At a CAGR of 9.8%, Global 3D Printing Market to Surpass US$ 15,320.8 Million by the End of 2027, Says Coherent Market Insights (CMI)
SEATTLE–(BUSINESS WIRE)–#3DModel–3D printing is the process of creating three-dimensional solid objects from a digital file. It is also termed additive manufacturing and is achieved using additive processes. In this process, the object is created by laying down successive layers of the material until the object is created. There are different products made with 3D printing including consumer products such as footwear, eyewear, and furniture, dental products, prosthetics, industrial products such as manufacturing tool and prototypes, architectural scale models, reconstructing fossils, movie props, etc. 3D printing is comparatively cheaper and quicker than the ordinary manufacturing process.
The global 3D printing market is estimated to account for US$ 15,320.8 Mn in terms of value at a CAGR of 9.8% during forecast period 2020-2027.
1. Increasing government investments in 3D printing projects is expected to accelerate growth of the global 3D printing market during the forecast period
Governments of many countries are focused on increasing investment in 3D printing projects, 3D printing R&D activities, and more. These government authorities are collaborating with key industry players, in order to kick start projects. For instance, in March 2019, Andhra Pradesh Economic Development Board (APEDB) and Andhra Pradesh Innovation Society (APIS) entered into a contract with HP Inc. India to build the Centre of Excellence (CoE) in 3D printing technology.
2. Development of new industrial-grade 3D printing materials is expected to boost the global 3D printing market growth over the forecast period
There are different types of materials used in 3D printing such as metal, resins, plastic, powders, paper, nitinol, and more. However, key industry players are focused on developing novel materials, in order to expand the applications of 3D printing.
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1. Enhancement in supply chain management and manufacturing processes can provide significant opportunities in the global 3D printing market
3D printing is environmentally efficient, which saves more energy and cost. It creates zero waste, reduces carbon footprint, and lowers the risk of excess inventory and overproduction. 3D printing offers manufacturers the freedom to customize offers specific to clients’ demand and improve customer experience.
2. Emerging applications in the jewelry and printed electronics sector can present key market opportunities in the global 3D printing market
Apart from its most common applications, 3D printing technology is being used in the jewelry and printing electronics sector. There are various applications of 3D printing in the jewelry industry including assembly test and function test, design communication and demonstration, production of jewelry parts, and also in printing wax models.
1. Increasing use of FDM technology over other technologies
Fused deposition modeling (FDM) technology is the most widely used technology due to its low cost as compared to other printers. At present, this technology dominates the market by volume, and this trend is expected to remain the same during the forecast period.
2. Rising use in the healthcare sector
3D printing is being used rapidly in the healthcare sector for various applications. It can be used for the development of artificial muscles and tissues to replicate human tissues, which can be used in replacement surgeries. These capabilities are help people suffering from critical ACL and tendon injuries. Furthermore, 3D printing is being used to print prosthetics, which can help patients suffering from impairments.
Key players involved in the global 3D printing market are Optomec, Concept Laser GmbH, 3D Systems, Inc., ExOne GmbH, Voxeljet Technology GmbH, SLM Solutions GmbH, Arcam AB, EOS GmbH Electro Optical Systems, Arcam AB, Solidscape, Inc., and Stratasys, Ltd.
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- For instance, in November 2019, Optomec, a U.S.-based 3D printer manufacturer, introduced a new software tool named AutoCLAD to boost the use of additive manufacturing for repair.
- For instance, in July 2020, ExOne GmbH introduced Sand 3D Printing Network in North America for automotive, agricultural, and aerospace manufacturers
1. By Geography
- North America
- Latin America
- Asia Pacific
2. By Use
3. By Technology
4. By Application
- Consumer electronics
- Industrial or business machines
- Military and defense
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. Our client base includes players from across various business verticals in over 57 countries worldwide.
Senior Client Partner – Business Development
Coherent Market Insights
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