Global 3D printing market is witnessing a continual rise in revenues. The market growth attributes to the rising adoption of 3D printing technology across the major industries such as healthcare, automotive, aerospace, plastics, and electronics. The technology is extensively used in dentistry to improve dental & orthodontic treatments, development of orthopedic implants & drugs, tissue engineering, and many more.
Besides, the vast developments in the additive manufacturing of PPE materials using 3D printing systems and medical treatment and care concepts influence the market growth. According to Market Research Future (MRFR), the global 3D printing market's valuation is estimated to reach USD 35.38 BN by 2027, growing at a 14.6% CAGR throughout the forecast period (2020 – 2027).
Rapid advances in 3D printing technology and rising R&D funding from public-private sectors positively impact the growth of the market. Conversely, the lack of expertise is a major factor impeding the growth of the market. Nevertheless, rising usages of 3D printed models to improve surgical services would support the market growth throughout the assessment period.
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Global 3D Printing Market - Segmentation
The 3D printing market analysis is segmented into offering, operational model, process, material, applications, and regions. The offering segment is sub-segmented into material, software, printer, and services. The operational model segment is sub-segmented into in-house and service providers.
The process segment is sub-segmented into material jetting, sheet lamination, binder jetting powder bed fusion, material extrusion, vat photopolymerization, and directed energy deposition.
The material segment is sub-segmented into polymer, nylon, metal, and ceramic. The application segment is sub-segmented into pharma & medical, consumer goods, automotive & aerospace, plastics, wholesale & retail, energy logistics, mechanical & plant engineering, electronics, transport, and others.
3D Printing Market - Geographical Analysis
North America leads the global 3D printing market. The largest market share attributes to the presence of notable industry players and the augmenting demand for 3D printing technology in the region. Besides, factors such as the spurting growth in the medical device industries and increasing medical device use in the region foster the market growth.
Europe stands second in the global 3D printing market, mainly due to rising government initiatives promoting 3D technology development. Moreover, the presence of well-established medical device manufacturing companies boosts the market growth in the region. Germany, the UK, and France are major 3D printing markets in the region, accounting for a sizable market share.
The Asia Pacific 3D printing market is growing briskly, witnessing the rising adoption of the technology. Additionally, the rising medical device uses and substantial investments to expand 3D printing capabilities drive the regional market growth. The 3D printing markets in China, South Korea, Japan, and India are growing exponentially. The proliferating healthcare sectors and increasing per capita healthcare expenses act as significant tailwinds for market growth.
3D Printing Market - Competitive Analysis
The 3D printing market appears highly competitive due to the presence of several well-established players. To gain a larger competitive share, industry players adopt strategic initiatives such as mergers & acquisitions, collaborations, expansion, and new technologies/product launches. Industry players make substantial investments to drive R & D to develop new products & technologies and increase their global footprints.
Players leading the global 3D printing market include MyMiniFactory (UK), Stratasys Ltd. (US), Com, Inc. (US), Canon Inc. (Japan), Arcam Group (Sweden), 3D Systems Corporation (US), Envisiontec GmbH (Germany), Proto Labs (US), HP Inc (US), Graphene 3D Lab Inc. (US), Formlab (US), Shapeways (US), 3D Hubs (Netherlands), Carbon 3D (US), Ultimaker (Netherlands), Zortrax (Poland), Local Motors (US), 3d Ceram (France), Reprap (Denmark), Beijing Tiertime Technology Co., Ltd. (China), Shapeways, Inc. (US), Wiivv Wearables Inc. (Canada), The Argen Corporation (US), Materialise NV (Belgium), The Exone Company (US), Optomec Inc. (US), among others.
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Industry/ Innovation/ Related News
March 18, 2021 --- Fortify (the US), an additive manufacturing start-up, announced closing a US$20M equity round led by Cota Capital, Accel Partners, Neotribe Ventures, and Prelude Ventures. Funds would be used to scale up manufacturing, the team, and materials development programs. The funds would also fuel team growth, accelerate expansion in high-value application spaces, and transition to volume manufacturing of the Flux Series 3D printers.
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