3D Printing Technology
The 3D printing technology market was estimated at USD 13.12 billion in 2021, and is projected to reach USD 45.67 billion by 2028, growing at a CAGR of 19.5% over the analysis period.
3D printing, also called as additive manufacturing, is a technique for creating three-dimensional objects layer by layer using a computer created design. Computer-aided design (CAD) is used to create three-dimensional objects in 3D printing. This three-dimensional object is made by the layering method; it involves layers of materials, like plastics, or bio-materials to create objects of different sizes, shapes, rigidity, and color. In 3D printing raw material is required, the commonly used raw materials are carbon fiber, graphite, and metal. Plastic is the most common material used for 3D printing. 3D printing is typically performed in three steps, first step is designing the product model in CAD, making the product with a 3D printer, and the final step is giving the finishing touches to the product. Adoption of 3D printing in the industrial sector is increased, due to its various applications, such as designing, tooling, and prototyping so there is growth in demand for 3D printing technology thus, supporting the development of the market.
Major Key Players for 3D Printing Technology Market:
- Arcam AB
- 3D Systems
- ExOne GmbH
- EOS GmbH
- SLM Solutions
- Concept Laser
Market Dynamics and Factors:
3D Printing Technology is used in many sectors like Automotive, Healthcare, Aerospace & Defense, Consumer Electronics, and Power & Energy generation 7. It helps to lower prices and increase the efficiency of the product. The adoption of 3D printing technology in the healthcare industry is giving a boost to the 3D printing technology market. Bio-printing research can print human-sized muscles, cartilage, and bones. It is also used to make customized prosthetics and dentistry. It is useful to carry out manufacturing, design, and developmental processes in different industries. This adoption of technology in different verticals on the global level is expected to boost the growth of the 3D printing technology market during the forecast period.
3D Printing Technology Market Report Highlight:
- By offering, software is the segment expected to have the maximum market share in the 3D printing technology market during the projected period. Different types of software are used in 3D printing technology like printer software, scanning software, and inspection software.
- By application, prototyping is the segment predicted to expand the most in the 3D printing technology market during the forecast year. The automotive and aerospace and defense verticals use prototyping technology to design and develop components, systems, and parts.
- By technology, the stereo lithography segment is expected to lead the 3D printing technology market during the projected period. Companies and research organizations all over the world are using this technology to carry out different processes.
- By End-user, Automotive segment is anticipated to develop at the highest CAGR over the analysis period. Molds and thermoforming tools, as well as grips, jigs, and fittings, can be produced using 3D printing. This enables automakers to manufacture low-cost samples and tools while eliminating future production losses caused by high-cost tooling investments.
- By region, North America is expected to dominate the 3D Printing Technology Market, during the projection period. This can be attributed to the region’s widespread use of additive manufacturing. North American countries, such as the United States and Canada, have been early users of these technologies in various manufacturing processes.
Key Industry Development:
- In May 2022, 3D printer manufacturing company Stratasys announced a new product, development in the additive manufacturing business. They are launching two new composite 3d printers, 16 new materials, and software updates.
- In September 2021, ExOne the 3D printer manufacturing company launched the Industrial-Grade 3D Printed Tooling Solution. This lineup offers various tooling 3D printed solutions like solutions for plastic injection molding, laying up composites and metal casting.
3D Printing Technology Market Segmentation:
- Functional Part Manufacturing
- Stereo lithography
- Selective Laser Sintering
- Inkjet Printing
- Electron Beam Melting
By End User
- Aerospace & Defense
- Consumer Electronics
- Power & Energy
For this report, Introspective Market Research has segmented the 3D Printing Technology Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM