3D Printing Market Outlook 2031
The global 3D printing market size was valued at USD 20.06 Billion in 2022 and is projected to reach USD 109.88 Billion by 2031, expanding at a CAGR of 20.8% during the forecast period, 2023-2031. The growth of the market is attributed to the rising demand of 3D printing machines for prototyping applications from industry verticals and high rate of research in 3D printing technology.
3 dimensional printing (3DP), as a major component for advertising process, is referred to the use of advanced technology in the process in which powder or liquid molecules is fused to create 3D object or printing it on a certain medium.
Chuck Hull, the chief technology officer, invented approaches the 3D printer using stereolithography apparatus and patented it in 1984. Printing a 3DP object is primarily done with the help of advanced computer aided design software and printing machine.
With the use of 3DP, any complex geometrical figure or design can be created easily and effectively to allow the real-time analysis of objects. 3DP compromises methods are widely deployed to make the complex designs into a perfect reality for several purposes including analytics.
The COVID-19 pandemic outbreak had brought negative impact on the market. The implementation of lockdown by government bodies in major economies has affected the production and installation of 3DP machines. Limitations on export & imports have further affected the market.
With the decline in the number of the virus cases in several countries across the globe, the market is expected to recover soon as various government bodies started lifting up lockdown and travel ban. Moreover, manufacturing plants are resuming their work and meanwhile export & import trade is getting regulated across the globe.
3D Printing Market Trends, Drivers, Restraints, and Opportunities
- Decreasing production cost with the use of 3DP machine by manufacturers is a key factor driving the market growth.
- Increasing ease in development of customized product with the help of 3DP software and machine is projected to propel the market expansion during the forecast period.
- Rising misconceptions with respect to the prototyping processes held by the small and medium-scale manufacturers acts as a major challenge that can restrict the market growth in the coming years.
- Escalating cost of material used in 3DP process and its low availability are key restraining factors. This is projected to hamper the market growth during the projected timeline.
- Integrating technology such as Machine Learning (ML) and Artificial Intelligence (AI) with 3DP software for automated commercial printing is projected to create significant growth opportunities for the market.
Scope of 3D Printing Market Report
The report on the global 3D printing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
3D Printing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Technologies (Selective Laser Sintering, Laser Metal Deposition, Stereolithography, Electron Beam Melting, Direct Metal Laser Sintering, Fused Deposition Modeling (FDM), Polyjet Printing, Digital Light Processing, Inkjet Printing, Laminated Object Manufacturing, and Others), Components (Services, Hardware, and Software), Applications (Functional Parts, Prototyping, and Tooling), Materials (Ceramic, Polymer, and Metal), Printer Types (Industrial 3D Printer and Desktop 3D Printer), Software (Scanning Software, Inspection Software, Design Software, and Printer Software), and Verticals (Desktop 3D Printing [Dental, Fashion & Jewelry, Food, Objects, Educational Purpose, and Others] and Industrial 3D Printing [Industrial, Healthcare, Automotive, Power & Energy, Consumer Electronics, Aerospace & Defense, and Others])
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Materialise NV; 3D Systems, Inc.; Autodesk Inc.; Canon Inc.; Stratasys, Ltd.; EnvisionTec, Inc.; GE Additive; Voxeljet AG; and Made In Space, Inc.
3D Printing Market Segment Insights
Technologies Segment Analysis
Based on technologies, the global 3D printing market is divided into selective laser sintering, laser metal deposition, stereolithography, electron beam melting, direct metal laser sintering, fused deposition modeling (FDM), polyjet printing, digital light processing, inkjet printing, laminated object manufacturing, and others.
The stereolithography segment is expected to grow at a rapid pace during the forecast period attributed to ease of operation in printing process. Stereolithography, as one of the oldest and conventional printing technologies, is widely adopted for effective operation of the printing process.
However, the FDM segment, however, is anticipated to expand at a substantial CAGR in the coming years due to technological advancement in FDM process as these advancement are applicable in specialized 3DP processes.
Components Segment Analysis
In terms of components, the market is fragmented into services, hardware, and software. The hardware segment is expected to account for a major market share during the projected timeline owing to increasing competition in hardware segment, which result in development of new product innovation and launching by key market players.
On the other hand, the software segment is projected to expand a considerable CAGR during the forecast period due to rising use of software by industry verticals for designing the printing of objects.
Applications Segment Analysis
On the basis of applications, the global 3D printing market is segregated into functional parts, prototyping, and tooling. The prototyping segment is estimated to account for a significant market share during the forecast period owing to its use in aerospace & defense sector for designing complex parts.
Furthermore, prototyping enables manufacturers in development of reliable end products and achieve higher accuracy, which are key drivers of the segment growth. However, the functional parts segment is anticipated to expand at a high CAGR during the projected period attributed to the precision and accurate sizing of the functional parts are of principal importance while developing machinery and systems.
Materials Segment Analysis
Based on materials, the market is segmented into ceramic, polymer, and metal. The polymer segment is expected to expand at robust growth rate during the forecast period due to it allows printing of low-cost efficient parts with various properties and abilities.
On the other hand, the ceramic segment is projected to constitute a key share of the market during the targeted period owing to the growing R&D in 3DP technologies such as inkjet printing and FDM, which has led to boost in demand for ceramic material.
Printer Type Segment Analysis
In terms of printer types, the 3D printing market is bifurcated into industrial 3D printer and desktop 3D printer. The industrial 3D printer segment is projected to account for a major market share during the forecast period owing to increasing adoption by industry verticals.
Moreover, industrial printing is extensively used in applications such as designing, tooling, and prototyping, which presents a major factor driving the segment.
On the other hand, the desktop printer segment is expected to exhibit a robust CAGR in the coming years due to rising use of desktop printer for domestic purpose and in household. Additionally, desktop printer is highly adopted in educational institutes for research and training purpose, which is projected to accelerate the segment growth further.
Software Segment Analysis
On the basis of software, the market is fragmented into scanning software, inspection software, design software, and printer software. The design segment is projected to hold large market share during the projected timeline attributed to its use in constructing the designs of the object to be printed, particularly in the aerospace and defense and automotive sector.
Furthermore, design software acts as a point of contact between objects to be printed and the wide availability of advanced printer’s hardware is a major driver of the segment. However, the scanning segment is anticipated to register a substantial CAGR during the forecast period due to rising adoption of scanners.
Verticals Segment Analysis
Based on verticals, the 3D printing market is bifurcated into desktop 3D printing and Industrial 3D printing. The desktop 3D printing is further segmented into dental, fashion & jewelry, food, objects, educational purpose, and others. The industrial 3D printing is sub-divided into industrial, healthcare, automotive, power & energy, consumer electronics, aerospace & defense, and others.
The industrial printing segment is anticipated to account for a key market share during the forecast period due to the rising demand for industrial printing technologies for automated manufacturing process. Furthermore, 3DP allows development of artificial muscle and tissues, which is projected to accelerate the healthcare vertical.
In terms of region, the global 3D printing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to early adoption of 3DP by major economies in the region.
However, the Europe market is anticipated to grow at a rapid pace during the forecast period due to the presence of key players in the region, which hold strong technical expertise in 3DP processes.
The global 3D printing market has been segmented on the basis of
- Selective Laser Sintering
- Laser Metal Deposition
- Electron Beam Melting
- Direct Metal Laser Sintering
- Fused Deposition Modeling
- Polyjet Printing
- Digital Light Processing
- Inkjet Printing
- Laminated Object Manufacturing
- Functional Parts
- Industrial 3D Printer
- Desktop 3D Printer
- Scanning Software
- Inspection Software
- Design Software
- Printer Software
- Desktop 3D Printing
- Fashion & Jewelry
- Educational Purpose
- Industrial 3D Printing
- Power & Energy
- Consumer Electronics
- Aerospace & Defense
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Materialise NV
- 3D Systems, Inc.
- Autodesk Inc.
- Canon Inc.
- Stratasys, Ltd.
- EnvisionTec, Inc.
- GE Additive
- Voxeljet AG
- Made In Space, Inc.
Key players competing in the global 3D printing market are Materialise NV; 3D Systems, Inc.; Autodesk Inc.; Canon Inc.; Stratasys, Ltd.; EnvisionTec, Inc.; GE Additive; Voxeljet AG; and Made In Space, Inc.
Companies are focusing on investment in R&D for new product development and update existing product portfolio to fulfil the increasing demand of 3DP from the market. Furthermore, companies are widely engaging in strategic partnership and merger & acquisition to boost their market share and acquiring new buyers.
In June 2020, a U.S.-based company 3D Systems, Inc. announced plastic materials portfolio for 3DP process.
In September 2020, Ditto Eyewear Industry announced partnership with a Europe based company, Materialise NV as they announced 3D printed eyewear frames to the customer.