3D Printing Market to Exhibit a CAGR of 9.8% during 2020-2027

The Global 3D Printing Market, By Use (Commercial and Personal), by Technology (Polyjet, FDM, SLS, SLA, Others), by Application (Consumer electronics, Automotive, Medical, Industrial or business machines, Aerospace, Military and defense, Architectural, Education and Others ) and by Region (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2027, is expected to be valued at US$ 15,320.8 million by 2027, exhibiting a CAGR of 9.8% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights

Overview

3D printing is a form of additive manufacturing, wherein a 3D object is created by layer-by-layer deposition of printing material. 3D printing is the opposite of subtractive manufacturing, which is cutting out a piece of metal or plastic with a milling machine. Moreover, 3D printing allows to produce complex shapes using less material than traditional manufacturing methods. A variety of materials are used in 3D printing such as polyamide, aluminide, titanium, silver, gold, paintable resin, bronze, brass, and stainless steel. Different applications, depending upon the type of binding or the strength and finish required in the final product, use these materials accordingly.

The global 3D printing market is estimated to account for US$ 15,320.8 Mn in terms of value by the end of 2027.

Market Driver

Development of novel industrial-grade 3D printing materials is expected to propel the global 3D printing market growth over the forecast period

In the recent past, many 3D printing materials have been developed that can be used for industrial applications. These materials include PLA-hobbyist material, ABS-low grade industrial material, TPE-flexible niche material, nylon, etc. Development of such materials has led to increased adoption of 3D printing in various sectors including aerospace and healthcare. Therefore, these factors are expected to drive growth of the global 3D printing market during the forecast period.

Market Opportunity

Mergers and acquisitions among market players can present major business opportunities

Key players operating in the market are focused on merger and acquisition activities, in order to gain a competitive advantage in the market. For instance, in September 2013, 3D Systems, Inc. acquired The Sugar Lab, dedicated to printing edible confections in real sugar in 3D, to diversify its business in 3D printing. In June 2013, 3D Systems, Inc. acquired France-based Phenix Systems, a manufacturer of metal 3D printing devices, to strengthen its segment, which includes 3D printers.

Market Restraint

Lack of standard process protocols is expected to hamper the global 3D printing market growth over the forecast period

Although 3D printing has witnessed massive traction in the recent past, there lacks a presence of standard process protocols. Currently, 3D printed products are developed according to consumer requirements. However, presence of a standardized process would help manufacturers to develop products on a grand scale. Thus, these factors are expected to hamper the global 3D printing market growth over the forecast period.

Market Trends

Growing adoption of 3D printing in oligopolistic

Currently, the 3D printing market is concentrated, with two players dominating the market with a combined market share of 71%. These players have increased their dominance by acquiring smaller and emerging players in the 3D printing industry. However, the rest of the market is fragmented, with intense competition among existing and new small players. New players are expected to enter the market in the coming years considering the growing popularity of this technology. However, the entry of these players in the market would have a minimal impact on the dominating players.

Growing popularity of 3D scan technology

3D scanners are gaining popularity as the use of these scanners can help a customer scan an object and create a CAD file of a very complex shape with minimal efforts. Furthermore, this technology is superior to other 2D to 3D conversion technologies such as 3-Sweep.

Global 3D Printing Market - Impact of Coronavirus (Covid-19) Pandemic

Due to Covid-19 pandemic, many industries witnessed significant shift in their business. Many manufacturing industries have suffered due to this pandemic. As in India people are facing shortage of PPE kits, face shields and other medical equipment’s. To meet this increased demand of PPE kits, several medical companies across India have started using 3D printers to manufacture PPE Kits and other medical equipment’s and this is leading to increase in demand of 3Ds printers. For instance, in April 2020, 3D printing firm has provided two printers to National Institute of Technology (NIT) Karnataka to build medical equipment and using these 3D printers NIT has created a prototype for ventilator splitters and which will be used to treat coronavirus patients.

Competitive Section

Major companies operating in the global 3D printing market are 3D Systems, Inc., Voxeljet Technology GmbH, Arcam AB, Stratasys, Ltd., Concept Laser GmbH, Solidscape, Inc., EOS GmbH Electro Optical Systems, SLM Solutions GmbH, ExOne GmbH, and Optomec.

Key Developments

Key players in the market are focused on product development, in order to expand product portfolio. For instance, in May 2020, Stratasys, Ltd. introduced J55 Polyjet 3D printer.
Major companies are involved in product launches, in order to gain a competitive edge in the market. For instance, January 2019, Solidscape Inc., a subsidiary of Prodways Group, introduced DLP 3D printer.

Segmentation

Market Taxonomy