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3D Printing Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Technology (FDM, SLS, SLA, DMLS/SLM, Poly jet, 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, 2021-2028

Region : Global | Format: PDF | Report ID: FBI101902

 

KEY MARKET INSIGHTS

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The global 3D printing market size was USD 12.57 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with the 3D printing equipment witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, this market exhibited a significant growth of 20.8% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 15.26 billion in 2021 to USD 68.71 billion in 2028 at a CAGR of 24.0% in the 2021-2028 period. The steady rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.


Rapidly increasing digitization, increasing adoption of advanced technologies such as Industry 4.0, Smart Factories, Robotics, machine learning, and others fuel the demand for online 3D printing for simulation purposes. These technologies increase the chances of broader adoption and greater utilization of this technology across industries, including aerospace, automotive, healthcare, among others. For instance,



  • Aerospace companies are exploring this 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, manufacturing sectors witnessed an immediate supply chain disruption and halts on production. As a result of the fast-spreading pandemic, the overall industrial production across the globe has seen a sharp decline. It has been demobilized, reflecting supply chain disruption, and reviving financial market conditions. The crisis has forced market players across the globe to reduce their operational expenditure. Fewer operation expenditures are likely to restrict the investments of market players in new 3D technologies. This might impact the 3D printing market growth.


The temporary closures of the factories in major economies such as China, Southeast Asia, the UK, 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 is likely to affect the company’s ability to meet the 3D technology demand of the end customers.


However, the study conducted by the ‘Society of Manufacturing Engineers’ states that 25% of the manufacturers in the United States 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 the market growth in the forthcoming years.


LATEST TRENDS


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Advancements in 3D Hardware and Software is Creating New Revenue Streams for Market Players


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



  • According to a 2019 report by Ernst & Young Global Limited states that 72% of the enterprises leveraged polymer additive manufacturing systems, whereas the remaining 49% used metal additive manufacturing systems. 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 of 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 3D operations. 3D 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 to Foster the Market Growth


Many countries across the globe are experiencing massive digital disruptions in advanced manufacturing technologies. The United States is a potential user of 3D technology. In 2018, the United States Department of Defense included this technology as an important capability in the 2018 budget.


In May 2017, the government of Canada granted USD 8.9 million in funding to the University of Waterloo to develop a 3D lab to accelerate the additive manufacturing processes. This shows that governments are well acquainted with the benefits and advantages of this technology and hence focus on making a substantial investment in the technology.


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 both a risk and opportunity for the Chinese manufacturing economy, and hence they tend to invest in the research and development of 3D printing technology.


Whereas India is looking forward to 3D 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.


Korea has established an independent roadmap for 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 3D printing technology.


The United Kingdom 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 3D technology as Germany has a well-established Industry 4.0 infrastructure.


RESTRAINING FACTORS


High Initial Investments to Restrict the Market Growth


High initial investments are observed to be the most significant restraint for 3D printing adoption. 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 3D 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 cut the high initial costs.  Desktop printers are easy to use and handle and also are less expensive than the 3D system.


SEGMENTATION


By Component Analysis


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Wider Adoption of Software to Make Designs of the Objects and Parts is Anticipated to Fuel its Growth Rate


On the basis of components, the market has been segmented into hardware, software, and services.


Adoption of hardware for the manufacturing of 3D printed material captured maximum share and is likely to maintain its dominance during the forecast period. The hardware segment is becoming increasingly competitive 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 that have had a positive impact on market growth.


The software segment 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 software has grown to print iterations of different manufacturing parts.


By Technology Analysis


Fused Deposition Modeling (FDM) Technology to be at the Forefront


Based on technology, the market has been categorized 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 2020. This segment's growth 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, which makes them suitable for the manufacturing industry since they enable the creation of complex geometries of metals of extremely small sizes.


Selective Laser Sintering (SLS) is expected to grow at a significant CAGR during the forecast period. 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, LOM technologies are expected to witness a significant rise in adoption in the upcoming years.


By Application Analysis


Prototyping to Capture Maximum Market Share Due to its Widespread Acceptance Across Various Vertical Industries


Industrial 3D printing has application in prototyping, production, proof of concept, and others.


Due to a widespread acceptance of the prototyping process across various vertical industries, the prototyping segment represented the largest market share in 2020. Prototyping helps businesses to achieve greater precision and produce consistent end products. 3D printing or AM helps manufacture 3D computer-aided design (CAD) models and prototypes.


The production segment is expected to witness strong growth during the forecast period. While manufacturers are shifting their traditional manufacturing units towards advanced manufacturing processes, the adoption 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 the Market Owing to its Maximum Use in Produce Prototype Equipment


On the basis of end-user, the market has been segmented for automotive, aerospace and defense, healthcare, architecture and construction, consumer products, education, and others.


The adoption of this technology in the automotive industry is expected to hold a maximum share in 2019. 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 for the construction of 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.


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, education verticals are anticipated to grow at a significant CAGR during the forecast period.


REGIONAL INSIGHTS


North America 3D Printing Market Size, 2020 (USD Billion)

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Globally, North America accounted for the maximum share in the global market mainly due to the rising expenditure on advanced manufacturing technologies by developed countries such as Canada and the United States. 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 3D printing 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 the adoption of 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 3D printing environment has been assisted by APAC manufacturers and the implementation of several policies and legislative proposals by governments in different countries in the country. Given the massive government funding for the industry, China is possibly the main force behind adopting this technology in Asia.


The Middle East and Latin America are 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 Partnership and Collaboration Activities for Safer Internet Environment


The prominent players of the 3D printing 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 strategic partnership and collaboration to provide next-generation 3D 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 3D materials to grow across every industry application.


September 2020 – Materialise NV announced a partnership with the Ditto Eyewear industry to develop a virtual eyewear try-on platform. Through the partnership, the companies aim to provide a personalized shopping experience by offering 3D printed frames to the customers


June 2020 – 3D Systems Inc. announced a plastics materials portfolio to expand across broad applications. The new product development is expected to be suitable across many industrial applications.


LIST OF KEY COMPANIES PROFILED:



  • 3D Systems Corporation (Carolina, United States)

  • The ExOne Company (Gersthofen, Germany)

  • voxeljet AG (Friedberg, Germany)

  • Materialise NV (Leuven, Belgium)

  • Hoganas Holding AB (Skane, Sweden)

  • Optomec, Inc. (New Mexico, United States)

  • Made in Space, Inc. (Carolina, United States)

  • Envisiontec, Inc. (Gladbeck, Germany)

  • Stratasys Ltd. (Minnesota, US)

  • HP, Inc. (Carolina, United States)

  • General Electric Company (GE Additive) (Massachusetts, United States)

  • Autodesk Inc. (Carolina, United States)


KEY INDUSTRY DEVELOPMENTS:



  • September 2020 – Made In Space, Inc. announced it is to launch the first ceramic manufacturing facility for the International Space Station. Ceramic manufacturing is a new 3D technology for ISS.

  • June 2019 – Materialise received clearance from the FDA to develop a Cardiovascular Planning Software Suite to support complex transcatheter mitral valve replacement (TMVR). With the company’s Mimics Innovation Suite, healthcare providers and clinicians are expected to receive help to produce patient-specific 3D models.


REPORT COVERAGE


An Infographic Representation of 3D Printing Market

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The 3D printing market research report highlights leading regions across the world to offer a better understanding to the user. Furthermore, the report provides insights into the latest industry growth trends and analyzes technologies that are being deployed at a rapid pace at the global level. It further offers some drivers and restraints, helping the reader gain in-depth knowledge about the market.


REPORT SCOPE & SEGMENTATION






















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion)



Segmentation



  Component; Technology; Application; End User; and Region



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



By Region




  • North America (By Component; By Technology; By Application; By End User; and By Country)

    • United States

    • Canada



  • Europe (By Component; By Technology; By Application; By End User; and By Country)

    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe





  • Asia Pacific (By Component; By Technology; By Application; By End User; and By Country)


    • China

    • Japan

    • India

    • Southeast Asia






    • Rest of Asia Pacific



  • The Middle East & Africa (By Component; By Technology; By Application; By End User; and By Country)

    • GCC

    • South Africa

    • Rest of the Middle East & Africa



  • Latin America (By Component; By Technology; By Application; By End User; and By Country)

    • Brazil

    • Mexico

    • Rest of Latin America





Frequently Asked Questions

According to Fortune Business Insights, the global market size is expected to reach USD 68.71 billion by 2028.

In 2020, the market size stood at USD 12.57 billion.

The market is projected to grow at a CAGR of 24.0% during the forecast period.

The hardware segment is expected to be the leading segment in the market.

Substantial investments by governments to foster market growth.

3D Systems Corporation, The ExOne Company, voxeljet AG, Materialise NV, Hoganas Holding AB, Optomec, Inc., among others, are the top players in the market.

North America region is expected to hold the highest market share.

Asia Pacific is expected to grow at the highest CAGR during the forecast period

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