The 3D printing method involves layer-by-layer addition of materials to create patterns, physical models, tooling components, and production parts using software and 3D printers. With the aid of this technology, high-end 3D items of any size and shape may be produced without the need for machines or molds. The technology is frequently used to provide solutions and services in consumer electronics, healthcare, autos, aircraft, etc. since it allows producers to create customized goods.
In 2021, the market for 3D printing was worth USD 14 billion, and by 2030 it will reach USD 77.83 billion, growing at a 21% CAGR during the forecast period.
The market for 3D printing is driven by rapidly increasing digitization and strengthening deployment of progressive technologies like Industry 4.0, smart factories, robotics, Machine Learning (ML), and others.
Market Dynamics
Drivers
Factor boosting market revenue growth is the rising need for 3D printing in the automotive sector to fabricate lightweight vehicle components. Teams of engineers and designers can use this technology indoors, thanks to desktop 3D printers. The use of polypropylene in 3D-printed dashboard components, airflow, and changed fluid systems is causing market revenue to increase. The most often printed components in the auto sector are fixtures, cradles, and prototypes since they need to be robust, strong, and long-lasting.
Restraints
A major factor impeding market expansion is the high initial expenses of this technology. The cost of personnel training, supplies, certification, and instruction in additive manufacturing is included in this investment.
Opportunity
3D printing has shifted from primarily designing and prototyping to producing useful parts. 3D printing help businesses get beyond obstacles like expensive tooling. Low-volume manufacturing is more expensive than conventional manufacturing, despite lower per-unit expenses because of the high initial tooling requirements. The 3D printing approach helps lessen the waste produced during manufacturing by building components layer by layer.
Market Segmentation
By Software
On the basis of software, the 3D printing market is segmented into design software, printer software, scanning software, and inspection software.
In 2021, the printing software segment ruled the market with a more than 35% revenue share. The scanning, printer, design, and conception software segments of the 3D printing market are all software-based divisions. Design-based software is widely used to produce the blueprint of the products printed in the automotive, aerospace, military, construction, and engineering industries.
By Application
On the basis of application, the 3D printing market is segmented into tooling, manufacturing functional parts, and prototyping.
In 2022, the prototyping segment was the market leader, with the largest revenue share of nearly 54.0%. It is due to the expanding implementation of prototyping in various businesses. Manufacturers can build final goods and attain improved precision through prototyping. Thus, the prototyping segment will continue to rule the market during the forecast period.
By Component
On the basis of components, the 3D printing market is segmented into hardware, service, and software.
In 2021, the hardware segment led the entire market with a maximum revenue share of 60%. The expansion of the hardware market segment is due to speedy industrialization, increased consumer electronics penetration, lower labor costs, enhanced civil infrastructure, and quick urbanization.
By End-User
In 2022, the automobile sector ruled the entire market with a revenue share of nearly 23.0%. The verticals considered for desktop 3DP include things like dental care, cuisine, fashion and jewelry, and others. The market is expanding due to the adoption of this technology in various sectors like aerospace, healthcare, defence, and automotive.
Regional Analysis
North America was the largest market in 2022, contributing nearly 33.34% of revenue share due to the rapid adoption of additive manufacturing in this region. Canada & United States are among the earliest adopter of additive manufacturing in North America.
Furthermore, Europe emerged as the second largest regional market in 2022 as it has many key players holding strong expertise in additive manufacturing.
During the forecast period, Asia Pacific will expand at a rapid rate. This rapid implementation of AM in the Asia Pacific is due to developments and upgrades in the region’s manufacturing industry. In addition, the Asia Pacific region is also emerging as a major manufacturing hub for the automotive and healthcare industries. A stronghold on consumer electronics production and rapid urbanization also contribute to the region’s rising demand for three-dimensional printing.
Key Players
- HP Inc
- EnvisionTEC Inc
- Canon Inc
- 3D Systems Inc
- Materialise
- Autodesk Inc.
- GE Additive
- The ExOne Company
- Made In Space
- Stratasys Ltd
- Voxeljet AG
In 2021, the market for 3D printing was worth USD 14 billion, and by 2030 it will reach USD 77.83 billion, growing at a 21% CAGR during the forecast period. The rapidly growing digitization and greater use of cutting-edge technologies like Industry 4.0, smart factories, robots, machine learning, and others are boosting the demand for 3D printing for simulation purposes.
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