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The global 3D printing market size stood at USD 8.58 billion in 2018 and is projected to reach USD 51.77 billion by 2026, exhibiting a CAGR of 25.8% during the forecast period.
3D printing is the process of building a three-dimensional object with the help of a computer-aided design (CAD) model. It is followed by the successive addition of thin layers between 16 to 180 microns or more to create an object, which is why can also be called the additive manufacturing process. The materials used for this process are polymers, metals, and ceramics.
3D printing has been at the forefront in recent years. The industry key players are constantly adapting new and creative working methods in this market. Advancements in this technology, tools, and materials have led to lower costs and made general manufacturing choices more feasible. This technology helps manufacturers in the field of prototyping, designing, and modeling structures of end products.
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3D printing technology is continuously growing at a fast rate owing to its numerous effects on processing and supporting manufacturers to achieve a higher level of performance. The 3D-printed materials produced are easy to modify as compared to the conventional production line, which makes this technology an advantageous choice in many aspects. 3D printing has been widely used across industries as it is cheaper, faster and more customizable and hence reduces the cost associated with materials and labors. Increasing research and development activities in the field of this advanced technology and growing demand for prototyping across industries such as healthcare, automotive, and 3D printing in aerospace and defense are some of the major factors driving the 3D printing market growth.
“Increasing Demand for Low-Volume Production and Life Cycle Sustainability is to Drive the Market Growth”
Due to its accuracy in printing objects, the adoption of 3D printers has grown among industry manufacturers and this has emerged as one of the leading 3D printing market trends. The use of this technology will improve the primary production stages by identifying errors or deficiencies in the product and increases overall performance ability. This technology allows industry players to manufacture custom products according to consumer needs. In addition to this, the technology enables manufacturers to optimally utilize raw materials and helps them to produce more reliable products.
This technology help organizations to create more flexible and creative products and allow them to design and produce geometrically more complex parts, devices, and systems at no extra cost.
In addition to this, increased applications of this advanced process in healthcare and other industries are expected to create lucrative growth opportunities for market players. The government of several countries across the globe are also investing in R&D activities, which have positively impacted the 3D printing solutions market growth.
“Increasing Demand for Customized Products to Boost the Market”
3D printing technology enables manufacturers to deliver customized products according to consumer needs with accuracy and well-defined smoothness. In addition to this, complex parts also can be manufactured, such as personalized toys, shoes, decorative items, and jewellery. This technology used for product design provides numerous benefits such as risk reduction and real-time perspective. In addition to this, increasing demand for reduced production time, enhanced product quality, and minimized maintenance costs will boost the market revenue of 3D printing. Besides this, the market is expected to grow owing to the increasing demand for the 3D printed customized product among end-users. For example, the healthcare industry is increasingly using this technology to produce complex bio-printed medical items and personalized prosthetics.
“Hardware Segment is Expected to Augment the 3D Printing Market”
Based on the component, the market is classified into hardware, software, and services.
The hardware segment in this market is estimated to hold a major share and it is expected to continue during the forecast period. This growth is mainly due to the fast adoption of 3D printers among end-user industries. In addition to this, an increasing shift towards 3D printing procedures for the manufacturing of automotive parts is expected to nourish the hardware segment growth.
The software segment is expected to exhibit an exponential CAGR during the forecast period. Significant demand for the personalization of manufactured products will contribute to the growth of the software segment of the market.
“Fused Deposition Modeling (FDM) Technology Segment to Lead the Market”
Based on the technology, the market segmentation has been done in the form of fused deposition modeling (FDM), selective laser sintering (SLS), stereolithography (SLA), direct metal laser sintering (DMLS/SLM), polyJet, multi jet fusion (MJF), digital light processing (DLP), binder jetting, electron beam melting (EBM), continuous liquid interface production (CLIP/CDLP), selective deposition lamination (SDL), and laminated object manufacturing (LOM).
Fused deposition modeling (FDM) is the most widely used additive manufacturing technology for the fabrication of prototypes and functional parts. Fused deposition modeling (FDM) is a method of additive manufacturing where layers of materials are fused together to create a product. The simplicity, reliability, and cost-effectiveness of the FDM process have led to the adoption of additive manufacturing technology in various industries. The FDM technology is widely accepted for the manufacturing processes owing to its ability to deliver durable, stable, and quality parts.
The market for direct metal laser sintering (DMLS) is growing at the fastest rate. DMLS technology helps manufacturers in the creation of high-quality metal parts. The direct metal laser sintering (DMLS) technology is mostly used by aerospace and automotive industries for the manufacturing of high-performance components. In addition to this, DMLS is widely implemented for the manufacturing of different parts such as medical prosthetics, and functional prototypes owing to its properties such as outstanding mechanical strength, wide material selection, short time of production, and superior quality of products with high complexity.
“Prototyping Technology Segment to Generate the Highest Revenue”
By application, the market is divided into prototyping, production, proof of concept, and others.
Among these, the prototyping segment holds the major market share and is expected to maintain its dominance over the forecast period. The market for the prototyping segment is mainly driven due to its extensive adoption in various industry verticals. Prototyping offers a wide variety of applications which help the industry manufacturers to identify the risk and errors associated with product manufacturing.
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Prototyping technology is used by automotive and defense industries for the design and development of complex systems. Prototyping also enables producers to achieve greater precision and to develop reliable end products. In addition to this, 3D printing prototyping offers manufacturers numerous benefits such as freedom to design complex geometries, on-demand and on-site spares manufacturing, manufacturing light-weight products, and improved fuel efficiency.
The production segment is growing at a significant rate due to the increasing demand for designing and building functional parts, which include machinery, joints, and other connecting elements.
“Increasing Demand for High-efficiency Automotive Parts to Contribute to Market Growth”
By the end-user, the market is segmented into automotive, aerospace and defense, healthcare, architecture and construction, consumer products, education, and others.
The automotive segment holds the largest portion in the 3D printing solutions market share. Recent advancements in this technology have opened new opportunities in the automotive sector and allowed manufacturers to design more robust, stronger, and safer products. Additionally, technology has significantly impacted the industry in the way how automotive parts are designed, developed, and manufactured. The process assists automotive manufacturers in rapid prototyping, lower turnaround time, low consumption and wastage, and lower costs and flexibility. For instance, Audi is currently working with SLM Solutions Group AG to produce automotive prototype and spare parts.
Implementation of 3D printing technology in healthcare is growing at the fastest CAGR. The technology enables pharmaceutical and medical companies in the rapid production of medical implants. In addition to this, the market has created numerous opportunities for key players due to a wide range of applications such as bio-printing tissues and organoids, 3D printing of surgical instruments, 3D-printed skin for burn victims, and custom-made prosthetics. Moreover, this highly used technology is being extensively used to create patient-specific organ replicas that surgeons can use for practicing purposes before performing complicated operations.
The global 3D printing market has been analyzed across five major regions of North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. These regions are further categorized into countries.
North America holds a significant share in the market owing to the extensive adoption of additive manufacturing in various industry verticals. In North America, increased investment has been a critical reason for the development and implementation of new technologies in the manufacturing sector. The U.S. is the highest revenue generating country in North America, followed by Canada. Rapid growth in various industries, including automotive, consumer products, healthcare, and defense and aerospace is accelerating growth in the region, according to the 3D printing market analysis. Economic growth in North America is further fuelling the market. In addition to this, emerging advanced technologies and the presence of key players working on 3D printing technology has considerably motivated the market growth.
North America 3D Printing Market Size, 2018 (USD Billion)
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Asia Pacific is positioned to be the fastest-growing region in the market in terms of CAGR. Rising demand for customized products, government initiatives, and technological advancements have nourished the market growth in the region. Industry players in the region are concentrating on product development, new product releases, and expanding their current portfolios to increase their customer base and improve market position through alliances and collaborations, offering them more opportunities for growth in the region.
The Middle East and Africa are anticipated to witness a steady growth rate in the 3D printing solutions market. The providers of this technology in the region are working to develop software platforms to improve the manufacturing process with the help of different technologies.
“Arcam EBM, Stratasys Ltd., and Voxeljet AG to Strengthen Their Position through Advanced 3D Printing Solutions”
Arcam a GE additive company has been actively working in providing cost-effective additive manufacturing solutions for the production of metal components. This technology offers freedom in design combined with excellent material properties and high productivity. Arcam EBM’s 3D printing solutions allow its customers to quickly and efficiently manufacture products.
Similarly, Voxeljet AG is a manufacturer of industrial 3D printing systems. Voxeljet AG’s models in this technology include VX200, VX500, VXC800, VX1000, VX2000, and VX4000,helping manufacturers in fast and economical manufacturing of significant components with high complexity. Voxeljet offers the most efficient systems, which help manufacturers to reduce the time required for the component manufacturing by 75% as compared to the traditional tools for production.
An Infographic Representation of 3D Printing Market
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The market report offers an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report are macro and microeconomic factors, SWOT analysis, Porter’s five forces analysis, and key industry trends, competitive landscape, and company profiles inclusive of recent industry developments such as mergers & acquisitions.
Value (USD billion)
As per our (Fortune Business Insights) study, this market is predicted to reach USD 51.77 billion by 2026 with a CAGR of 25.8% (2019-2026).
Currently (in 2019), the market value stands at USD 10.41 billion and it is anticipated to reach USD 51.77 billion by 2026.
Globally, spending on this technology is increasing each year. For instance, North America generated a revenue of USD 3.39 billion in 2018 and is expected to create a remarkable revenue share by 2026. The increasing need for a reduction in manufacturing cost and process downtime will be the major reason behind market growth.
In this market, hardware and fused deposition modeling (FDM) are the leading segments
Some of the driving factors for the market are increasing demand for low-volume production, life cycle sustainability, increased part functionality, and personalized products
In this market, some of the key players are Stratasys Ltd., 3D Systems Inc., Arcam EBM, Hoganas AB. These market players are focusing on agreements, acquisitions, and developments in the global market.
North America is expected to hold the highest market share in the global market. The region is expected to witness remarkable growth as it houses the major key players in the market.
Fused Deposition Modeling (FDM) would generate the highest revenue during the forecast period. Increasing the adoption of smartphones and social media platforms would ensure to boost the adoption of 3D printing strategies.
The automotive industry is expected to lead the market. Research and development solutions would contribute to the market growth.
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