The Global 3D Printing Market is estimated to be worth US$ 12.2 Billion in 2019 and is poised to grow at a CAGR of 23.23% in the forecast period (2019 to 2024) to reach a market size of US$ 34.6 Billion in 2024.

The market is driven by the Government initiatives and funding on R&D of the technology and increased demand from several industrial verticals such as Automotive, Aerospace & Defense and Consumer Goods sectors.

• Definition / Scope
• Market Overview
• Market Risks
• Market Trends
• Industry Challenges
• Technology Trends
• Other Key Market Trends
• Market Size and Forecast
• Market Outlook
• Technology Roadmap
• Competitive Landscape
• Competitive Factors
• Key Market Players
• Strategic Conclusion
• References

Definition / Scope

After initial commercialization in 1990’s, 3D printing went a period of intense interest in 2013. Key players were quick to capitalize on this interest, thereby witnessing exponential growth between 2013 and 2016 as an effect.

Since, then the hype has languished and additive manufacturing is finding its place among other manufacturing methods. In particular, the focus has shifted from the consumer and rapid prototyping, towards the digitization of workflows and the manufacture of production quality final products.

Several industries are focusing on ways in which 3d Printing can aid their businesses and the competitive advantage derived from it, the search is answered well by the technological advancements in the segment.

Although all signs point to a period of evolution in the 3D printing market, there remains immense potential for growth over the next decade.

With technological advancements and product innovations, 3D printing finds application in numerous industrial verticals, such as Aerospace & Defense, Automotive Industry, Medical and Dental Industry, Consumer Goods and Industrial Goods Sectors.

The Aerospace & Defense is one of the earliest adopters of 3D printing, with the first use of the technology dating back to 1989, Now after three decades later, A&D industry represents 12% of the $ 12.2 Billion additive manufacturing market and contributes heavily to the R&D efforts in the market.

Another industry significantly benefitted by the 3D printing market is the automotive industry where it is a growing user of additive manufacturing.

In 2019, the automotive 3D printing market is estimated to be worth $ 1.9 Billion, the growth is set to continue as the market is projected to reach $ 5 Billion in 2023.

The medical and dental industry is one of the fastest-growing adopters of additive manufacturing. With 97% of the medical AM professionals confident that the use of 3D printing will continue to increase within the sector, the market is set to go on a ride on the back of growing demand.

From medical devices to prosthetics and even bio-printing, the applications of additive manufacturing are humongous and wide-ranging. The market size of the medical and dental 3D printing market is estimated to be $ 1.5 Billion in 2019.

To stay ahead of the curve, retailers and consumer-oriented industries must be able to adopt to evolving consumer demands and industrial trends. Additive manufacturing meets these demands by providing a cost-effective approach to product development, testing and production.

From consumer electronics to toys and sportswear, major players in the consumer industry are increasingly recognizing 3D printing as a valuable addition to existing manufacturing solutions.

The Consumer 3D printing market is estimated to be worth $ 2.63 Billion in 2019 and is expected to grow at a CAGR of 22% to reach a market size of $ 5.83 Billion in 2023.

The industrial goods sector constitutes the production of machinery components, tooling and equipment used in the manufacturing of goods.

With the increasing production costs and the digitization of manufacturing sector, Industrial OEMs must constantly evolve to maintain operational agility and reduce manufacturing costs.

Hence, Manufacturers are adopting 3D printing to stay ahead of the competition.

Market Overview

The Global 3D printing market is estimated to be worth $ 12.2 Billion in 2019 and is expected to grow at a CAGR of 23.23% to reach a market size of $ 34.6 Billion in 2023.

Technology Insights

At present, the FDM segment is holding the largest market share of over 19% owing to extensive adoption of the technology across various 3DP processes. Along with the ease of operations, technological advancements and aggressive research and development activities are opening opportunities for several other efficient and reliable technologies.

Stereolithography is anticipated to account for a considerable revenue share, as it is one of the oldest and conventional printing technologies.

Polyjet, Direct Metal Laser Sintering (DMLS), and Selective Laser Sintering (SLS) segments are also expected to witness a rise in adoption, as they are used in specialized additive manufacturing processes.

Growing demand from aerospace and defense, healthcare, and automotive verticals would open opportunities for the adoption of these technologies in near future.

Printer Type Insights

Based on the printer types, the market has been segmented into industrial and desktop 3D printers. The industrial printers segment held the largest market share of 68.96% in 2019.

It is anticipated to continue dominating the market over the forecast period. This growth can be attributed to the extensive adoption in automotive, electronics, aerospace and defense, and healthcare, among other industries.

Prototyping, designing, and tooling are some of the most common industrial applications of 3-dimentional printers across these industry verticals.

On the other hand, adoption of desktop 3-dimensional printers was initially limited to hobbyists and small enterprises. However, increasing usage in household and domestic application is anticipated to bode well for demand.

Moreover, the education sector; which comprises schools, educational institutes, and universities, is also deploying desktop printers for technical training and research purposes.

Small businesses are adopting desktop printers and diversifying their business operations to offer Industrial 3D printing and other related services. The demand for desktop printers is expected to rise significantly over the forecast period.

Software Insights

Based on software, the 3DP market has been segmented into design, inspection, printer, and scanning software. Design software acts as a bridge between the objects to be printed and the printer’s hardware. The segment is expected to continue holding the leading market share over the forecast period.

The scanning software segment is projected to expand at the highest CAGR of 28.4% from 2019 to 2023. The demand is estimated to be driven by the ability of this software to store scanned images irrespective of their size and dimensions.

The segment is expected to witness rapid growth and generate considerable revenue over the forecast period in line with the growing adoption.

Application Insights

Prototyping accounted for the largest market share in 2019 and is anticipated to maintain its dominance over the forecast period. Extensive adoption from various industry verticals is anticipated to propel the growth.

Automotive and aerospace and defense industries use prototyping to design and develop components and complex systems precisely. Prototyping also allows manufacturers to achieve a higher accuracy and to develop reliable end products.

The functional parts segment is expected to expand at a significant CAGR of 26.5% from 2019 to 2023. Increasing demand for designing and building functional parts is anticipated to bode well for the growth of this segment.

Functional parts include smaller joints and other metallic hardware connecting components. Their accuracy and precise sizing are of paramount importance while developing machinery and systems.

Vertical Insights

On the basis of Verticals, the 3D printing market has been segmented into separate verticals for Desktop and Industrial 3D printing.

The verticals considered for Desktop 3DP includes educational purpose, fashion and jewellery, objects, dental, food, and others and the verticals considered for Industrial 3DP comprises automotive, aerospace and defense, healthcare, consumer electronics, industrial, power and energy, and others. 

The Aerospace and Defense, Healthcare and Automotive sectors contributes significantly to the growth of the Industrial 3DP, owing to the increased adoption of technology in several production processes associated with these verticals.

In healthcare sector 3D printing is used to develop artificial tissues and muscles, which replicate the natural human tissues and can be used in replacement surgeries. This factor is expected to augur well for the adoption of 3DP in the industrial segment.

On the other side, dental, fashion and jewellery, and food verticals are aiding the growth of the desktop 3DP segment. Dental vertical dominated in 2019 and it is expected to continue to dominate the segment in the forecast period.

The other areas gaining traction in the desktop 3DP segment includes imitation jewellery, miniatures, art and craft, clothing and apparels.

Component Insights

Based on component, the market for 3D printing has been segmented into hardware, software, and services. The hardware component segment is further divided into printer type, technology, applications, and vertical.

The software segment, on the other hand, is further bifurcated into printer type and software type. The services segment is classified based on the printer type.

The hardware segment accounted for the largest market share in 2019. The segment is anticipated continue leading over the forecast period. Software segment is expected to register the highest CAGR of 28% over the next few years.

Regional Insights

North America holds the dominant position in the Global 3D printing market with a market share of more than 35% in 2019, owing to increased adoption of additive manufacturing in the region. North American countries such as USA and Canada are the earliest adopters of this technology in numerous manufacturing processes.

This factor is aiding the region to hold the dominant position in the market. The regional market offers lucrative opportunities for additive manufacturing in different applications.

On the other hand, Europe happens to be the largest market in terms of its geographical footprint. It is home to several additive manufacturing players such as Materialise NV (Belgium), EOS GmbH (Germany) and 3D Hubs (Netherlands) that hold a strong technical expertise in additive manufacturing processes.

Hence, the Europe market is poised to continue to hold the second largest market share in the forthcoming years.

Asia-Pacific is expected to witness the highest CAGR in the forecast period (2019 to 2024). Rapid adoption of additive manufacturing, primarily attributed to the developments and upgrades across the manufacturing sector within the region is poised to augur well for the growth of the segment in the region.

The APAC region is also an emerging manufacturing hub for automotive and healthcare industries. Dominance in the production of consumer electronics aided by rapid urbanization is also contributing to the rising regional demand for 3D printers in the region.

Market Risks

Fragmented Market

The 3D technologies today are shaped like a networked ecosystem. Currently, stakeholders that generate and obtain value from the ecosystem are extremely fragmented with no clear ‘one-stop shop’ solution provider offering end-to-end solutions.  

The fragmented nature of the market is due to the following reasons first 3D printing has been in the shadows for the last three decades and has just recently come to light as a disruptive technology. In the early days, the technology was not mature enough to fulfil the requirements of manufacturing applications.

Second, industrial companies able to get value from the technology exist across multiple markets, such as the medical industry, manufacturing, information and communication technologies, consumer products, consultancy, services, and retail.

Third, the consumer side of the business has created multiple entrepreneurial activities. As a consequence, the dichotomy between B2C and B2B activities is not clearly defined.

Finally, there are multiple technical elements that merge in one single ecosystem involving design aspects, hardware, materials and software. The fragmented nature of the market affects the growth of the market as there appears no clear ‘one-stop shop’ solution provider affecting customer loyalty.

High Cost of Key Components

Though there is a decrease in the cost of 3D printers, the price associated with 3D printing is still high. There are numerous factors that lead to higher cost of the 3D printing devices. To name a few, the energy taken by 3D printing to produce items is humungous.

For instance, the energy released by some of the 3D printing processes utilizes up to 50-100 times more electricity as compared to the injection molding machines. It is arguable that 3D printing products can manufacture low carbon fiber parts.

However, manufacturing of these low carbon fiber parts is limited only to the material production stage and not the energy production stage. In addition, the software required to run the 3D printers is expensive. There is a need to change the rendering software with change in application area. Thus, there is an increase in the cost of the entire system.

There is a need to update the software periodically to keep it efficient and effective. In addition, 3D printing cannot be adopted by all the industries owing to high production, and entry cost of 3D printing goods. These factors limit the 3D printing market growth.

Top Market Opportunities

The market for additive manufacturing is globally lucrative with wider business opportunities in diverse industries from footwear to oil and gas. The market valuation for 3D printing in such industries is expected to cross $ 34.6 billion by the end of 2024 from the current $ 12.2 billion in 2019.

The market is projected to expand with an impressive CAGR of 15.6% during the forecast period between 2018 and 2025.

Opportunity in Automotive 3D Printing

Automotive additive manufacturing hardware revenue is projected to reach $ 1.3 billion in 2023 and will grow to $ 3.0 billion in 2028. With this surging demand, the adoption by the automotive segment for 3D production is going to witness huge opportunities for top competing players in additive manufacturing. While the total automotive additive manufacturing market is estimated to reach $ 12.6 billion from the $ 1.9 billion in 2019.

Major players in Automotive industry worldwide are now adopting toward full industrialisation and integration of the AM process within their end-to-end production workflow, beginning with software and materials, passing through the actual AM hardware, and ending with services and a growing number of possible applications.

Opportunity in Medical Device 3D Printing

The market value for 3D printed medical device components stood at $ 402 million in 2019. The economic market value of such components is predicted to reach $ 796 million by 2027 at a continuous growth rate of more than 8% each year.

The personal surgery segment is expected to generate an aggregated total revenue generation of nearly $ 10 billion during 2019 to 2027, primarily through the enabling of specialized medical 3D printing service providers focusing on outsourced production and clinical engineering services supported by 3D printing technology.

Opportunity in Oil and Gas 3D Printing

It is predicted that the oil and gas sector will generate $ 2 billion in additive manufacturing revenues in the oil and gas industry by 2027. The revenue for hardware, material, software, and service combined was recorded $ 195 million in 2019.

Data shows the market for 3D printing in oil and gas sector is rising drastically with a CAGR of 40% throughout a forecasted decade though the growth rate slows down slightly in the second half of the forecasted decade.

Opportunity for 3D printing in Aerospace

The market for additive manufacturing in the commercial aerospace industry has undergone several radical changes over the past three years, all targeted toward implementing the AM process in part manufacturing.

The number of hardware system suppliers has increased dramatically; the number of adopters for end-use part production is also now increasing more rapidly. AM for civil aviation is now closer to serial part production for both polymers and metals.

Opportunity for 3D Printing in Footwear

Footwear is another highly emergent segment within the consumer product that is expected to gain from additive manufacturing for production and mass customizations of footwear. It is forecasted that additive manufacturing in the footwear industry will grow into overall $ 5.9 billion in revenue by 2029.

Top footwear brands like 3ntr, Adidas, Carbon, Crocs, EOS, Brooks Running, Anta, Aetrex ECCO, Feetz, Kings 3D, New Balance, Nike, OESH Shoes, Phits, Prodways, RESA, Scientifeet, Superfeet, Under Armour already have deployed additive manufacturing in their product line.

Market Trends

Government funding and investments on R&D

There has been positive feedback from the regional Governments across the world supporting the adoption of 3D Printing. The Governments are encouraging local manufacturers to adopt 3D Printing by investing on Research & Development activities

For instance, The Australian government, in partnership with 3D printing bureau and reseller, Objective 3D, has announced $ 2 million in funding for a new additive manufacturing (AM) virtual hub

Other significant investments include a funding of $ 380 million from 2013 made by the Singapore Government for the commercialization of 3D Printing via the establishment of the National Additive Manufacturing Innovation Cluster (NAMIC) in 2015.

 In 2017, Chinese government issued the ‘Additive Manufacturing Industry Development Action Plan’, looking to make a national AM industry worth $3 billion by 2020. The 3D Printing industry is expected to witness a surge in growth due to the supporting policies of the governments.

Independence from economies of scale

3D Printing offers complete independence from economies of scale by enabling small-scale production at the point of need. Also 3D Printing helps reduce costs. Traditional manufacturing methods are notoriously expensive, whereas the 3D printing process makes the creation of parts products cheaper and more accessible.

Unlike traditional manufacturing where many different people may be required to operate a number of machines or a production line is required to piece together the product, 3D printing removes this.

Each 3D printer will require an operator to start the machine before it begins an automated process of creating the uploaded design. Therefore, when using 3D printing for manufacturing, the labour costs are significantly lower as there is no need for skilled machinists or operators to form part of the process.

Reduced overall Product Development Cycle Time

As the objects made from 3D printers are designed on a software program, design creation and redesign challenges can be easily overcome by updating the file on the program.

This reduces, and in some cases, eliminates the trial and error process and the high costs associated with re-tooling, redesign, and rework as with the traditional manufacturing method, thus, reducing the overall product development cycle time.

3D printed product design allows for rapid prototyping in the pre-manufacturing stage. Time saved in the prototyping stage helps businesses manufacture quicker and reach markets faster. Overall, manufacturers enjoy the benefits of lower costs and added agility.

Ease of developing customized products

3D printing enables the manufacturing of personalized products according to individual needs and requirements. The companies provide customized services such as basic design development by designers, followed by allowing the customers to co-design the product.

Ongoing technological advancements in the existing 3D printing technologies, reducing costs of printers, and availability of a range of materials enable the easy manufacturing of custom-made products.

AM makes print-on-demand possible for part replacement, less popular designs, specialty products, and low-volume production of customized functional parts. For instance, NASA used a Stratasys 3D printer to build ~70 parts of a Mars space rover.

The 3D manufactured product can also be designed in one country, manufactured in another country, and then distributed in some other country.

Moreover, 3D printing makes it possible for manufacturers to make crucial changes during the trial and error process, which makes the process of developing complex designs easy. 3D printing technology is also increasingly being used in mass customization.

Inherent benefits offered by 3D Printing

3D Printing materials offer a range of advantages, for instance, durability, high sensitivity, flexibility, and stability. Other benefits comprise a decrease in time-to-market particularly for latest products and exclusion of raw material waste, thus these factors are fuelling the growth of the 3D Printing market.

Product improvement and rising spending on R&D are the most significant developments in the market. Producers/manufacturers are mainly focusing on the formation of low cost and low volume products which can be further utilized across different industries.

High production costs

The major factor restraining the widespread use of AM is higher production costs. Although AM avoids the high up-front tooling costs that traditional processes (such as inject molding) require, those advantages tend to fade quickly as production volume increases.

Even at low volumes, AM with metals often remains much more expensive than traditional methods because of several interconnected factors such as high materials costs, slow build-up rates, and the long machining hours that result, and high energy consumption.

Redundancy with the use of 3D printing software

The software used for designing the product has a vital role in 3D printing. The most common software used is computer-aided design (CAD), which shows a virtual 3D model of the product.

Many manufacturers or end-user industries still lack the knowledge required for using the 3D printing software, thus making the use of these software solutions difficult for them.

As a result, such manufacturers have to rely on external 3D printing service bureaus for specific production part requirement. This creates a problem in the designing phase, thereby complicating the process of manufacturing.

Also, the high price of software adds to the overall cost of production. Moreover, the CAD software itself has some limitations. Users find the creation of complex shapes difficult with the use of CAD, which limits the usability of 3D printers in general.

Technological obstacles to large scale adoption

Currently, traditional manufacturing is still the preferred choice in most industries as it is more cost-efficient and better adapted to mass production.

3-D printing technology has some important limitations, for instance, parts larger than 30 cm² are difficult to produce using existing 3-D printers, and most printers cannot mix materials within one item though a few successful experiments in mixing materials during printing have been achieved, no such printer is yet commercially available.

Also, the biggest hurdle to 3-D printing taking commercialization is the high cost of printers and of metal powder. Powder production today is inefficient, partly because of its small scale and partly because as little as 50 percent of the atomized powder is of sufficient quality.

Industry Challenges

Limited production scale

Because most current AM machines are made for prototyping rather than series production, mass production scale is hard to attain.

The next-generation machinery needs to keep reducing production costs while adding capabilities necessary to support industrial production, such as process-stability management, in-process quality control, faster changeovers, greater reliability, and easier maintenance and repair

Lack of skilled professional

There is significant growth expected in the Additive Manufacturing industry, while this growth is positive there exists significant challenge: heightened competition for a finite talent pool with the skills to use this technology. This challenge is poised to affect businesses of all sizes ranging from start-up to enterprise-level.

According to the Society of Manufacturing Engineers, 9 out of 10 manufacturers are struggling to find the skilled workers needed and 54 percent of manufacturers do not have plan in place to address the skilled labor shortage thereby impacting production, quality, innovation and growth.

The squeeze in the availability of skilled professionals is affecting all the dimensions including production and quality of the 3D Printing market.

Technology Trends

The 3D Printing technology finds application on almost all industrial verticals and companies are investing heavily on R&D and product development, some of the major initiatives on the technology includes:

X Electrical Vehicle (XEV), an Italian automobile manufacturer collaborated with Polymaker, a Shangai-based company to produce the world’s first 3D-printed vehicle (LSEV) and this is expected to enter the China market by second half of 2019.

This launch of 3D-printed vehicle is anticipated to provide significant opportunities for the 3d printing market in automotive industry.

The American space company, SpaceX has sent a Dragon capsule to the International Space Station (ISS) which carried the first ever zero-G 3D printer.

In addition, increasing traction by space agencies such as National Aeronautics and Space Administration (NASA), European Space Agency (ESA) and others is anticipated to show significant impact on the 3D printing market in near future.

The bio printers’ technology is in the experimental stage and is anticipated to provide prospects for the 3d printing market in food industry. Furthermore, the importance of this technology has resulted in growing R&D investments by food companies such as chocolate & confectionery manufactures.

According to the Oxford Performance Materials, more than 75% of the American patients damaged skull by disease or trauma was replaced with an implant from Oxford Performance Materials 3D printer and hence brought revolution in the healthcare industry

The consumer 3D printers market is becoming highly consolidated with Stratasys Ltd. and 3D Systems Corp. being the global behemoths in this industry. 3DSystems has been highly active with a string of acquisitions of smaller companies across the globe.

Pricing Trends

Starting from less than a hundred dollars for a household printer to more than $10,000 printers for industrial purposes, the 3D printers are there on the market to fulfil everyone’s needs.

After its invention, the printer was priced at around $300,000 in 1987 and till five years back, the average price was at around $50,000.

The trend in pricing shows us that in near future, the cost of the printers are to go down as it is going to become a common household product like cell phone is today.

Regulatory Trends

The emergence of 3D printing at the consumer level has given rise to concerns at a number of levels, including that involving intellectual property for the protection of industrial designs.

Chinese law

Trademark Law

If a 3D printer produces a design for a consumer, and then a trademark that is registered by a third party in the Chinese Trademark Office, for that particular product (or similar product), is applied to that product (either directly or on packaging), then trademark infringement under Article 5 PRC Trademark Law, will occur. Further, if the mark is not registered, but it is well known in China, this act would be considered a violation of Article 5.

Patent Law

Article 2 of the PRC Patent Law recognizes that 3D designs can be protected under the patent law. There are a variety of important regulatory proposals set out in the new CFDA guidance, such as requiring validation testing for all 3D printing equipment, materials, processes, software, and final products.

It also states that product validations should include anti-pull strength and fatigue tests, usability tests, functionality testing and evaluation, and any components related to these.

The CFDA guidance proposes that clinicians and healthcare professionals should be involved in the decision-making for both the design input and output for 3D printed medical devices, and that environmental parameters for 3D printing must be defined in order to include energy density, gas composition, humidity, pressure, 3D printing speed, temperature, and other related factors.

Additionally, the guidance states that additive manufacturers should be required to conduct cleaning processes for complex 3D printed medical devices themselves, and not outsource them to other companies. The effectiveness of the chosen cleaning method must also be demonstrated. There is also a section on the use of animal models for testing 3D printed medical implants.

Finally, the CFDA’s new draft guidance says that the use of 3D printed medical implants needs to involve contracts between the manufacturer, the healthcare provider, and the patient.

Regulatory trend in the USA

The FDA guidelines focus on design and manufacturing considerations, as well as device testing concerns.

The FDA has two major classes of 3D printed medical devices. The first group includes products that can be created using any manufacturing processes, including 3D printing.

To get products in this class approved, manufacturers only have to prove that the final medical device product is substantially equivalent to a product that is already on the market.

The second FDA class covers devices that are deemed to be higher risk and must go through a pre-market approval process as there is nothing similar on the market.

Regulatory Framework in EU

The European Union (EU) has largely followed the FDA’s example. Relevant authorities have approved 3D printed medical devices and have published advice for companies and others using 3D printing manufacturing techniques to create medical devices.

The EU’s governance is contained in Medical Devices Regulation 2017/745, where it establishes that quality management systems are central to production, like with other manufacturing techniques.

Other Key Market Trends

Software will be crucial for 3D printing operations

Software, alongside hardware and materials, is an important element for developing an industrial additive manufacturing operation. 2019 saw a burgeoning awareness of the importance of software for various aspects of the AM process, from design/simulation to workflow management and security.

With the capabilities of simulation software becoming increasingly more advanced, simulating the printing process as well as the properties of a part itself provides a better understanding of the impact of printing parameters. These insights can then be used to help reduce material waste, increase process reliability and optimise machine uptime.

As companies now begin to scale their operations, software will also become increasingly valuable for managing and streamlining AM processes at all stages. Ensuring workflow security will inevitably become a natural extension of this, as companies seek to safeguard their data and intellectual property.

Market Size and Forecast

North America

The North America 3D printing market is anticipated to unfold with a CAGR of 20.1%, increasing its net worth from $ 2.89 Billion in 2019 to $ 7.23 Billion by the end of the forecast period of 2019-2024.

The region is primarily being propelled ahead because of the development of customized complex products using a wide range of materials. The U.S market is slated to exhibit the highest CAGR of 20% over the forecast period, followed by Canada. Favourable trade agreements have allowed Mexico to be a global contender for import and export business.

USA 3D Printing Market

U.S. is anticipated to account for a significant portion of market share in the 3D printing during the forecast period on the back of various factors such as growing technological advancements and implementation of 3D technology.

Further, the profitability of the companies is on rise owing to increasing demand and their exponential revenue growth which is further expected to boom over the forecast period, overall boosting the growth of the market.

The market size of the USA 3D Printing market is estimated to be $ 1.16 Billion in 2019 and is poised to grow at a CAGR of 21% to reach a market size of $ 3.14 Billion in 2024.

Canadian 3D  Printing Market

AM is used across several verticals in Canada with Manufacturing being the leading adopter. 32% of companies have used plastic AM and 45% of companies plan to use plastic additive manufacturing. This represents an average annual growth rate of 45%.

The market size of the Canadian 3D Printing market is estimated to be $ 694 Million in 2019 and is poised to grow at a CAGR of 20.5% to reach a market size of $ 1.76 Billion in 2024.

Mexican 3D  Printing Market

The Mexican 3D Printing market is driven by the Mexican automotive and aerospace industries relying on 3D printing technologies for the development of prototypes and products that they use in their assembly lines. 

Additionally, it is the source of jigs and fixtures, and toolings and templates.   In addition to the aforementioned industries, the use of 3D printing technologies is on the rise in the electronics sector. 

In Mexico, electronics manufacturers of mobile phones and other electronic devices are printing many parts, tooling and fixtures, as well as certain parts for demonstration and product launches.

The estimated market size of the Mexican 3D Printing market is projected to be $ 396 Million and is expected to reach a market size of $ 973 Million in 2024 growing at a CAGR of 20.7%

Rest of North America

Rest of North America includes countries such as Cuba, Greenland, Puerto Rico, US Virgin Islands, and others. The 3D Printing market in the region is driven by the economic growth of North America and is fuelling the growth of this market significantly.

 The introduction of new categories 3D printers drives the market growth. The escalating growth of the market has considerably motivated the end-users to adopt desktop/personal 3D printers.

South America

The basic foundations for the 3D printing revolution are laid in Brazil. It is the medical and dental arena that is seeing some of the latest developments in 3D printing all around the world. This is gaining interest in using the technology within orthodontics is becoming predominantly successful in Brazil.

The 3D printing is also used as a means for helping deliver Brazil’s huge population that is mostly poverty-stricken from the sprawling shantytowns littering the vast nation.

Concepts like WikiHouse is basically an open-source construction kit that permits people to create as well as share designs for properties. It is then being used to print the pieces for a couple of thousand dollars helping transform the slums.

Brazilian 3D Printing Market

The 3D printing market in Brazil is anticipated to cross $ 400 Million by 2021. With growing adoption of 3D printers in various end user industries such as automotive, aerospace & defence, healthcare, consumer electronics, etc. for numerous applications including prototyping, designing, Research & Development (R&D), etc., the 3D printing market in the country is expected to grow at a robust pace over the next five years.

Argentina 3D Printing Market

3D Printing market in Argentina is an emerging market currently at inflection point and is primarily used in the automotive sector for developing spare parts and in the Medical and Dental segment for creating prosthetics.

The Market Size of the Argentinian 3D Printing is projected to be $ 180 Million in 2019 and is expected to reach a market size of $ 444.2 Million in 2024 growing at a CAGR of 19.8%

Rest of South America

The Rest of South America includes major economies such as Colombia, Uruguay, Venezuela and Chile. The market is driven by multiple factors such as Government initiatives on R&D and the boom in automotive segment of the economy.

Europe

The Europe 3D Printing Market was valued at USD 4.61 billion in 2019 and is expected to reach USD 10.12 billion by 2025, at a CAGR of 14% over the forecast period 2020 – 2025. Europe is a major hub for 3D printing technology.

The highest demand in Europe comes from small and medium-sized businesses that are in need of high speed, reliable and low-cost prototypes. With the ability to deliver customized products and manufactured solutions at a lower cost, 3D printing technology will completely disrupt traditional manufacturing in many industries.

Initiatives and spending by government, the ability to offer customized products by 3D printing, increased efficiency, and improved products are leading this technology in Europe.

UK 3D Printing Market

Government initiatives toward the growth of Additive Manufacturing are expected to drive the market for 3D Printing market in the country. According to the UK 2017-2018 budget proposals, a majority of the government R&D funding will be focused on technology development and support of scientific talent.

The new proposals include the use of GBP 4.7 billion, which is directed towards R&D on various upcoming technologies such as electric vehicles, drug manufacturing technologies, artificial intelligence, and robotics.

All these verticals utilize 3D printing technology exhaustively, to increase the efficiency throughout the supply chain, driving the demand for 3D printing technology in the UK.

The market size of the UK 3D Printing market is expected to be $ 840 Million in 2019 and is expected to grow at a CAGR of 19.6% to reach a market size of $ 2.05 Billion in 2024.

German 3D Printing Market

The presence of large automobile industry with presence of global players such as Volkswagen AG, BMW AG, Daimler AG, Adam Opel AG and Ford-Werke GmbH is driving the adoption of 3D printing technology as it is extensively used for creating spare parts for cars and trucks.

The market size of the German 3D Printing market is estimated to be $ 588 Million in 2019 and is expected to reach a market size of $ 1.45 Billion in 2024 growing at a CAGR of 19.8%.

French 3D Printing Market

The presence of prominent 3D technology providers such as Dassault Systems is poised to drive the growth of the 3D Printing market in France. 

The market size of the French 3D Printing market is estimated to be $ 382 Million in 2019 and is expected to grow at a CAGR of 19.7% to reach a market size of $ 838 Million in 2024.

Rest of Europe

Rest of Europe is poised to witness significant growth backed by the growth in the automobile sector due to the increased use of 3D technology in the R&D department of the automotive industry.

This technology is used to design and engineer new vehicle models. For instance, In April 2019, AUDI AG, the automaker implemented polymer 3D printing technology for its production line at the Bölllinger Höfe.

Asia-Pacific

The Asia Pacific 3D printing market is anticipated to reach the market valuation of $ 9.33 Billion by 2024 from the current market value of $ 3.8 Billion in 2019 expanding at considerable CAGR of 23.2% during the forecasted period (2019-2024)..

APAC is expected to grow at the highest CAGR during the forecast period. The expiry of 3D printing technology patents of Stratasys (US) and 3D Systems (US) for their fused deposition modelling (FDM) and stereolithography (SLA) technologies, respectively, has opened several opportunities for emerging companies, as new entrants can easily get access to AM technology and make modifications based on their unique requirements.

Chinese 3D Printing Market

China is perhaps the biggest force behind 3D printing growth in Asia, in light of the huge government support to promote the industry. China’s 3D printing market was estimated to be worth $ 2.4 Billion in 2019. Currently, it’s the third-largest 3D printing market, after the US and Western Europe.

 It’s estimated that 48% of current 3D printing revenues in China come from 3D printers, (compared to 37% for Europe or 33% for the United States). This figure indicates that there’s a strong demand for 3D printing hardware in the country. 

ASEAN 3D Printing Market

The Association of Southeast Asian Nations (ASEAN) refers to a region in South East Asia that includes 10 countries: Myanmar, Laos, Vietnam, Cambodia, Thailand, Malaysia, Singapore, Brunei, Indonesia and the Philippines. 

According to a white paper by ThyssenKrupp, one of the largest industrial groups in Germany,  AM penetration in ASEAN today is small, representing only 5 to 7% of Asia’s total AM spend estimated at $3.8 billion for 2019 valuing it at around 228 Million in 2019. 

Within the ASEAN region, Singapore, Thailand and Malaysia are the largest adopters of 3D printing, accounting for around 80% of the AM market by value.

Japanese 3D Printing Market

The global market share of Japan in the 3D printer market based on the shipment volume at manufacturers accounts for 3.5% totalling a market size of $ 427 Million in 2019. This is likely to decline to 2.0% by 2021.

Currently, the awareness to use 3D printers in Japan is relatively lower than other countries.  However, in recent years, growing number of companies possessing multiple 3D printers in order to create various things have been on the rise in Japan.

In addition, there are demands to replace or upgrade into higher-end printers, as more user companies seemingly eager to use 3D printers after finding out a certain level of advantages in using them.

Rest of Asia

3D Printing market in other parts of Asia is driven by the growth in the automotive sector after a dismal performance in the prior years and is also augured well by the Government investments made on the R&D of 3D printing technologies.

Middle-East & Africa

Middle East Africa 3D Printing has witnessed notable growth and is poised to spiral to new heights in years to come. Most countries such as UAE, Qatar and Saudi Arabia are willing to seize the opportunities that are inbuilt in 3D printing and hence are gaining leading edge in the technological advancements.

Moreover, the region portrays immense potential to radically transform the way medical devices are utilized to treat the patients. The technique has emerged as one of the cost efficient option for medical device industry and therefore has impacted the health care segment positively.

Surging demand for patient specific products in orthopedics and maxillofacial surgery coupled with consistent advancements in innovative technologies have exponentially driven the performance of Middle East 3D printing market.

Moreover, increasing production of customized products, lower costs and government investments have accelerated 3D printing market of Middle East region.

Saudi Arabian 3D Printing Market

Increasing adoption of robotics in industrial automation coupled with the surging manufacturing sector and increasing need for production efficiency has driven the demand for automated 3D printing market in Saudi Arabia.

With a growing need to increase efficiency by decreasing the cost of production would complement market growth.

The market size of the Saudi Arabian 3D Printing market is estimated to be $190 Million in 2019 and is expected to reach a market size of $465 Million in 2024 growing at a CAGR of 19.5% in the forecast period (2019 to 2024).

UAE 3D Printing Market

UAE 3D printing market is at a niche stage of the industry life cycle; the market posted healthy growth over the last two years. Increasing construction activities especially in Dubai for the preparation of upcoming Dubai 2020 event is one of the key drivers for the rising adoption of 3D printing technology.

In addition, 3D printing strategy introduced by the government, flexible labor market, rising innovative technological adoption as well as availability of skilled workforce would further propel the growth of 3D printing market over the coming years.

The market size of the UAE 3D Printing market is estimated to be $ 120 Million in 2019 and is expected to reach a market size of $ 231 Million in 2024 growing at a CAGR of 22.5% in the forecast period (2019 to 2024).

Rest of MEA

The increasing investment from Government of the Middle-East region into the infrastructure segment is expected to augur well for the growth of the 3D Printing market in the region.

Market Outlook

The 3D printing industry has been on a stable growth path over the last decade. Although 3D printing is still less than 1 per cent of the global manufacturing market, the technology is set to become an invaluable tool for production workflows.

It means that the perception of 3D printing, as a solely prototyping technology, is changing, as it’s entering 2020 as a maturing manufacturing solution.

• In 2019, the global additive manufacturing market grew to over $12.2 billion, crossing the pivotal double-digit billion threshold for the first time in its nearly 40 year history. The 3D printing market is set to double in size every 3 years with the annual growth forecasted by analysts varying between 18.2 and 27.2 per cent. 

Based on the number of industry players, systems manufacturers make up the biggest group in the AM market (38 per cent), although the number of service providers has risen dramatically, reaching 34 per cent.

Many industries are embracing 3D printing to make better products faster and to optimise their operations. However, adoption rates vary across sectors.

Companies within the aerospace, medical, automotive and industrial goods industries are among the most mature adopters of the technology and also key contributors to the industrialisation of 3D printing.

In the meantime, the adoption of 3D printing is also uneven across geographical regions. Currently, North America and Europe lead the charge. However, the two regions are at risk of losing their seats at the head of the global 3D printing industry, with Asia fast becoming a strong 3D printing competitor.

• In 2019, footwear 3D printing revenues made up approximately 0.3 per cent of global footwear market revenues, according to SmarTech Analysis.
• The orthopaedics 3D printing market was valued at $691 million in 2018 and is predicted by SmarTech Analysis to grow into a $3.7 billion market by 2027.
• The market for medical 3D printing, including materials, services, software and hardware, is currently estimated to be worth $1.25 billion, according to SmarTech Analysis.
• A report by SmarTech Analysis suggests that revenues for 3D-printed dentistry will grow to $3.7 billion by 2021, and the technology will become the leading production method for dental restorations and devices worldwide by 2027.

The USA, UK, Germany, France and China are the top 5 countries with the highest 3D printing adoption and investment rates. Germany generated around €1 billion in AM-related revenues during 2019. The US has the largest installed base of 3D printers of 422,000 units in the world.

The primary use of 3D printing remains in the realm of product development. In addition to offering greater flexibility in production, 3D printing also enables businesses to create new business models that were previously either not feasible or not economically viable. Proof of concept and prototyping dominated 3D printing applications in 2019.

• In the aerospace and defence industry, the most popular application of 3D printing is prototyping (72 per cent), followed by repair (44 per cent), research and development (43 per cent) and production parts (39 per cent).
• The metal AM hardware segment is set to create an almost $4 billion revenue opportunity by 2024. It is expected that the sales of compact industrial metal printers will top $1 billion by 2027.
• The materials market remains a vital part of the 3D printing industry. One of the key trends shaping the market is the increased activity within materials development. In many ways, this trend is being driven by market demand, with customers demanding functional materials, particularly for production applications. In 2019, the AM materials market was valued at $1.5 billion.

The most commonly used material for 3D printing continues to be plastics, at 82 per cent. Companies using 3D printing are also working with carbon fibre (24 per cent) and composites (20 per cent). 

Sales of materials for polymer Powder Bed Fusion were at an all-time high in 2018, exceeding $400 million. The 3D printing ceramic materials market is expected to grow from a $20 million revenue opportunity in 2020 to over $450 million by 2029.

The 3D printing software segment is smaller than the hardware and materials segments. However, in recent years it’s been on a steady growth path, driven by the need to overcome multiple challenges within the 3D printing workflow.

As seen on the graph below, the software segment was relatively small in 2018, but it holds huge potential to grow into almost a billion worth of opportunity within the next decade.

Technology Roadmap

Creating a More Sustainable Future with 3D Printing

Two of the key factors to additive manufacturing are sustainability and conservation. One of the intrinsic benefits is that scrap material is reduced, if not eliminated.

It is inherently less wasteful than traditional subtractive methods of production and holds the potential to decouple social and economic value creation from the environmental impact of business activities.

Aside from reducing waste, 3D printing also conserves energy. It is found that there are 17 steps required to produce a truck gear using subtractive manufacturing versus the six steps it takes to accomplish the same task with additive manufacturing.

With 3D printing, the same product took less than half the energy. Additionally, by bringing products closer to the customer, 3D printing reduces the need for transporting products and materials, thereby positively affecting the quantity of carbon poured into the atmosphere.

Therefore, the future of 3D printing will lead to a more sustainable future. Additive manufacturing is demonstrating its transformative nature and has already begun to reshape businesses.

Distribution Chain Analysis

The 3D printing value-chain is diverse. In the plastics printing market, larger, integrated players cover the entire value chain from supplying materials to manufacturing printers to providing printing services.

While in the metal printing market, relatively small players focus more on certain parts of the value chain, such as in printing equipment or in printing services.

The main advantage of 3-D printing is that it has a shorter value chain, cost and time reductions through the elimination of assembly steps, greater customization and design freedom, and minimal waste.

Materials Suppliers

Many large, established chemical and metal powder companies are already supplying the AM industry. Materials for 3D printing include ceramics, aluminum, titanium, refracted metal, etc. The list of viable AM materials is growing, but many polymers and metal alloys are not yet available or not fully developed for AM.

To succeed, materials providers must create an end-to-end supply chain solution for their materials that includes ensuring full traceability back to the source and offering to recycle used materials.

Equipment Providers

Europe and American big players have dominated the AM equipment industry, but the Asian companies are continuously emerging. Both established AM equipment providers and new entrants are continually improving their systems and developing new technologies that will accelerate the evolution of industrialized AM.

End Users

Across various industries from footwear to aerospace, the users of 3D printing are referred to as AM end users who are extending the scope of AM processes beyond R&D.

Competitive Landscape

The 3D printing market is fragmented due to the presence of many SMEs in the market but the majority of the market share are owned by top players in the industry.

However, small and medium are upgrading their cloud services but top players have gained a major proportion of consumers and also investing huge for more developments and innovation. 

Some of the key players include Stratasys Ltd.,3D Systems Corporation, EOS GmbH, Electro-Optical Systems, Concept – Laser GmbH, Sisma SpA, ExOne Co., Arcam AB (GE Aviation), SLM Solutions Group AG, Hewlett Packard Inc., Materialise NV (ADR), Proto Labs Inc., among others.

Major Market Developments

• In April 2019 – 3D Systems announced the official opening of its new Advanced Additive Manufacturing Center in Pinerolo, Italy. Over the past 1.5 years, the company undertook a multimillion-dollar expansion to more than double the manufacturing capacity and increase the breadth of capabilities to meet increasing customer demand.
• In May 2019 – Aleph Objects, Inc., a leading US-based 3D printing vendor, expanded its business over Europe region by establishing its European headquarter at Rotterdam, Netherlands.
• In April 2019 – The Bossard Group a leading component manufacturer, expanded its market in 3D printing technology by acquiring a 30% share of Ecoparts AG, a Switzerland based 3D printing company.

Competitive Factors

There is intense competition in the raw materials supply side while there is also huge competition for manufacturing devices where companies are vying for in the 3D Printing landscape.

Technological competition is another area which is going hand-in-hand with 3D Printing ecosystem between Vat polymerization (Including Stereolithography and Digital Light Projection) and Selective Laser Sintering and High-Speed Sintering.

The companies that use these technologies include inter alia, 3D Systems Corporation, EOS GmbH, HP, Carbon and Mark forged.

The competitive environment that has developed is therefore intense and dynamic, as players often position their technologies to capture demand in various verticals simultaneously.

Automotive and consumer electronics are the two major sectors drawing demand for 3D Printing. Each constituting 21% of revenue share for OEM manufacturers.

These sectors are followed by medical and industrial segment respectively where 16% revenue source is generated by the former sector and 13% by the latter sector. Aerospace is the largest emerging segment for OEM manufacturers to cater the demand.

Key Market Players

The Key players in the Global 3D Printing Market includes:

Stratasys Ltd. (USA) offers a wide range of systems, consumables, and services for additive manufacturing. Its product portfolio comprises five series of additive manufacturing systems and consumables—idea series, design series, production series, dental series, and MakerBot desktop series.

The company’s products are used in a wide range of industries, including automotive, consumer electronics, aerospace, dental, defense, education, commercial products, architecture, and medical.

3D Systems Corporation (USA) is a global provider of 3D printing-centric solutions, including 3D printers, cloudsourced custom parts, and print materials. Its product portfolio includes desktop 3D printers and advanced 3D production systems which used in rapid prototyping or direct digital manufacturing.

The company has an extensive range of materials, namely, metals, plastics, ceramics, and edibles. 3D Systems serves customers in a number of industries, including the automotive, education, aerospace, healthcare, and consumer markets.

Its healthcare solutions include training & planning, simulation, printing of surgical instruments, printing for patient-specific medical & dental devices, and personalized surgery.

Voxeljet AG (Germany) provides 3D printers and on-demand part services to industrial and commercial customers. The company also operates through its service centers, both in Germany and overseas, for the manufacturing of molds and models related to metal casting.

The company manufactures, develops, and markets 3D printers under its Systems business segment, it also sells refurbished 3D printers through the same.

The Services business segment of the company offers the print-on-demand parts to its customers. Voxeljet offers 3D printing systems, materials, and related printing services to a diverse range of industries including foundries, automotive, reverse engineering, aerospace, pumps and heavy industry, architecture, art and design, and film and museums.

EOS GMBH (Germany) primarily offers a broad range of 3D systems and equipment along with a number of materials used in the 3D printing process. The company¡¦s Medical Devices segment offers surgical instruments and medical products specifically for patient care in dentistry, orthopedics, and implantology.

EOS focuses on rapid prototyping and series production, which provides the customer complete support for the entire development and production process. The company has focused its efforts on product innovation with the aim to cater to the increasing demand of 3D printing across the globe.

In line with this, EOS launched a number of systems and equipment (EOS M 400-4, EOSTATE MeltPool solution, and EOS M 290 system) in the medical 3D printing space.

Materialise NV (Belgium) is a provider of AM software solutions and complex 3D plastic printing services for industries such as healthcare, industrial manufacturing, aerospace, automotive, art and architecture, and consumer goods.

The Manufacturing business segment of the company provides 3D printing services for the designing of models, rapid prototyping services, and customized printing services for the parts required for industrial and commercial customers.

Protolabs

Protolabs has recorded the largest companies in the world in terms of market capitalization with the market cap of USD 3.15 billion as of the first month of 2019. It specializes in rapid prototyping and is known to offer the fastest source for custom prototypes and customized production parts.

The company uses three additive processes namely stereolithography, selective laser sintering (SLS), and direct metal laser sintering (DMLS).

EnvisionTEC GmbH (Germany) manufactures customized 3D printer solutions. The company is engaged in providing 3D printers, printing materials, replacement parts, training, and other services.

It primarily focuses on the selective light modulation technology to produce rapid prototyping systems. EnvisionTEC provides 3D printing solutions in a wide range of sectors, including, biofabrication & medical, hearing aids, jewelry, dental, auto manufacturing, consumer, and design. In the dental industry,

EnvisionTEC 3D printers are used for CAD-based (computer-aided design) dental restorations, for which it offers a broad portfolio of dental and orthodontic applications.

Strategic Conclusion

The 3D Printing technology is an emerging technology showing promise for future growth.  The technology is adopted across several verticals including Aerospace & Defense, Automotive, Consumer Goods, Medical and Dental segment and Industrial Goods Segment. It provides a plethora of opportunities across these industrial verticals.

The market is driven by the inherent features offered by 3D printing technologies such as reduced production cost, reduced time to manufacture, durability, high sensitivity, flexibility, and stability.

Though growth bottlenecks exist in the form of high cost of production, the growth trajectory remains intact with the growth of the sector set to double in every three years.

References

• https://www2.deloitte.com/us/en/insights/industry/technology/technology-media-and-telecom-predictions/3d-printing-market.html
• https://www.ey.com/Publication/vwLUAssets/ey-3d-printing-report/$FILE/ey-3d-printing-report.pdf
• https://assets.ey.com/content/dam/ey-sites/ey-com/en_gl/topics/advisory/ey-3d-printing-game-changer.pdf
• https://www.mckinsey.com/business-functions/operations/our-insights/3-d-printing-takes-shape
• https://www2.deloitte.com/content/dam/insights/us/articles/3d-printing-talent-gap-workforce-development/ER_3062-3D-opportunity-workforce_MASTER.pdf
• https://www.ictc-ctic.ca/wp-content/uploads/2017/07/ICTC-Additive-Manufacturing-ENG-Final.pdf
• https://amfg.ai/2019/11/20/am-around-the-world-how-mature-is-3d-printing-in-the-asia-pacific-region/
• https://amfg.ai/2020/01/14/40-3d-printing-industry-stats-you-should-know-2020/

Appendix

• SMEs – Small and Medium Enterprises
• DMLS – Direct Metal Laser Sintering
• SLS – Selective Laser Sintering
• FDM –  Fused Deposition Modelling
• SLA – Stereolithography
• EBM – Electron Beam Melting
• LMD – Laser Metal Deposition
• LOM – Laminated Object Manufacturing
• DLP – Digital Light Processing
• NEDO – New Energy and Industrial Technology Development Organization