Published: March 2017
Report Code: SE10257
Category : Sensors & Controls
The global 3D printing (3DP) market was valued $6,975.1 million in 2016 and is expected to reach $31,863.7 million by 2023, growing at a CAGR of 24.4% during the forecast period. 3D printing refers to additive manufacturing, which follows the process of adding materials in consecutive pattern to build the desired shape. However, traditional manufacturing techniques follow subtractive manufacturing, and create a huge amount of waste as the cut off material cannot be reused. 3D printing eliminates such waste since the only required material is placed in the location and the rest is left out as empty space. Metals, polymers and ceramics are the different materials used in 3D printing. 3D printing finds application in various industries, such as aerospace & defense, healthcare, automotive, gems & jewelry, architecture & construction, and energy.
GLOBAL 3D PRINTING MARKET BY PRINTER $M (2013–2023)
3D Printing Market Dynamics
Some of the benefits associated with 3D printing, including high degree of accuracy, reduction of errors, effective use of raw materials, ability to build personalized products, simultaneous use of multiple materials for printing, efficient use of manufacturing time and financials, and competency over traditional techniques are likely to bolster the demand of 3D printing during the forecast period. On the contrary, high production cost, costly 3D printing software, absence of channel partner assistance, and lack of skilled labor are some of the factors inhibiting the growth of 3D printing market.
Individualization and personalization of the purchased products have been evolving as a key trend in the 3D printing market. Unlike standard mass production, in which all the products coming out of the mold are same, 3D printing offers the flexibility to customize the product as per consumer’s needs. Customization of designs is especially helpful in industries such as healthcare and gems and jewelry, where people can have distinguished products through 3D printing.
3D printing offers high speed and better quality, due to which most of the global population tends to shift toward 3D printing from traditional manufacturing. Moreover, 3D printing is more economical than traditional manufacturing, as it allows for the creation of products through additive manufacturing. Most of the companies are actively adopting 3D printing technology to pursue cost savings by reducing overpriced and wasteful inventories. 3D printing offers flexibility to shift physical inventory to virtual inventory, which allows to create on-demand products and helps in improving the supply chain.
Most of the 3D printers available in the market work with only one type of material. To create more functional products and strengthen the market, 3D printers will require to process multiple material types within a single build cycle. Companies operating in this industry are investing highly in R&D to enhance the capabilities of existing printers in number of areas, including materials, printing mechanisms, and integrating additive and conventional techniques of manufacturing. Emerging multi-material capabilities are likely to back the growth of 3D printing market, since most accomplished products are made from more than one material.
3D printing incorporates a variety of different printing processes, additive in nature. Unlike subtractive processes, the material in additive process deposits only where required, and consequently reduces the amount of waste material than other techniques. 3DP was initially used for the quick construction of prototypes but current applications of 3DP are transitioning towards functional testing of prototypes and further manufacturing of final products. 3D printing offers ease of customization as designs are not inhibited by manufacturing complexities, and design complexity no longer enhances cost. This widens design paths and allows the economic production of lighter products, especially to the aerospace and automotive industries. Applications of 3DP are also evolving in the medical and dental fields, where the opportunities offered by cheap mass customization is enabling surgeons to replicate medical and dental implants which are fully customized to an individual.
The aerospace industry offers significant opportunity for 3D printing technologies and is expected to present promising possibilities in the coming future. The stringent necessities such as precision and accuracy in the designs of airplane parts and lightweight components, are some of the factors predominantly escalating the growth of 3D printing market for the aerospace vertical. Apart from efficiency and growth benefits, factors including advancements in printing techniques, increasing use of 3D printing in rapid prototyping, growing availability of improved printing materials, and increasing number of 3D printing service centers are expected to spur the demand of 3D printing during the forecast period.
The expanding 3DP applications in direct digital manufacturing (DDM) is another major factor contributing to the growing 3D printing market size during the forecast period. DDM is the process that makes required parts directly using CAD or other data, to drive an additive manufacturing. Companies are integrating DDM process into their business processes to eliminate investment in tooling, remove time lag between design and production, and eliminate penalty for redesign. 3D printing technologies enable DDM to accomplish these objectives, which in turn increases the demand of 3D printing.
3D printing makes things more customizable, however, it has certain requirements. For instance, for optimal use of 3D printing, the quality of hardware used in the manufacturing process should improve, especially in case of complex products such as cars, digital watches, and cameras.
3D Printing Market Competitive Landscape
Some of the major companies operating in the 3D printing market include 3D Systems Corporation, Stratesys Ltd., ExOne, voxeljet AG, Arcam AB, SLM Solutions GmbH, EOS GmbH, Envision TEC GmbH, Materialise NV, Concept Laser Gmbh, Autodesk, Inc., and Koninklijke DSM N.V. The key players in this industry have been focusing on product development to stay competitive. For instance, in 2017, 3D Systems Corporation introduced a 3D printing system that can produce plastic parts 50 times faster as compared to the other existing 3D printing systems in the market.
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