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
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.