Detailed analysis of 3D printing market

by Talib Hussain Digital Marketing Specialist

3D printing is a process of creating a 3D object from a Computer Aided Design (CAD) model or digital 3D model. It can be done using a variety of techniques that typically involve layer-by-layer combining, connecting, or hardening of materials under the control of a computer (such as fusing plastics, liquids, or powder grains). The market for 3D printing was valued at $14 billion in 2021 and will reach $77.838 billion by 2030 at a CAGR of 21%

The ability to create extremely complex structures or geometrical figures, including hollow parts or portions with interior truss structures to reduce the weight that would typically be challenging to build by hand, is one of the main advantages and benefits of 3D printing. FDM (fused deposition modeling), an additive manufacturing technology that produces 3D components using continuous thermoplastic or composite material thread in the form of a filament, is expected to be the most widely used 3D printing technique by the year 2020.

Key industry drivers

Digital technology is having a favorable impact on modern and advanced manufacturing techniques and practices in a number of countries throughout the world. One of the prospective markets for 3D technologies is the United States. In 2018, the United States Department of Defense, for example, allocated cash for the research and development of this technology. Even software behemoths such as HP, Microsoft, and Autodesk have made additive / 3D printing more accessible. Chinese companies typically develop and research this technology since they perceive it as an opportunity to expand their industrial sector.

India considers this technology as an opportunity to strengthen its position and become a global industrial competitor. Active government measures such as the "Make in India" campaign have aided the Indian market. Korea has created a one-of-a-kind plan for developing and researching this technology. Furthermore, Korea provides national assistance and finances for the advancement and development of this technology. To encourage the acceptance and adaptability of this technology, the Korean government is also hastening industry regulatory accords. Despite the United Kingdom's exit from the European Union, the British government is still working to develop a new 3D printing technology policy.

Governments throughout the world are taking initiatives and financing institutions, technology, and research firms, and research facilities to further explore and promote the potential afforded by 3D printing techniques. A number of countries, notably the United States, the United Kingdom, and Canada, have established national initiatives to fund college-level research on this technology. Manufacturers and governments throughout the world are getting more interested in 3D printing as a new application for emerging technologies. Established industry titans and tech-savvy start-ups are both updating and developing new technology.

Restraints

The high initial costs of this technology are said to be the main obstacle to its adoption. The cost of employee training, materials, certification, and education in additive manufacturing is included in this investment. Spending on hardware, software, and other components is also included. A 3D system setup costs significantly more than traditional printing methods and requires more resources.

Segmentation analysis

Technology Insights

In 2021, the stereolithography segment led the market, accounting for more than 8.0% of worldwide revenue. Stereolithography, direct metal laser sintering (DMLS), fuse deposition modeling (FDM), electron beam melting (EBM), digital light processing, laminated object manufacturing, selective laser sintering (SLS), inkjet, polyjet, laser metal deposition, and other technologies have been segmented based on technology.

Application Insights

In 2021, the prototyping segment led the market, accounting for more than 55.0% of worldwide sales. The industry has been further subdivided into prototype, tooling, and functional parts based on use. This is due to the widespread use of the prototype process across a variety of industry sectors. Prototyping is used extensively in the aerospace, automotive, and defense industries to precise design and build parts, components, and complex systems.

Component Insights

In 2021, the hardware sector led the market, accounting for more than 60.0% of worldwide sales. The increased importance of quick prototyping and improved production processes has benefited the hardware industry substantially. The primary drivers of the hardware segment's growth are the rising industrialization, expanding penetration of consumer electronic items, developing civil infrastructure, rapid urbanization, and streamlined labor costs.

Regional Insights

North America dominated the market, accounting for more than 30.0% of worldwide revenue in 2021. This can be linked to the region's widespread use of additive manufacturing. North American countries have used these technologies early in various production processes. In terms of geographical footprint, Europe is the greatest region. It is home to a number of additive manufacturing industry players who have extensive technical knowledge of additive manufacturing methods. As a result, the European market will be the second-largest regional market in 2021.

Key Companies