wipro products to establish full stack services and products for enterprises to facilitate 3D manufacturing process. Moreover, Redington Limited partnered with Wipro 3D to facilitate the launch of polymer 3D printers across India.

The statistics show that developments in polymer additive manufacturing would create new market opportunities for market players.

Fused Filament Fabrication (FFF) and powder bed fusion technologies such as Multi Jet Fusion offered by HP Inc. are expected to be the most preferred industrial 3D technologies by the manufacturers due to their ability to volume manufacturing and high productivity. Similarly, resin-based technologies such as digital light processing (DLP) and Stereolithography (SLA) are more likely to have a growing demand from the dental and consumer goods industry.

Similarly, software developments are gaining pace in the 3D industry driven by the demand to streamline operations. The technology has been extensively used in the manufacturing process, which has surged the need for software that can help manufacturers to increase production volumes and enhance their additive manufacturing processes efficiently.

DRIVING FACTORS

Substantial Investments of Governments and Tech Giants to Foster Market Growth

Many countries across the globe are experiencing massive digital disruptions in advanced manufacturing technologies. The U.S. is a potential user of 3D technology. In 2018, the United States Department of Defense included this technology as an important capability in its budget. Even tech software giants such as Autodesk, Microsoft, and HP have launched products aimed at additive and 3D printing manufacturing.

Similarly, China is making significant efforts to maintain the competitive index of the manufacturing industry in the global market. Chinese manufacturers foresee this technology as a risk and an opportunity to boost the economy, and hence they tend to invest in the research and development of this technology.

India is looking forward to this technology as an opportunity to increase its share in global manufacturing competitiveness. The market in India is supported by active government initiatives such as the Make in India Initiative. For instance, in May 2022, India Cements partnered with construction 3D printing startup, Tvasta to promote sustainability in the construction sector.

Korea has established an independent roadmap for the research and development of this technology and provides national support to execute it. The government of Korea is introducing tax incentives and accelerating industry regulatory agreements to encourage the adoption of this technology.

The U.K. government has developed an independent 3D technology strategy; however, it is witnessing some uncertainties in the U.K. manufacturing sector due to Brexit. Germany is expected to define new strategies for the technology as Germany has a well-established Industry 4.0 infrastructure.

RESTRAINING FACTORS

High Initial Investments to Restrict Market Growth

High initial investments are observed to be the most significant restraint factor for the adoption of this technology. This investment encompasses investment in hardware, software, materials, certification, additive & manufacturing education, and training for the employees. The capital costs and resources required to set up a 3-dimensional system are quite expensive than traditional printing methods.

However, with the introduction of the industrial Desktop 3D printer, the manufacturers are helping the end customers to cut the high initial costs.  Desktop printers are easy to use and handle and are less expensive than the 3-dimensional system.

SEGMENTATION

By Component Analysis

Software Segment Witness Strong Growth Owing to Wide use in Design of Objects and Parts

On the basis of component, the market is divided into hardware, software, and services.

Adoption of hardware for manufacturing 3D printed material is maximum and is likely to maintain its dominance during the forecast period. The demand for hardware is increasing as major key players are enhancing their product portfolio and launching new technologies to serve high demand from several industry verticals. Companies are investing in research & development activities, which have a positive impact on the market growth.

The software is expected to grow at a high CAGR during the forecast period. The software is widely used in different industry verticals to design the objects and parts to be printed. As manufacturing companies are shifting away from traditional manufacturing methods, the adoption of 3D printing software has grown to print iterations of different manufacturing parts.

By Technology Analysis

Fused Deposition Modeling (FDM) Technology to Gain Traction Owing to Ease of Operation 

Based on technology, the market has been divided into FDM, SLS, SLA, DMLS/SLM, Polyjet, Multi Jet Fusion, DLP, Binder Jetting, EBM, CLIP/CDLP, SDL, and LOM.

Among these, fused Deposition Modeling (FDM) technology captured the maximum share in 2022. The growth of FDM is mainly due to the ease of operation and advantages associated with the technology. FDM technology is highly used in making durable, strong, and dimensionally stable parts.

Direct Metal Laser Sintering (DMLS/SLM) technology is expected to grow at a high CAGR during the forecast period. The technology promotes the production of high-quality metal components, making them suitable for the manufacturing industry to create complex geometries of metals of extremely small sizes.

Selective Laser Sintering (SLS) is expected to show significant growth in the coming years owing to its growing popularity in the consumer goods sector. SLS finds a wide variety of vertical applications, including aerospace, defense, automotive, and others. Polyjet, Multi Jet Fusion, DLP, Binder Jetting, EBM, CLIP/CDLP, SDL, and LOM technologies are expected to witness a significant rise in adoption in the upcoming years.

By Application Analysis

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Prototyping Application Segment to Capture Maximum Market Share Due to its Wide Use across Key Vertical Industries

This technology has applications in prototyping, production, proof of concept, and others.

The prototyping represented the largest 3D printing market share in 2022 due to widespread acceptance of the prototyping process across various industrial verticals. Prototyping helps businesses to achieve greater precision and produce consistent end products. This technology helps to manufacture 3-dimensional computer-aided design (CAD) models and prototypes.

The production is expected to witness strong growth during the forecast period. While manufacturers are shifting their traditional manufacturing processes toward advanced manufacturing processes. Also, the wide usage of this technology to produce complex and low-volume parts is expected to grow during the forecast period.

By End User Analysis

Automotive Industry to Lead Market Owing to its Maximum Use in Producing Prototype Equipment

Automotive, aerospace and defense, healthcare, architecture and construction, consumer products, education, and others are some of the End Users of these printers

The adoption of this technology in the automotive industry is expected to hold a maximum share in 2022. For decades, the automotive industry has been using this technology to produce prototype equipment and small custom products in a short time span. The technology is being widely used to manufacture lightweight components for automobiles and OEMs.

Additive manufacturing has tremendous potential for the aerospace industry, where light, solid, and geometrically complex parts are required — and normally manufactured in limited quantities. Aerospace and defense companies are heavily using this technology to produce lightweight components. For instance, in March 2022, South Africa’s Department of Science and Innovation developed a pilot project to build around 25 houses by applying this printing technology to fight the shortage of housing in the country.

Additive processing in the healthcare industry helps create artificial tissues and muscles that mimic normal human tissues that can be used in substitution operations. These skills are anticipated to lead to vertical acceptance of 3DP in healthcare and the sector's development.

On the other hand, architecture and construction, consumer products, and education verticals are anticipated to grow at a significant CAGR during the forecast period.

REGIONAL INSIGHTS

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Geographically, the market is divided into five major regions such as North America, South America, Asia Pacific, Europe, and the Middle East & Africa. They are further categorized into countries.

Globally, North America accounted for the maximum share in the global market mainly due to rising expenditure on advanced manufacturing technologies by developed countries such as Canada and the U.S. Also, various government agencies, such as the National Aeronautics and Space Administration (NASA), have identified major R&D investments that can greatly contribute to space applications and create new technologies that drive business expansion.

Europe holds the second-highest market share in the global market. The demand for this technology is high among small and medium-sized industries that require high-speed, reliable, and inexpensive prototypes for manufacturing purposes. The regional market is expected to showcase strong growth in adopting this technology in the manufacturing and semiconductors industry.

Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. An increasing interest in the development of a sustainable printing environment has been backed by APAC manufacturers and the implementation of several policies and legislative proposals by governments in the region. Given the massive government funding for the industry, China is possibly the main force behind the adoption of this technology in the Asia Pacific.

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The Middle East & Latin America is expected to showcase high growth during the forecast period. The rapid adoption of 3D technology in the region is mainly due to technological advancements and improvements in the manufacturing industry.

KEY INDUSTRY PLAYERS

Companies are Focusing on Partnerships and Collaborations for Safer Internet Environment

The prominent players in the market are focusing on offering advanced and innovative solutions catering to the growing needs of industries. These key players are investing in R&D to provide innovative services and materials. They are entering into a strategic partnership and collaboration to provide next-generation solutions. These companies are offering consumer-centric solutions to help in boosting business growth. Similarly, the key players are keen on offering a vast range of 3-dimensional materials to grow across every industry application.

• December 2022 – FITTLE partnered with Formlabs, a 3D printing provider to aid and facilitate access to digital manufacturing tools with affordability. This collaboration aided Formlabs in making Formlabs 3D printers even more accessible to users across North America.


• February 2022 – Imaginarium partnered with Ultimaker to introduce a desktop & industrial 3D printer range in the Indian market. This partnership would help Ultimaker to expand its business in India, where additive manufacturing is anticipated to reach a point of breakthrough in the coming years.

List of the Key Companies Profiled:

• 3D Systems Corporation (U.S.)


• The ExOne Company (Germany)


• voxeljet AG (Germany)


• Materialise NV (Belgium)


• Redwire Corporation (U.S.)


• Envisiontec, Inc. (Germany)


• Stratasys Ltd. (U.S.)


• HP, Inc. (U.S.)


• General Electric Company (GE Additive) (U.S.)


• Autodesk Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• April 2023 – Nexa3D acquired AddiFab, a printing equipment supplier, to expand its printing technology. With this acquisition, AddiFab’s Freeform Injection Molding technology is supported by NXE 400 SLA 3D printers.


• March 2023 - Neotech AMT partnered with APES to expand 3D Printed electronics in North America. This partnership enabled both companies to share resources and technologies to improve the development and manufacturing capabilities of additive manufacturing.


• January 2023 – Lithoz agreed to a partnership with Wendt India Ltd. to extend sales operations in this market in India. By collaborating together, the companies aim to establish and develop ceramic 3D printing in India.


• January 2023 - Japanese group Nikon acquired industrial 3D printer manufacturer SLM Solutions. This acquisition aid Nikon in strengthening its presence in integrated metal additive manufacturing.


• March 2022 – 3DGence, a European manufacturer, launched a new industrial FFF machine, INDUSTRY F421, which is well-suited to high-performance materials. Additionally, the firm has also introduced AS9100, a new high-temperature filament, which is made using polyether ether ketone (PEEK) and certified for use in the defense and aerospace sectors.

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