Global 3D Printing Market 2019-2024: —
The 3D Printing Market was valued at USD 10.58 billion in 2018, and is expected to reach a value of USD 49.01 billion by 2024, at a CAGR of 29.48% over the forecast period 2019-2024. At the end of 2018, America Makes announced it was awarding USD 1.6 million to a joint project between Arizona State University and the ASTM International Additive Manufacturing Center of Excellence. In the earlier months of 2019, the project aims to advance post-processing methods for SLM parts.
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- With technological advancements and product innovations, use of 3D printing technology has found various application in a wide variety of areas, such as jet engines, advanced prosthetics, and even living tissue (with a potential to disrupt the entire manufacturing industry).
- The industry is being constantly driven by technological developments, which promise higher flexibility and enable faster design. Further, manufacturers have realized the advantages that 3D printing offers, such as optimizing material, labor, and transportation costs. Manufacturing units have been able to cut down on material wastage through the use of 3D printing.
- Governments across the world have already started investing in R&D on 3D printing, which has had a positive impact on technology propagation and adoption. For instance, the Dutch government invested an additional USD 150 million in 3D printing-related research and innovation.
- However, the market remains constrained by high costs of equipment needed to deploy 3D printing on an industrial scale. The lack of an international standards body regulating manufacturers also limits the market growth.
The 3D printing market is consolidated due to the majority of the market share are owned by top players in the industry. However, small and medium are upgrading their cloud services but top players have gained a major proportion of consumers and also investing huge for more developments and innovation.
Some of the key players include:
Stratasys Ltd.,3D Systems Corporation, EOS GmbH, Electro-Optical Systems, Concept – Laser GmbH, Sisma SpA, ExOne Co., Arcam AB (GE Aviation), SLM Solutions Group AG, Hewlett Packard Inc., Materialise NV (ADR), Proto Labs Inc., among others.
- April 2019 - 3D Systems announced the official opening of its new Advanced Additive Manufacturing Center in Pinerolo, Italy. Over the past 1.5 years, the company undertook a multimillion-dollar expansion to more than double the manufacturing capacity and increase the breadth of capabilities to meet increasing customer demand.
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Scope of the Report:
Additive manufacturing, also known as 3D printing, is a technology which creates objects, as it offers a plethora of opportunities in production, design, and performance of novel architectural forms, construction systems, and materials. Different material are used such as plastics, metals, and ceramics with various technologies that can cater to many end users.
Key Market Trends:
Fused Deposition Modelling Technology is Leading the Market
- In the 3D printing market process, printers use a thermoplastic filament which is heated to its melting point and then extrude it layer by layer, according to the shape and cross-section of the product, to create a three-dimensional object.
- Fuel Deposition Modelling (FDM) has applications in automotive, consumer goods, aerospace, and other industries. This is an affordable solution to build durable and stable parts in these industries. It is also effective in manufacturing complex parts, the designs of which are too complex for traditional methods to execute.
- Over recent years, advancements of the technique have resulted in the deployment of low-cost FDM solutions and increased market penetration. The method is now being used for bio-printing applications using bio-synthetic polymers.
- Moreover, FDM has 46% of market coverage among all the technologies used for 3D printing.
North America Holds the Largest Share in the Market:
- There have been a series of new product launches, mergers, and acquisitions in North America to utilize the potential on offer through 3D printing. The major factor influencing the rise in investments has been the continuous evolution and application of new technologies exploring an untapped market in the manufacturing sector.
- With these series of investments, healthcare, aerospace & defense, industrial, and consumer product applications in North America are set to boom over the upcoming years. For instance, University of Dayton Research Institute was awarded USD 8 million from America Makes, the National Additive Manufacturing Innovation Institute, to lead a national program that will use additive manufacturing to help the Air Force more efficiently and affordably sustain aging aircraft. Funding for the award was provided by the Air Force Research Laboratory, and directed to UDRI by America Makes under a new cooperative agreement between America Makes and AFRL.
- Various government organizations, such as NASA, have identified that heavy investments in 3D printing technologies can contribute significantly in space applications, and develop zero – G technologies, driving the growth of the market.
- Fitness trackers and smart apparel are also expected to be driving factors for 3D printing technology in the United States. It is estimated that around 19% of the broadband households had a wearable fitness device.
- Changing consumer preferences and a rising need for customization has bought about a need to create a flexible band and electronics systems that could be realized using 3D printing technology, thereby driving its growth.
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