(MENAFN- GetNews) The global 3D printing market size was valued at USD 11.58 billion in 2019 and is expected to expand at a CAGR exceeding 14% from 2020 to 2027.
The global 3D printing market size is estimated to reach USD 35.38 billion by 2027, according to the new report by Grand View Research, Inc. It is expected to witness a CAGR of 14.6% over the forecast period. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM), as it involves successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.
3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The industrial vertical happens to be the most significant adopter of the 3DP technology and eventually leading to the highest market share of 3D printers for industrial applications over the forecast period. The additive manufacturing is anticipated to evolve with rising R & D and technological advancements.
3D printing continues to gain popularity among hobbyists and innovators. While individuals are using the technology for domestic and personal purposes, universities and educational institutes are using 3DP for conducting technical training. The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India; machining shops have managed to adopt alternative business models by installing 3D printers and offer related services, such as 3DP materials, software, filaments, and 3D modeling.
Based on application, the 3D printing market has been segmented further into prototyping, tooling, and functional parts. Automotive, healthcare, and aerospace and defense verticals are among the leading adopters of 3D printing technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes. Given that the additive manufacturing possess can offer all these benefits, the adoption of three-dimensional printers by the automotive, healthcare, and aerospace and defense verticals is expected to gain traction over the forecast period.
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Further key findings from the report suggest :
- 3D printing technology is gaining traction owing to the ability of the technology to offer accurate and rapid prototyping and optimize the time to market
- Increasing adoption of 3D printers in healthcare, automotive, and consumer electronics verticals is likely to drive the market growth significantly
- Demand for desktop 3D printers is expected to increase over the forecast period, as 3D printing is gaining popularity among hobbyists for domestic, household, and personal usage as well as in education sector for training purposes
- Prototyping segment dominated the market in 2019 and is expected to expand its market share to more than 50% by 2027.
- The polymer segment contributed to almost half of the entire industry share. However, the metal segment is expected to dominate the market in the next seven years. This is attributed to the increasing demand for metal 3D printing from industrial verticals such as automotive and aerospace & defense
- The desktop 3D printing segment is expected to adopt the 3DP technique aggressively over the forecast period. It has been segmented further into educational purpose, fashion and jewelry, objects, dental, food, and others
- Asia Pacific 3D printing market, which is emerging as a manufacturing hub for several industry verticals, is anticipated to grow significantly as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt 3DP, particularly in countries, including China, Japan, and South Korea
- The prominent players in the market include Stratasys Ltd.; 3D Systems, Inc.; 3D Ceram; GE Additive; HP Inc.; Tiertime; EnvisionTec, Inc.; and Dassault Systemes
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Key Topics Covered
- 3D Printing Component Outlook (Revenue, USD Million, 2016 - 2027)
- 3D Printing Printer Type Outlook (Revenue, USD Million, 2016 - 2027)
- Desktop 3D Printer
- Industrial 3D Printer
- 3D Printing Technology Outlook (Revenue, USD Million, 2016 - 2027)
- Fuse Deposition Modeling
- Selective Laser Sintering
- Direct Metal Laser Sintering
- Polyjet Printing
- Inkjet printing
- Electron Beam Melting
- Laser Metal Deposition
- Digital Light Processing
- Laminated Object Manufacturing
- 3D Printing Software Outlook (Revenue, USD Million, 2016 - 2027)
- Design Software
- Inspection Software
- Printer Software
- Scanning Software
- 3D Printing Application Outlook (Revenue, USD Million, 2016 - 2027)
- Functional Parts
- 3D Printing Vertical Outlook (Revenue, USD Million, 2016 - 2027)
- Industrial 3D Printing
- Aerospace & Defense
- Consumer Electronics
- Power & Energy
- Desktop 3D Printing
- Educational Purpose
- Fashion & Jewelry
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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