Published Date : 23 May 2024
The global 3D printing market size surpassed USD 20.67 billion in 2023 and is estimated to cross around USD 98.31 billion by 2032, poised to grow at a CAGR of 18.92% from 2023 to 2032. The reduction in manufacturing cost, increasing development of customized products, and process downtime are expected to enhance the growth of the 3D printing market.
The 3D printing market deals with digital models that help to create three-dimensional objects by layering materials, also called additive manufacturing. It helps the production of prototypes and complex shapes with precision and provides customization and flexibility in various industries ranging from aerospace and automotive to consumer goods and healthcare.
The complex part manufacturing in the defense sector and aerospace, the availability of a wide range of industrial-grade 3D printing materials, and increasing government investment in 3D printing projects are anticipated to drive the market's growth.
In addition, the growing demand for prototyping applications, increasing research and development in three-dimensional printing, increasing rapid growth in digitization, and increase in the integration of advanced technologies such as robotics, machine learning, industry 4.0, and smart factories are further anticipated to enhance the growth of the 3D printing market.
Customized medical application and manufacturing and design engineering of 3D printing fuels market growth
3D printing enables medical professionals to manufacture customized products for medical procedures, such as custom implants for knees, spine, hips, and dentures. There are various additional applications in 3D printing, such as procedure-specific surgical instruments, custom-fit-hearing aids, and durable and strong custom prosthetics. Biocompatible products are necessary for these ongoing medical advancements. In addition, 3D printing enables the making process.
Due to the straightforward 3D printing process, engineers do not need to deal with various problems related to subtractive manufacturing technologies. This benefit also saves the complex parts and engineering time that once required various elements. These elements can be printed into one lightweight part easily. Additional processing time and multiple set-ups for various elements are eliminated on the manufacturing floor. These are major advantages of 3D printing that are anticipated to enhance the growth of the 3D printing market.
However, accuracy, counterfeits, and infringements of 3D printing may restrain the growth of the market. The products made by 3D printers push to gain the dimensional accuracy of other subtractive manufacturing machinery and CNC machines. The difference is detectable with 3D parts, making parts 0.2 mm, compared to CNC machines. This can impact negatively with ongoing developments in the additive manufacturing industry.
In addition, due to the gaining popularity of 3D printing technology, the opportunity to generate counterfeit items increases. Due to this, copyright infringement also increases. The various designs can be downloaded without recompense for the original owner.
| Report Coverage | Details |
| Market Revenue in 2023 | USD 20.67 Billion |
| Projected Forecast Revenue by 2032 | USD 98.31 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 18.92% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Innovation in 3D Printing by SprintRay
Recent Innovation in 3D Printing by Eplus3D
Europe is expected to grow fastest during the forecast period. The increasing awareness of sustainability benefits, increasing diverse industry integration in healthcare, automotive, and aerospace, collaboration between companies and research institutions, government support for innovation, and strong manufacturing heritage are anticipated to drive the growth of the 3D printing market in Europe. The U.K., France, and Germany are the major emerging countries in Europe.
In Germany, increasing significant potential for personalized healthcare solutions, adoption by aerospace and automotive industries, increasing robust research and development ecosystem, and emphasis on precision engineering are the major factors that enable the growth of the market. There are various leading 3D printing companies in Germany, such as 3D Directory, 3D Activation, 3D Bavaria, 3D Druckshop, 3D Hubs, 3D Laser, 3D Laser Druck, 3D MicroPrint, 3D Picture, 3D Schilling, 3D Tech, 3D-labs, 3D-Micromac AG and many more.
In Germany, the 3D Directory company is the largest and created a huge database of 3D printing companies. They provide basic data about every company which includes their capabilities, contact information, and their location. These are the major factors and leading companies expected to drive the growth of the market in Europe.
North America dominated the 3D printing market in 2023. The increasing adoption of additive manufacturing is expected to accelerate the market growth in North America. The U.S. and Canada are the major leading countries in North America. The U.S. has a huge market and the greatest share of the market.
The increasing technology’s capability to facilitate product development and rapid prototyping is enhancing the adoption across several industries, such as consumer goods, healthcare, automotive, and aerospace. GE Additive, HP Inc., and Formlabs are the leading companies in 3D printing in the U.S. Fused deposition modeling 3D printing is the largest additive-producing procedure in the U.S. market. These are the major factors expected to contribute to the 3D printing market growth in the U.S.
Increasing quality and cybersecurity assurance
3D printing is constantly transforming today’s industries, with companies integrating advanced technology for their demands, therefore enabling a more adopted production environment. But, for industry production, businesses must make sure that their 3D-printed parts will address essential quality needs. In addition, data ownership will play an important role in 3D printing. Data management will be critical due to the progress of manufacturing in the digital era.
Moreover, research institutions must push manufacturing parameters by encoding the data so the parts can only be manufactured with the material and requested data. 3D printing can ensure all quality requirements and improve the process, and it can detect mistakes quickly by collecting manufacturing data and analyzing it. These are the key opportunities expected to enhance the growth of the 3D printing market in the coming future.
Market Segmentation
By Component
By Printer Type
By Technology
By Application
By Vertical
By Material
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