3D Printing Market Set to Surpass USD 135.4 Billion by 2033 due to Rising Adoption of Additive Manufacturing Technologies

Share this story

Driving factors such as the rapid increase in digitization and the widespread adoption of advanced technologies like Industry 4.0, smart factories, robotics, Machine Learning (ML), and many more, are projected to fuel the demand for online 3D printing for simulation purposes.

New York, Jan. 03, 2024 (GLOBE NEWSWIRE) — According to Market.us, the global 3D Printing Market size is set for considerable growth, likely to reach USD 24 Billion in 2024. Sales are predicted to experience a strong CAGR of 21.2% from 2024 to 2033. By 2033, the demand for 3D printing is expected to hit a valuation of USD 135.4 Billion.

3D printing, also known as additive manufacturing, refers to a process of developing three-dimensional objects by layering or adding material together, generally from a digital model or design. This transformative technology has received significant recognition and acceptance across various industries due to its unique advantages and capabilities.

The 3D printing market describes the global market for 3D printing technologies, materials, software, and services. It includes the entire ecosystem of 3D printing, consisting of hardware manufacturers, material suppliers, software developers, service providers, and end-users. Continuous developments in 3D printing technologies have broadened the reach and capabilities of the technology. Enhanced accuracy, speed, and material alternatives have made 3D printing more accessible and versatile, allowing for the creation of customized products, complex geometries, and functional prototypes.

Don’t miss out on business opportunities | Get sample pages at: https://market.us/report/3d-printing-market/request-sample/

(“Before you plan to Invest? Explore our comprehensive studies or reports by opting for sample reports. They provide an excellent opportunity to assess the depth and quality of our analyses before making a decision.”)

3D Printing Market Key Statistics

The 3D Printing Market is expected to reach USD 135.4 billion by 2033, with a steady CAGR of 21.2% over the forecast period.

Hardware dominates with over 67% market share, followed by Software and Services.

Industrial 3D Printers hold a dominant position with over 75% market share because of their precision and compatibility.

Prototyping holding over 54% of the market share because of its role in fast and cost-effective product development.

Metal printing holds a commanding market share of over 53%, driven by its precision and durability.

The leader in the global 3D printing sector is North America, boasting an impressive more than 35% market share.

Key players in this industry include the likes of Stratasys Ltd, Materialise, EnvisionTec Inc, 3D Systems Inc, and GE Additive, among other notable companies.

As an example,

In February 2022, India’s government put forward an audacious plan to obtain a 5% piece of the worldwide 3D printing market. Their objective is to add somewhere between USD 2-3 billion to the nation’s GDP within the next few years. This initiative includes the creation of 50 technologies specific to India, with an emphasis on materials, machinery, processes, software. The ultimate goal is to make India a global powerhouse for 3D-designed and manufactured goods.

In October 2022, AML3D, an Australian firm that focuses on metal 3D printing, deepened its partnership with Boeing, the well-known aircraft manufacturing firm. Its initial assignment was to 3D print aluminum prototype airplane parts for intensive testing. AML3D passed the AS9100D quality assurance criteria for functional parts. Given the success of this venture, the project’s ambit has been extended to include more 3D-printed components, resulting in a 150% rise in the total value of the agreement.

Gain more insights into market size, the current market situation, future growth opportunities, major growth driving forces, the most recent trends, and more. Acquire the complete report here

What propels the growth of the 3D Printing Market?

Advancements in Technology – Ongoing enhancements in 3D printing technology, such as greater precision and accuracy, the capability to print with multiple materials and colors, and increased speed are expanding the possibilities and applications of 3D printing.

Increased Adoption – The decrease in 3D printer prices and the expiry of key patents have resulted in a rise in the adoption of 3D printing technology. This adoption spans across hobbyists, educators, and professional users, and is propelling overall market growth.

Customization – The 3D printing technology makes it simple to customize and personalize products. This ease of customization has spurred the growth in applications including prosthetics, implants, accessories, footwear, and more.

Government Investment – Governments are investing in 3D printing technology research & development and promoting additive manufacturing through various initiatives, which is further boosting market growth.

Manufacturing Applications – The use of 3D printing for rapid prototyping, production of specialized components, and short-run manufacturing is increasing. This helps reduce costs and lead times.

Sustainability – The use of additive production measures associated with 3D printing reduces the amount of material wastage, making it a more sustainable choice in contrast to traditional subtractive techniques.

Supply Chain Resilience – The ability to perform on-the-spot localized manufacturing through 3D printing increases flexibility and strengthens supply chains against disruptions.

New Materials – The emergence of innovative materials for 3D printing such as advanced composites, bio-compatible polymers and nano-materials widens its applications and boosts market growth.

Segmentation of the Report

Component Analysis

In 2023, the hardware segment rose to prominence as the major constituent in the 3D printing market, commanding a significant market proportion of over 67%. The importance that hardware has in the 3D printing process, encompassing the printers, scanners, and other necessary equipment for additive manufacturing, contributes to this. Technologies and machines such as stereolithography (SLA), selective laser sintering (SLS), fused deposition modeling (FDM), and digital light processing (DLP) printers used in creating three-dimensional objects fall under this hardware segment.

The substantial market share of the hardware segment is a result of the rising incorporation of 3D printers across various industries for creating prototypes, tooling, and final product manufacturing. Due to advancements in hardware technologies offering improved speeds, accurate results, and compatibility with a range of materials, 3D printers have become more effectual and dependable, thereby causing their widespread adoption.

Printer Type Analysis

In 2023, the industrial 3D printer sector grew as the principal printer type in the 3D printing market, holding a commanding market share of over 75%. This is due to the extensive use of industrial 3D printers across many industries, such as aerospace, automotive, healthcare, and manufacturing. These printers are pertinent for their sterling precision, large build quantities, and the capacity to manage a myriad of materials, inclusive of metals, plastics, and composites. Main uses for these printers are rapid prototyping, operational part creation, and tooling applications.

The primary reason for the industrial 3D printer sector’s dominance is the growing requirement for sophisticated manufacturing technologies, the necessity for complex and personalized parts, and the ability to achieve superior quality outputs on a large scale. With industries amplifying the use of additive manufacturing for production-grade applications, it’s anticipated that the industrial 3D printer sector will keep its market supremacy.

Analysis of Technology

In 2023, the Stereolithography sector advanced as a market leader in the 3D printing industry, gaining an impressive market share of over 11%. Stereolithography, a widely-used 3D printing technique, employs a photopolymerization process to fabricate solid items from liquid resin. The Stereolithography sector’s influence is due to its capacity to generate high-definition prints with an extraordinary surface finish, making it exquisite for applications in sectors such as the automotive, aerospace, and healthcare industries.

The segment’s expansion was driven by innovations in Stereolithography materials that allowed for the creation of usable prototypes and finished goods. The substantial growth and significant market share of the Fuse Deposition Modeling (FDM) segment was also noteworthy. FDM technology, which consists of depositing thermoplastic materials layer by layer, became popular due to its financial viability, versatility, and broad acceptance in various sectors.

Follow this Link for Free Sample Report to Aid in Your Business Decisions: https://market.us/report/3d-printing-market/request-sample/

Insight into Applications

In 2023, the Prototyping segment showed dominance in the 3D printing market, securing over 54% of the market share. Prototyping as a 3D printing application involves the development of tangible models or specimens that act as product design exemplars. The prevalence of the Prototyping segment is due to its extensive applications across sectors including automotive, aerospace, consumer goods, and healthcare. 3D printing technology contributes significantly to the prototyping process, offering swift and more financially prudent iterations in contrast to conventional manufacturing methods.

Furthermore, the capacity for crafting intricate patterns and complex shapes has solidified prototyping as an essential instrument for product design confirmation and development. There was marked growth noted in the Functional Parts category, which also garnered a significant market portion. Functional parts pertain to the fabrication of end-use components via 3D printing technology. The benefits of 3D printing, which include faster production cycles, customization, and design latitude, have promoted the augmented implementation of 3D printed functional parts across a variety of industries. Moreover, the Tooling sector displayed considerable enlargement, securing a sizable market segment.

Vertical Insights

During 2023, the Automotive sector surfaced as the top contender in the 3D printing market vertical-wise, seizing a vast market portion of more than 61%. The automotive sector’s position of dominance can be attributed to an ongoing increase in the adoption of 3D printing technology for numerous automotive applications. The automotive industry enjoys multiple benefits from 3D printing, such as reduced lead times, rapid prototyping, and the production of custom parts. 3D printing is being used extensively by automotive manufacturers for the creation of tooling, functional prototypes, and even end-use parts. This technology assists them in lowering costs, optimizing designs, and enhancing the overall manufacturing process’s efficiency.

Notable growth was observed in the Aerospace & Defense section, which also garnered a considerable market segment. The Aerospace and Defense industry employs 3D printing extensively for the fabrication of lightweight designs and intricate components and enhanced performance while minimizing material wastage. 3D printing enables the formation of elaborate internal structures and complex geometries that are challenging to attain with traditional manufacturing techniques. Additionally, there was significant expansion witnessed in the Healthcare industry, which also captured a prominent market portion.

Material Analysis

In 2023, the Metal segment emerged as the dominant player in the 3D printing market by material analysis, capturing a massive market share of over 53%. The prominence of the Metal segment is due to the rising demand for metal 3D printing in various sectors, including aerospace, automotive, healthcare, and manufacturing. Metal 3D printing, also known as additive manufacturing, enables the creation of intricate metal parts with high precision and strength. This technology provides benefits such as design freedom, minimized material waste, and the capability to produce lightweight structures.

Specifically, the automotive and aerospace industries have been propelling the growth of the Metal segment as they aim to utilize the advantages of metal 3D printing for manufacturing lightweight components and enhancing performance. In addition, the Polymer segment showed considerable growth and secured an ample market share. Polymer 3D printing, also known as fused deposition modeling (FDM) or stereolithography (SLA), is extensively used for rapid prototyping, product development, and low-volume production. The flexibility, cost-efficiency, and the expansive range of available polymer materials contribute to the popularity of this segment.

Plan your Next Best Move. Purchase the Report for Data-driven Insights: https://market.us/purchase-report/?report_id=102268

Scope of the Report

Report Attributes

Details

Market Value (2023)

US$ 19.8 Billion

Forecast Revenue 2033

US$ 135.4 Billion

CAGR (2024 to 2033)

21.2%

North America Revenue Share

35%

Base Year

2023

Historic Period

2018 to 2022

Forecast Year

2024 to 2033

Key Market Segmentation

Component

Software

Hardware

Services

Printer Type

Industrial 3D Printer

Desktop 3D Printer

Technology

Selective Laser Sintering

Stereolithography

Fuse Deposition Modeling

Direct Metal Laser Sintering

Inkjet Printing

Polyjet Printing

Electron Beam Melting

Laminated Object Manufacturing

Digital Light Processing

Laser Metal Deposition

Others

Application

Functional Parts

Tooling

Prototyping

Vertical

Industrial 3D Printing

Automotive

Aerospace & Defense

Healthcare

Consumer Electronics

Industrial

Power & Energy

Others

Desktop 3D Printing

Educational Purpose

Fashion & Jewelry

Objects

Dental

Food

Others

Material

Metal

Polymer

Ceramic

Regional Analysis

In the year 2023, North America occupied a leading position in the 3D Printing Market, claiming more than 35% market share. The region’s superiority stems from its impressive technological capabilities, substantial investments in R&D, and early adoption of sophisticated manufacturing methods.

The valuation of North America’s market demand for 3D Printing stood at US$ 6.9 billion in 2023, and it is expected to witness considerable growth in the projected period. The United States, in specifics, has been a center for innovation as several new and existing companies are redefining the limits of 3D printing technology. This region’s push towards sectors such as aerospace, healthcare, and automotive, which are frequent users of 3D printing technology, further fortifies its market position.

By Geography

North America

The US

Canada

Europe

Germany

France

The UK

Spain

Italy

Russia

Netherland

Rest of Europe

APAC

China

Japan

South Korea

India

Australia

New Zealand

Singapore

Thailand

Vietnam

Rest of APAC

Latin America

Brazil

Mexico

Rest of Latin America

Middle East & Africa

South Africa

Saudi Arabia

UAE

Rest of MEA

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include:

Stratasys Ltd

Materialise

EnvisionTec Inc

3D Systems Inc

GE Additive

Autodesk Inc

Made In Space

Canon Inc

Voxeljet AG

Recent Developments

In March 2023, Materialise joined forces with Exactech, a developer of innovative instrumentation, implants, and other smart technologies for joint replacement surgery. The partnership aims to provide cutting-edge treatment options for individuals dealing with critical shoulder defects.

3D Printing Market – FAQs

1. How big is the 3D printing market?

The global 3D printing market size was recorded at USD 19.8 billion in 2023. It’s projected to reach approximately USD 135.4 billion by 2033.

Does a market for 3D printing exist?

Indeed, a significant market for 3D printing exists. Its application is broad and cuts across multiple sectors such as manufacturing, healthcare, automotive, aerospace, and consumer goods.

What are the emerging trends within the 3D Printing Market?

The surge in the adoption of 3D printing technologies in the manufacturing and construction industry is expected to drive the market growth in the near future.

4. Which companies are leading in the 3D Printing market?

The leading players in the global 3D printing market include Stratasys Ltd, Materialise, EnvisionTec Inc, 3D Systems Inc, GE Additive, Autodesk Inc, Made In Space, Canon Inc, Voxeljet AG, among others.

Information on the Semiconductor and Electronics Market Research Reports at Market.us

The global Semiconductor and Electronics sector was valued at USD 630.4 billion by the end of 2022 and is expected to increase to USD 1,183.85 billion by 2032. This growth was projected at a CAGR of 6.50% during the period 2022-2032.

Semiconductors are an integral part of electronic devices. They enable advances in communication, computing, healthcare, and transportation. Semiconductors are an essential part of our daily lives due to their important role in the manufacture of electronic devices. Companies in both the electronics and semiconductor industries have a unique opportunity today to harness the power of technology to transform products, operations, and business models. Manufacturers must adapt their production floor to meet the needs of business innovation. To survive in this competitive market, flexibility and customization are key.

Explore More related ongoing Coverage in the Semiconductor and Electronics Domain:

Current Transducer Market size is expected to be worth around USD 792.0 million by 2032, growing at a CAGR of 4.0%.

Power Sockets Market is predicted to expand from USD 5,586.2 billion in 2023 to USD 8,850.8 billion by 2032; CAGR of 5.4%.

Capacitive Sensors Market is anticipated to be USD 74.3 bn by 2033. It is estimated to record a steady CAGR of 7.1% in the forecast period.

Embedded Systems Market is to grow at a CAGR of 6.8% over the next 10 years. It will reach USD 173.4 Bn by 2032, from USD 91.3 Bn in 2022.

Wearable Technology Market size is expected to be worth around USD 231 Billion by 2032, growing at a CAGR of 14.60%.

Soil Water Potential Sensor Market is projected to reach a valuation of USD 390.2 Mn by 2032, at a CAGR of 11.4% year-on-year growth.

Automotive Sensors Market is set to reach USD 55.0 bn by 2032, It is estimated to record a steady CAGR of 10.1% in the review period.

Ingestible sensors market was USD 920.8 mn in 2023. It is expected to reach USD 3,127.9 mn in 2032, at a CAGR of 15.0% between 2023-2032.

Wearable sensors market accounted for USD 3.55 billion in 2023 and is expected to grow to around USD 10.19 bn in 2032, at a CAGR of 12.8%.

About Us

Market.US (Powered by Prudour Pvt Ltd) specializes in detailedmarket research and analysis. It has been proving its excellence as a consulting and tailor-made market research company, apart from being a popular syndicated market research report providing entity. Market.US offers customization to suit individual or special needs and creates reports upon request. The company transcencs boundaries to elevate analytics, analysis, study, and outlook to newer heights and broader horizons.

Follow Us On LinkedIn Facebook Twitter

Our Blog:

https://medicalmarketreport.com/

https://chemicalmarketreports.com/

https://techmarketreports.com/

Original source


Share this story

Leave a Reply

Your email address will not be published. Required fields are marked *