Global 3D Printing Market to be valued at USD 61.33 Billion, estimated to grow at 23.20% by 2028: Bonafide Research
Additive manufacturing, Stereo lithography, 3D scanning, Medical applications, Sustainability, Large scale 3D printing, High-speed 3D printing, Hybrid 3D printing, Augmented Reality, Virtual Reality, Smart 3D printing with IoT , Customization and Personalization, Innovation , Safety, Reliability
Clifton, New Jersey, May 08, 2023 (GLOBE NEWSWIRE) -- Advances in 3D printing technology, including the development of new materials and more sophisticated printing techniques, have made it possible to produce high-quality, complex products more quickly and efficiently. As the cost of 3D printing technology has decreased, it has become more accessible to small businesses and individuals. This has led to increased adoption of the technology for prototyping, small-scale manufacturing, and customized production. 3D printing allows for the highly customized production of products, which is particularly useful in industries such as healthcare, where personalized medical implants and prosthetics can significantly improve patient outcomes. The technology is more sustainable than traditional manufacturing processes, as it generates less waste and can use recycled materials. Educational initiatives aimed at increasing awareness of 3D printing and teaching the necessary skills to use the technology have contributed to its adoption across the globe.
In recent years, there have been significant advancements in 3D printing materials, including the development of new plastics, metals, and even organic materials. 3D printing can be used to create intricate and detailed objects that would be impossible to make using traditional manufacturing methods. This includes everything from jewelry to machine parts to artistic sculptures. For instance, in 2015, a team of researchers at the University of Bristol in the UK used 3D printing to create a working artificial heart. The heart was made of silicone and could pump like a real human heart. Further, in 2018, a company called ApisCor used 3D printing to construct a house in just 24 hours. The house was printed in one continuous piece rather than being assembled from separate parts.
*Key Takeaways:*
· North America region leads the global 3D printing market by nearly 33% in 2022 where the Printer segment held the majority of the market, with a share of 44.79%.
· The industrial 3D printing market is projected to grow with a 21.24% CAGR by 2028.
· Design and printing software, together are contributing to 71.81% market share in 2022 whereas; functional Part Manufacturing application for 3D printing is growing rapidly with 24.68% CAGR by 2023-28.
· The material Extrusion process is highly used in the 3D printing industry across the globe with direct metal laser sintering technology growing at a higher CAGR.
· 3D printing, also known as additive manufacturing, has become increasingly popular in the aerospace and defense industries due to its ability to produce highly complex and customized parts quickly and efficiently.
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NASA is experimenting with 3D printing to create parts and tools used during space missions. They have even sent a 3D printer to the International Space Station. Some researchers are using 3D printing to create living tissue and organs for medical purposes. In 2013, a group of researchers at Princeton University used 3D printing to create a bionic ear that can actually hear beyond the range of normal human hearing. The automotive industry is using 3D printing to create custom parts and components for cars. The first 3D-printed car was created in 2014 by Local Motors. The car called the Strati, was printed in just 44 hours and has since been shown at several international auto shows. The first successful transplant of a 3D-printed liver was performed in 2019. 3D printing has also been used to create food, including pizza and chocolate. The military has been using 3D printing to create spare parts and equipment in remote locations.
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3D printing is also being used in the fashion industry to create unique and avant-grade clothing designs. This includes everything from dresses made entirely of 3D-printed materials to shoes with intricate 3D-printed designs. Additive technologies are successfully used in the film industry. They are cheaper than computer graphics and allow the printing of many prop details much faster and cheaper than traditional methods. For instance, the Iron Man suit and Terminator robots from "Terminator: Salvation" were 3D printed, and in the Black Panther film, 3D printing was used to create the image of Queen Ramonda, mixing traditional African culture with new-age technologies. There has been a major trend toward 4D printing across the globe nowadays. Special materials change under the influence of water, heat, light, or mechanical impact and can also be programmed for certain actions. Using 4D printing, NASA engineers have created a protective metal fabric in the form of chain mail that can bend, stretch, and compress but are extremely difficult to tear.
The widespread use of industrial printers in heavy industries including automotive, electronics, aerospace and defense, and healthcare can be blamed for the significant market share of industrial 3D printers. Some of the most popular industrial applications across these industry verticals include prototyping, designing, and tooling. Particularly small firms are adopting desktop printers and expanding their product offerings to include 3D printing and related services. For instance, the idea of "fab shops" is becoming more popular in the United States. These fab shops provide 3D printing of parts and components on demand based on the specifications and designs supplied by the customers. Therefore, it is anticipated that during the forecast period, demand for desktop printers will increase significantly.
Prototyping is used extensively in the automotive, aerospace, and defense industries to precisely design and build parts, components, and complex systems. Manufacturers can build trustworthy final goods and attain improved precision through prototyping. Smaller joints and other metallic hardware connecting elements are examples of functional pieces. “The category for functional components is anticipated to grow at a sizable CAGR of 24.68% from 2023 to 2028 in line with the rising demand for functional parts in both design and construction. However, the adoption of additive manufacturing is being hampered by the widespread misunderstandings small and medium-sized firms have about prototyping procedures” says Dhwipal Shah from Bonafide Research.
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Stereolithography is one of the oldest and most widely used printing technologies. Because these technologies are applicable in specialized additive manufacturing processes, the DLP, EBM, inkjet printing, and DMLS segments are expected to see increased adoption during the forecast period. The market for digital 3D printing for simulation is being driven by rapidly increasing digitization and the increased use of cutting-edge technologies such as smart factories, Industry 4.0, machine learning, robotics, and others. Boeing, for example, uses commercial 3D printing to create aircraft interior components. Many automakers are now focusing on rapid tooling using additive manufacturing. Interior customization is another important application of this technique in the vehicle industry.
The 3D Printing Market in Asia-Pacific is projected to showcase the fastest growth among the regions, owing to government promotion of new-age technologies in manufacturing and rising demand for customized products. The availability of advanced 3D printing materials for dental and medical applications and the rising demand for 3D-printed items in the cosmetics and pharmaceutical industries are major factors. Furthermore, the establishment of new 3D printing research, training, and education facilities and rising efforts by major market participants to extend their distribution networks in emerging Asia-Pacific nations are expected to fuel future market growth.
Europe is home to a number of players in the additive manufacturing industry with extensive technical knowledge. Europe has several prominent research institutions that focus on 3D printing, including the Fraunhofer Institute for Laser Technology in Germany, the KU Leuven in Belgium, and the University of Nottingham in the UK. European automotive companies, such as BMW, Audi, and Volkswagen, are increasingly using 3D printing for prototyping, tooling, and even production parts. Volkswagen AG announced the use of a new 3D printing process in vehicle production in June 2021. Binder jetting, a 3D printing technology, was used to produce components at the company's main plant in Wolfsburg, Germany.
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Rising investments by major peers, decreasing printer prices, and a supportive regulatory framework have all contributed to the growth of 3D printing in North America. The government of North America has recognized the vast applications and enormous benefits of 3D printing and is facilitating the adoption of this innovative technology. 3D printing is used widely in the healthcare and dental industries in the region.ExOne announced the first set of orders for the company's new InnoventPro 3L metal 3D printer on November 10, 2021. Neoshapes, a Geneva-based jewelry company, used the InnoventPro 3L to 3D print luxury products made of precious metals such as gold, platinum, and silver.
South America has been slower to adopt 3D technologies than other regions. This is primarily due to the fact that it requires a significant investment for many businesses, which is difficult to achieve without first-hand knowledge of the benefits of its implementation. In Middle East & Africa (MEA), many countries are seeking to diversify their economies beyond traditional industries such as oil and gas. This is particularly important in the MEA region, where there is a growing demand for customized products in sectors such as healthcare and consumer goods. Also, many countries in the MEA region are investing in technology infrastructure and are working to create a favorable environment for innovation and entrepreneurship. 3D printing is being used in varied industries in the MEA region in recent years. In the UAE, the Strata Manufacturing Company is using 3D printing to produce parts for the Airbus A380. In Dubai, a 3D-printed office building was constructed in 2016. In South Africa, 3D-printed prosthetic limbs are being produced for amputees.
*Considered in the Report*
· Geography: Global
· Historical Year: 2017
· Base year: 2022
· Estimated year: 2023
· Forecast year: 2028
For detailed TOC
*Market **Segmentation* *Details*
By Offerings · Printers
· Materials
· Services
· Software
By Printer Type · Desktop 3D Printer
· Industrial 3D Printer
By Material Type · Plastic
· Metal
· Ceramics
· Others
By Software Type · Design Software
· Inspection Software
· Printer Software
· Scanning Software
By Application Type: · Prototyping
· Functional Part Manufacturing
· Tooling
By Process: · Powder Bed Fusion
· VAT Photo-polymerization
· Material Extrusion
· Material Jetting
· Binder Jetting
· Others
By Technology Type: · Stereolithography
· Fused Deposition Modeling
· Selective Laser Sintering
· Direct Metal Laser Sintering
· Polyjet Printing
· Electron Beam Melting
· Digital Light Processing
· Others
By Vertical Type: · Industrial
· Aerospace & Defense
· Automotive
· Healthcare
· Architecture & Construction
· Consumer Products
· Education and Research
· Others
By Region · North America
· Europe
· Asia Pacific
· South America
· Middle East & Africa
By Country · US, Canada, Mexico
· United Kingdom, Germany, France, Italy, Spain, Russia
· China, India, Japan, South Korea, Australia
· Brazil, Columbia, Argentina
· United Arab Emirates, Saudi Arabia, South Africa
Company profiles · Stratasys
· 3D Systems, Inc.
· Materialise NV
· EOS GmbH
· General Electric Additive
· Voxeljet AG
· SLM Solutions
· Renishaw plc
· Proto Labs
· Design fusion
· Ultimaker BV
· Tiertime
· New Kinpo Group
· Hoganas AB
· Covestro
· Desktop Metal, Inc.
· Nano Dimension
· Formlabs
· Carbon, Inc.
· Markforged Holding Corp
Other Market Details · Key Drivers & Key Challenges,
· Market Trends and Developments,
· Strategic Recommendations
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