The global 3D printing market is projected to generate USD 77,228 million by 2030, advancing at a CAGR of 21.7% during 2022–2030. This will be due to rising demand for quick prototyping, growing demand for mass customization, and efficient use of material, decreased labor and transportation cost.
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. This process offers high surface finish and geometrical and dimensional accuracy. The biggest advantage of 3D printing over traditional manufacturing is that 3D printing process doesn’t require any special new tooling for the making of parts. Due to this reason, most of the companies are actively adopting 3D printing technology for cost savings by reducing overpriced and wasteful inventories.
3D printing helps in making the products quickly from just a design to an actual prototype. It can design parts which cannot be easily made from traditional processes. 3D printing allows easy and inexpensive innovation in design due to which it is adopted more over traditional manufacturing process.
FDM is predicted to grow fastest with a highest CAGR of around 24% during the forecast period. One of the main benefits of using FDM 3D printing is the speed. One can obtain a full item using this 3D print rather quickly, reducing lead times and hastening the prototyping process. Larger things can also be printed using FDM, and the printers' easily scalable design results in a low cost-to-size ratio.
There are numerous options for materials when using FDM. FDM printers are affordable and have a variety of filament types and colors. The following materials are frequently used to make FDM filaments: nylon, polyethylene terephthalate glycol (PETG), polylactic acid (PLA), and acrylonitrile butadiene styrene (ABS).
Moreover, healthcare industry is also expected to grow fastest during the forecast period. Recent developments in 3D printing can decrease lead times, lower costs, and produce items that are lighter, stronger, and safer. Each person's needs can be met with customized pieces. As a result, medical practitioners are able to understand patients, and patients are more comfortable, since they can connect with things that are tailored specifically for their anatomy.
The customized nature of healthcare makes 3D printing, an ideal technology for this sector. The ability to create prosthetic and orthotic devices specifically tailored to a patient's unique anatomy. 3D printing eliminates the need to manufacture numerous similar pieces. therefore, increasing their suitability.
The technology behind 3D printing is largely based in Europe. Small and medium-sized firms in Europe have the largest demand for prototypes that are quick, dependable, and affordable. This printing technology will entirely replace traditional manufacturing in many industries by enabling the manufacturing of bespoke goods and produced solutions at a cheaper cost. Government spending and initiatives, 3D printing's capacity to deliver customized items, higher productivity, and superior product quality are driving this technology across Europe.
The integration of 3D printing into the European automotive sector is also progressing. With its intriguing ability to produce aftermarket components, such as bumpers and spoilers, etc., along with their working prototypes for design and development, 3D printing technology has made its usage unavoidable in the automotive industry.
The major players operating in the global 3D printing market are Stratasys Ltd., 3D Systems Corporation, Materialise NV, GE Additive, The ExOne Company, Voxeljet AG, HP Inc., SLM Solutions Group AG, Autodesk Inc., and Concept Laser GmbH.