Future Market Insights concludes that the global 3D printing market shall leapfrog 7x across the 2019-2029 forecast period.
As technological advancements reach an inflexion point, 3D printing, or additive manufacturing, is slated to take-off to impressive heights. The technology has long transcended the confines of rapid tooling, toy manufacturing and prototyping, with a potential to revolutionize mainstream manufacturing processes.
As industries look towards curtailing production costs, they are creating more room for 3D-printing technologies, particularly across the automotive, aerospace, medical and consumer electronics verticals respectively. Techniques such as laser sintering and binder jetting have enabled end-users to design aesthetically advanced materials more efficiently and at a significantly reduced cost.
“Manufacturers are leveraging Industry 4.0, coupling 3D-printing with artificial intelligence to complement flexibility and precision during the production process, leading to enhanced growth opportunities,” says the FMI analyst.
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Key Takeaways from FMI’s 3D Printing Market Study
- Global 3D printing market shall expand at a double-digit CAGR until 2029
- Automotive sector shall exhaustively utilize 3D printers, generating an incremental opportunity of US$ 2 Bn
- Industrial-grade 3D printing shall remain in vogue throughout the 2019-2029 forecast period
- Aerospace will remain the primary revenue generator in the 3D printing market
- Vat polymerization and material extrusion to remain key technological application areas
3D Printing Market- Key Trends
- Development of prosthetic human anatomy will uptick 3D printers usage across the healthcare sector in the coming years
- Economization of costs by including additive processes is popularizing 3D printing technology across the construction industry
- Space exploration is touted as a potential greenfield for 3D printing market proliferation in the future
- Manufacturers are capitalizing on entry-level 3D printers due to their extensive uptake across verticals
3D Printing Market- Region-wise Analysis
- Asia-Pacific excluding Japan shall emerge as a multibillion dollar market, attributed to a well-established manufacturing industrial base
- North America & Western Europe shall capture over three-fifths of the global 3D-printing market share
- Latin America and Eastern Europe are the fastest growing markets, collectively accounting for 40% of the total expansion
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3D Printing Market- Competitive Landscape
The global 3D printing market is largely consolidated, with the presence of a handful of vendors such as 3D Systems, Stratasys, GE Additive, ExOne, Nano Dimensions Ltd., SLM Solutions, EOS GmBh and Materialise. These vendors are concentrating on strengthening their R&D capabilities to develop sophisticated 3D-printers.
Additionally, strategic partnerships, acquisitions and collaborations are boding well for the aforementioned market players. In 2019, 3D Systems launched its new application specific production solutions for the healthcare, automotive and aerospace industries at the Formnext 2019 exhibition event. These include Geomagic Design X, 3D Xpert and DMP Flex 350 respectively.
In February 2020, GE Additive performed its first test flight of a metal 3D-printed NACA inlet made from Titanium Ti6Al4V mounted on a SkyGuardian RPA in collaboration with GA-ASI. The agreement was finalized in April 2019. More recently, MT Ortho has incorporated the company’s additive technology to manufacture customized prostheses for cranioplasty and bone cancer patients.
Stratasys, another prominent player, offers the Connex3 Objet260, F120, F270, F370 and J55 3D-printers respectively.
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3D Printing Market Taxonomy
- Material Extrusion
- Vat Polymerization
- Selective Laser Sintering
- Material Jetting
- Binder Jetting
- Consumer Electronics
- Research and Academia
- Rest of Latin America
- Rest of Western Europe
- Rest of Eastern Europe
- New Zealand
- Northern Africa
- South Africa
- Rest of MEA
More Valuable Insights on 3D Printing Market
FMI’s research on 3D printing provides an extensive segmentation of the market, helping readers evaluate lucrative growth opportunities across the 2019-2029 forecast period. The report brings to fore an unbiased analysis of prominent dynamics shaping the market’s outlook across prominent geographical locations. Additionally, a section mapping the competitive landscape acquaints stakeholders with the degree of competition amongst prominent vendors, enabling them to design their business strategies accordingly