- Increasing application of 3D printing across industries is propelling market growth.
- 3D printing is also gaining increasing traction among consumers, further driving the market.
- North America is the leading regional market, holding the majority of the global share.
As per the latest report by IMARC Group, titled “3D Printing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global 3D printing market size reached $9.2 billion in 2018.
3D printing, also known as additive manufacturing, is a process through which three dimensional solid objects are created using a digital file from computer design software. In this process, the products are generally prepared using a series of additives or layered development framework to form an object which avert the need for drilling, cutting, etc. In comparison with the conventional printing technologies, 3D printing offers advantages including stability, durability, flexibility, high-sensitivity and the elimination of raw material wastage. As it aids in creating 3D objects of any shape and size without the use of molds or machines, it is gaining immense traction among consumers around the world.
As 3D printing technology assists users in forming digital models, it is widely used in the automotive industry for manufacturing prototypes and different functional parts. Moreover, it is employed in the fashion industry to create jewelry and nylon-based clothing designs. Customized braces, tooth implants and hearing aid shells are also produced using this technology in the healthcare sector. Apart from this, manufacturers are financing research and development activities to build prosthetic parts with the help of biological materials including skin, bone and cartilage.
In addition to this, the emergence of metal 3D printing technologies, such as binder jetting, has helped in minimizing the overall production time as well as costs. This is expected to increase the applications of 3D printing, especially in the aerospace industry, to manufacture lighter aircraft parts, frames and structures. Looking forward, the market is expected to reach a value of $24.8 billion by 2024, expanding at a CAGR of around 18% during 2019-2024.
- 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. Currently, stereolithography dominates the market, holding the largest share.
- On the basis of the process, the market has been divided into binder jetting, directed energy deposition, material extrusion, material jetting, powder bed fusion, sheet lamination and vat photopolymerization. The powder bed fusion process currently accounts for the majority of the total market share.
- The market has been analyzed on the basis of the material into photopolymers, plastics, metals and ceramics, and others. Amongst these, photopolymers exhibit dominance in the market.
- Based on the offering, the service segment holds the biggest share, thereby dominating the market. Other major segments include printer, material and software.
- On the basis of the application, the market has been segregated into prototyping, tooling and functional part manufacturing. Presently, prototyping accounts for the majority of the global market share.
- Based on the end user, consumer products exhibit dominance in the market. Other major end users include machinery, healthcare, aerospace and automobile.
- Region-wise, the market has been classified into Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. At present, North America is the leading market, holding the majority of the global share.
- The competitive landscape of the market has been examined with some of the key players being Stratasys, 3D Systems, Materialise, EOS GmbH, GE Additive, ExOne, Voxeljet, HP, SLM Solutions, EnvisionTEC, Protolabs, Mcor Technologies, Optomec, Groupe Gorgé, Ultimaker, Renishaw, Beijing Tiertime Technology and XYZprinting.