Market Research During the forecast period, the 3D Printing Market is anticipated to grow at a CAGR of 22.66%. This growth of the 3D printing market is pinned to the trend that large manufacturers are increasingly using the technology for mass production.
• Additive manufacturing is evolving from a tool for prototyping to a functional component of fabrication as a result of rapid advancements in material composition, such as the emerging use cases of polymers and metals. The technology can be integrated into manufacturing processes thanks to new materials, shorter lead times, and novel finishes that adhere to FDA, ASTM, and ISO standards.
• In addition, adoption of 3D manufacturing has increased as a result of rising expertise and awareness, decreased machine costs, and additive manufacturing. The use of a variety of materials has been made possible by more recent and advanced fused deposition modeling techniques, resulting in their widespread adoption across a variety of industries in recent years.
• Global governments have already begun investing in 3D printing research and development, which has helped spread the technology and encourage its adoption. For instance, India’s government intends to add nearly $2-$3 billion to the country’s GDP over the next two to three years in order to achieve its goal of 5% of the global market share in 3D printing by February 2022.
To make India a center for 3D-printed design and manufacturing, the government intends to develop fifty India-specific software, machine, material, and process technologies.
• On the other hand, as technology develops, additive manufacturing poses a threat to conventional IP protections. It encourages a significant increase in the illegal use of printed weapons and drugs, which is anticipated to impede the expansion of the market. Additionally, the market is constrained by the high prices of the equipment required to achieve significant economies of scale. Additionally, the market’s standardization structure is constrained by the absence of an international standards body that oversees manufacturers.
• The COVID-19 pandemic increased 3D printing demand. Medical devices, personal protective equipment (PPE), testing tools, and even emergency housing to isolate diseased individuals are rapidly being produced using 3D printing systems. The various technological advancements, like artificial intelligence and machine learning, further encourage the use of 3D printing tools.
• The metal and polymer 3D printing markets were severely affected by the pandemic. Metals and polymers have experienced slower growth than anticipated prior to the pandemic, but these markets are rapidly recovering with rising demand from end-user industries. Trends in the 3D Printing Market To Drive the Market, Rapid Developments in Printing Technologies and Materials
• The market for 3D printing is experiencing a surge in demand as a result of rapid advancements in production technologies and materials. Worldwide, the rapid expansion of 3D printing methods and materials has opened up new avenues for the production of complex and individualized goods through 3D printing.
• For instance, advanced printing techniques like direct metal laser sintering (DMLS) and selective laser sintering (SLS) make it possible to precisely fabricate intricate metal parts. New opportunities for 3D printing in the automotive, aerospace, and defense sectors result from this. As more nations prepare to launch satellites, the demand for SLS printing is expected to rise as space exploration undergoes a paradigm shift.
• New materials for 3D printing are also being developed, such as graphene and carbon fiber. Because they are both sturdy and light, these materials are ideal for a variety of uses. Carbon fiber, for instance, is used to make racing car parts that can be 3D printed, and graphene is used to make medical implants that can be 3D printed. For instance, Inkbit, a Massachusetts-based additive manufacturing company, presented the Titan Tough Epoxy 85 elastomer, its most recent additive manufacturing material, at Formnext in November 2022. Applications requiring high accuracy and production-grade mechanical properties benefit from this material’s improved performance.
• One of the main trends that is helping the 3D printing market grow is the rapid development of printing technologies and materials. Manufacturers can use 3D printing in a variety of end-use applications as these technologies advance. North America controls the majority of the market.
• Due to its early adoption of technology, North America is anticipated to dominate the 3D printing market. Market expansion is anticipated to be aided by a series of innovative product launches. For enhanced market presence, a number of 3D printing solution providers worldwide are expanding their presence in the North American market.
• Research and development in 3D printing are becoming increasingly important to a number of players in the market in the United States. Siemens announced in May 2023 that it would place a greater emphasis on 3D printing initiatives in the United States in order to accelerate the serial additive manufacturing transformation of the US additive manufacturing industry. The company is working on bringing fundamental changes to the landscape from product to machine to manufacturing with these initiatives.
• The healthcare, aerospace and defense, industrial, and consumer goods sectors of North America are also receiving a series of investments that are anticipated to be significant. Med-tech startup Axial3D received a 15 million USD investment round in November 2022, led by a 10 million USD strategic investment from Stratasys. The two businesses would work together to offer a combined product that would make it easier for hospitals and medical device manufacturers to access patient-specific 3D printing solutions and encourage their widespread adoption.
• Additionally, a number of government agencies, including NASA, have discovered that significant investments in 3D printing technologies can significantly advance zero-gravity technologies and space applications, propelling the market’s expansion.
• In the United States, smart clothing and fitness trackers are also anticipated to drive factors for 3D printing technology. Additionally, the growing demand for flexible electronic systems and bands that can be manufactured using 3D printing technology has resulted from shifting consumer preferences and an increasing demand for individualization.
Global and local players dominate the global and regional 3D printing market. To maintain their position in the market, major players like Stratasys Ltd., 3D Systems Corporation, EOS GmbH, General Electric Company (GE Additive), and Sisma SPA are forming partnerships, merging, purchasing, and investing in the sector. One of the market leaders in polymer 3D printing solutions, Stratasys Ltd. bought the additive manufacturing materials division of Covestro AG in April 2023.
The acquisition includes sales teams in Asia, Europe, and the United States, as well as R&D facilities and activities worldwide. AML3D Australia’s metal 3D printing expanded its collaboration with the Boing aircraft manufacturer in October 2022. As part of a rigorous testing process, Boeing gave AML3D the task of 3D printing aluminum prototype airplane parts earlier this year.
They were tested against the requirements of AS9100D quality assurance for ‘fly’ parts. Based on this agreement, it has been decided to expand the project’s scope to include additional 3D-printed parts, which will increase the agreement’s value by 150 percent. Israel-based Stratasys planned to expand its 3D printing business in India in June 2022. Drivers of the Market
