The global 3D printing market is estimated to reach USD 39.5 Billion in 2024 at a CAGR of 24.6%. Growing use of 3D printing in automotive industry and rising demand for prototyping and mass customization are expected to drive the 3D printing market during the forecast period. However, high initial investment and required maintenance expertise is expected to restrain the market during the forecast period. Use of 3D printing in aerospace industry is expected to become an opportunity for 3D printing market during the forecast period.
3D printing is a process in which physical objects are generated by depositing materials in layers-based on a digital model. 3D printing also referred as additive manufacturing which requires hardware, software, and materials to work together in same process. 3D printing can be used for creating simple parts and prototypes to high-end technological final products such as airplane parts and eco-friendly building among others. Key players in 3D printing market are 3D Systems Inc., Stratasys Ltd., Autodesk Inc., ExOne, Materialise, and Proto Labs Inc. among others.
Market Driver:
Currently, Various innovations and technologies are recreating the industries across the globe with breathtaking speed. Rapid prototyping and customization is expected to grow the 3D printing market in the automotive industry during the next five years. The automotive companies mainly used 3D printing technology in design, manufacturing, development, and distribution process for making flexible designs, safer and lighter products, reducing cost, and reducing the lead times. Moreover, many automotive industries also use 3D printing technology to manage after-sales functions in terms of making replacement or spare parts on demand rather than investing large amounts of capital in the production of aftermarket parts. In April 2019, Audi AG expanded its 3D printing capacity for producing locally printed and custom-designed auxiliary tools to help employees on the production line. Due to these factors, the demand for 3D printing software and 3D printers is expected to increase in the automotive industry.
Market Opportunity:
The use of 3D printing in aerospace industries has enabled companies to manufacture complex components that were impossible to manufacture using the traditional process. 3D printing application in the aerospace industry is evolving and is driven by change and innovation. 3D printing has unique capabilities to produce complex designs meeting the need of manufacturers and are keen to achieve faster speed and utilize complex designs to increase its efficiency. Apart from manufacturing the parts of aerospace, 3D printing improves the manufacturing capabilities of tools that are required to create these parts. Moreover, it can also facilitate lightweight efforts for aerospace structures, increasing fuel-saving and reducing environmental impact. Additionally, it is also used to reduce the supply chain constraints, reduce wasted materials, and limit warehouse space from traditional manufacturing processes. However, owing to these factors there are many opportunities for 3D printing which can be explored in the aerospace industry.
The report on the 3D printing market covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
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Historical/Estimated/Forecasted Market Size Years |
2018-2024 |
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Base Year for Market Calculation |
2020 |
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Forecasted Period |
2019-2024 (2020 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Technology, Component, End Use Industry, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
3D Printing Market, by Technology
3D Printing Market, by Component
3D Printing Market, by End-User Industry
3D Printing Market, by Region
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
