As per the latest report by IMARC Group, titled “3D Printing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global 3D printing market size reached US$ 11 Billion in 2019. 3D printing, also known as additive manufacturing, refers to the process of building three-dimensional solid objects, such as patterns, physical models, production parts and tooling components, using a computer-aided design (CAD) model. The process of manufacturing these objects involves successively adding a series of additives layer by layer, which eliminates the requirement of cutting and drilling. As compared to conventional production technologies, 3D printing offers numerous advantages, which include durability, stability, flexibility, high-sensitivity and lower raw material wastage.
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Global 3D Printing Market Trends:
The market is currently experiencing robust growth on account of the expanding applications of 3D printing in numerous industries. For instance, it is employed in the automotive industry as it helps in creating complex parts, speeding up tooling cycles, improving measurement and testing, and offering customization solutions in all aspects of the vehicle development. It is also utilized in the fashion industry for manufacturing nylon-based clothes and different pieces of jewelry. Apart from this, the escalating demand for prototyping applications in the healthcare, aerospace and defense sectors is also fueling the market growth. Furthermore, leading vendors in the industry are increasing their budget for research and development (R&D) activities, which is anticipated to drive the market in the upcoming years. Looking forward, the market value is projected to reach US$ 29 Billion by 2025, expanding at a CAGR of 17.8% during the forecast period (2020-2025).
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- Based on the technology, the market has been segmented into stereolithography, fused deposition modeling, selective laser sintering, electron beam melting, digital light processing and others. At present, stereolithography exhibits a clear dominance in the market.
- On the basis of the process, the market has been segregated into binder jetting, directed energy deposition, material jetting, powder bed fusion, sheet lamination and vat photopolymerization. The power bed fusion segment holds the majority of the global market share.
- The market has been analyzed based on the material into photopolymers, plastics, metals and ceramics, and others. Photopolymers account for the majority of the total market share.
- Based on the offering, the services segment dominates the market. Other major segments include printer, material and software.
- On the basis of the application, the market has been classified into prototyping, tooling and functional part manufacturing. Currently, prototyping exhibits a clear dominance in the market.
- The market has been analyzed on the basis of the end user into consumer products, machinery, healthcare, aerospace, automobile and others. Amongst these, consumer products hold the majority of the market share.
- Region-wise, North America enjoys the leading position in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been examined, with some of the key players being Stratasys, Ltd., 3D Systems, Inc., Materialise NV, EOS GmbH Electro Optical Systems, General Electric (GE) Company, ExOne Company, Voxeljet AG, Hewlett-Packard Company, SLM Solutions Group AG, EnvisionTEC Inc., Proto Labs, Ltd., Mcor Technologies Ltd., Optomec Inc., Groupe Gorgé, Ultimaker BV, Renishaw Plc, Tiertime Corporation and XYZ-Printing Inc.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.