The global 3D printing market is anticipated to expand at a CAGR of 20.4% between 2021 and 2031, finds Future Market Insights (FMI) in a study. With growing adoption of advanced solutions and development of new business models following industry 4.0, countries in Asia Pacific and Europe, such as India, China, Italy, and France are expected to exhibit increasing growth opportunities.
Rapid growth in their IT infrastructure and rising penetration of smart devices will aid the expansion of the market in the aforementioned regions. 3D printing manufacturers are therefore focusing on expanding their global reach to capitalize on the existing opportunities.
3D printing solutions are increasingly being deployed across different industry verticals such as aerospace, defense, industrial equipment, consumer goods, medical, and automotive, among others. Consumer goods industry vertical accounts for more than 22% of the global market share followed by automotive, healthcare, and aerospace industry verticals of the global 3D printing market share.
Key Takeaways from Market Study
- Global 3D printing market is forecast to reach a valuation of over US$ 19.16 Bn by 2021
- The market in the U.S. will remain highly lucrative one, accounting for over 70% sales in North America
- Both Germany and the U.K. will exhibit double digit growth. The U.K. market will exhibit above 23% y-o-y growth in 2021
- China, Japan, and South Korea will continue exhibiting high demand for 3D printing. Overall the East Asia market will exhibit above 21% CAGR between 2021 and 2031
- Expansion of the consumer goods sector will support growth in India over the forecast period
“Growing demand for customized, cost-effective, and highly efficient 3D printing solutions and services will remain chief growth drivers. With key players increasingly focusing on research and development, the market will gain impetus in the coming years,” says a FMI Analyst.
COVID-19 Pandemic Impact Analysis
The COVID-19 pandemic outbreak has disrupted many industries, including the 3D printing market. The spread of COVID-19 has affected 3D Printing adoption in Europe, Asia, and North America partially in the Middle East, Africa, and Latin America. Various industries have been affected during the pandemic, and as a result of that, there has been a considerable effect on 3D printing. With the decline in the sales of vehicles, there has been a considerable decline in the demand for production parts and other equipment. At the beginning of the pandemic, many countries were not prepared for the influx of COVID-19 patients. Many hospitals lacked adequate hospital beds and equipment to cope with the surging number of cases.
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However, a broad spectrum of 3D-printing applications were introduced in the fight against COVID-19. The technology was used for manufacturing personal protective equipment (PPE), medical and testing devices, personal accessories, visualization aids and, emergency dwellings among others. 3D printing is also being used to provide training and visualization aids for healthcare workers to cope with the limited pool of trained personnel.
During the pandemic, the 3D printing market has witnessed a considerable surge in sales. Due to lockdown in many countries, the manufacturing and supply chain are affected, however, the demand for 3D printing had remained stable. This is due to the fact that, there has been a growing trend in the demand for 3D printing services, which is anticipated to significantly rise in the near future.
Who is winning?
Some of the leading players operating in the 3D printing market are
- 3D Systems, Inc.,
- Stratasys, ExOne,
- SLM Solutions,
- Voxeljet, Proto Labs,
- Nano Dimension Ltd.,
- Renishaw Plc,
- Nanoscribe GmbH,
- Optomec Inc.,
- Ultimaker BV,
- Arcam EBM (General Electric), among others.