The 3D Printing market share is expected to witness considerable growth owing to an increase in demand for 3D printing solutions across the defense, automotive, and healthcare sectors, especially in the U.S and Canada, due to rising demand for digital infrastructure solutions in these countries. Allied Market Research, titled, “3D Printing Market Size, by Technology, Application, and Region: Opportunity Analysis and Industry Forecast, 2021-2030,” The 3D printing market was valued at $13.2 billion in 2020 and is estimated to reach $94.0 billion by 2030, growing at a CAGR of 22.1% from 2021 to 2030.
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3D printing, commonly known as additive printing technology, is an enhanced manufacturing process designed to enable users to create models utilizing a wide range of printing materials. Polymers, metals, ceramics, and other materials are among the materials utilized in 3D printing. Moreover, the printing medium chosen is determined by the characteristics of the printed product as well as the region of application. Certain 3D printers can create models using various materials at the same time, which simplifies the production process. In addition, the use of 3D printing services has grown rapidly as it provides better speed, higher precision, and finer resolution.
The growth of the 3D Printing market is majorly driven by government investments in 3D printing projects, coupled with the ease in the development of customized products. Furthermore, a reduction in manufacturing costs and process downtime is anticipated to drive the growth of the market. However, lack of standard process control and limited availability &high cost associated with 3D printing materials act as prime restraints of the market. On the contrary, the rise in utilization of 3D printing in healthcare sectors and applications in various industries, paired with improved manufacturing processes, is anticipated to provide lucrative opportunities for the expansion of the 3D Printing industry during the forecast period.
According to the 3D Printing market analysis, the consumer electronics segment was the highest contributor to the 3D printing solutions in 2020 due to the surge in the adoption of IoT applications. The consumer electronics and automotive segments collectively accounted for around 40.2% 3D printing market share in 2020.
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The outbreak of COVID-19 has significantly impacted the growth of the 3D Printing market, owing to a significant impact on prime market players. Conversely, the rise in demand for 3D printer filament and resin 3D printer applications has escalated the demand for 3D printing solutions in North America during the pandemic. However, the lack of availability of a professional workforce due to partial and complete lockdowns implemented by governments restrained the growth of the 3D Printing market during the pandemic. On the contrary, the healthcare sector globally started to deploy digital printing solutions, which is expected to boost the 3D Printing market size post-pandemic.
Region-wise, North America, especially the U.S., holds a significant share in the 3D Printing market owing to the presence of prime players. The adoption of next-generation 3D technology across prime sectors has strengthened the growth of the 3D Printing industry in this region. Moreover, the surge in demand for 3D printing solutions in the healthcare sector is anticipated to drive the 3D Printing market growth.
KEY FINDINGS OF THE STUDY
– In 2020, the stereolithography segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 22.6% during the forecast period.
– The consumer electronics and automotive segments together accounted for around 40.2% of the 3D Printing market trends in 2020.
– The defense segment is projected to grow at a CAGR of 24.9% during the forecast period.
– North America contributed the major share in the 3D Printing market, accounting for more than 49.6% share in 2020.
The key players profiled in the report include 3D Systems, Arcam AB, Autodesk Inc., Stratasys Ltd., The ExOne Company, Optomec, Inc., Organovo Holdings, Inc., Protolabs, Voxeljit AG, and Hoganas AB. Market players have adopted various strategies, such as product launch, collaboration& partnership, joint venture, and acquisition to expand their foothold in the 3D Printing market.
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