3D Printing Market to Register an Excellent CAGR of 24.0% from 2021 to 2028; Increasing Investment by Major Companies in North America to Stimulate Exponential Growth, reports Fortune Business Insights™

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Pune, India, July 16, 2021 (GLOBE NEWSWIRE) — The global 3D printing market size is expected to reach USD 68.71 billion by 2028, exhibiting a stellar CAGR 24.0% during the forecast period. The growth of the market is attributable to increasing demand from the automotive sector and advancement in technology across the globe. Fortune Business Insights publishes this information in its report, titled “3D Printing Market, 2021-2028.” The report further mentions that the market was worth USD 12.57 billion in 2020.

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3D printing, also known as additive manufacturing, is a type of process that produces three dimensional solid objects from a digital object. The objects are created by adopting additive processes that involve placing down successive layers of material until the printer creates the object. These layers are perceived as a thin horizontal cross-section of the desired object. The adoption of this type of advanced technology enables the companies to manufacture complex objects using a minimal number of materials than the traditional manufacturing processes.

List of Key Players in 3D Printing Market:

  • 3D Systems Corporation (Carolina, United States)
  • The ExOne Company (Gersthofen, Germany)
  • voxeljet AG (Friedberg, Germany)
  • Materialise NV (Leuven, Belgium)
  • Hoganas Holding AB (Skane, Sweden)
  • Optomec, Inc. (New Mexico, United States)
  • Made in Space, Inc. (Carolina, United States)
  • Envisiontec, Inc. (Gladbeck, Germany)
  • Stratasys Ltd. (Minnesota, US)
  • HP, Inc. (Carolina, United States)
  • General Electric Company (GE Additive) (Massachusetts, United States)
  • Autodesk Inc. (Carolina, United States)

Report Scope & Segmentation

Report Coverage Details
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 24%
2028 Value Projection USD 68.71 Billion
Base Year 2020
Market Size in 2020 USD 12.57 Billion
Historical Data for 2017 to 2019
No. of Pages 130
Segments covered Component, Technology, Application, End User and Geography
Growth Drivers Increasing Demand from the Automotive Sector to Promote Growth
Heavy Investments in 3D Printing Projects to Drive Market
Utilization of 3D Printing in Medical Devices to Encourage Market Amid Coronavirus
Enhanced Productivity Benefits to Boost Additive Manufacturing Market Growth
Pitfalls & Challenges High Initial Investments to Restrict the Market Growth

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COVID-19 Impact:

The emergence of COVID-19 has brought the world to a standstill. Intermittent factory shutdowns in prominent countries such as China, Southeast Asia, the United Kingdom, Germany, and others have disrupted this industry manufacturing sites as well as supplier operations, culminating in dire straits constraints. By the end of July 2020, industrial output was expected to be restored to normal levels. According to a research performed by the ‘Society of Manufacturing Engineers,’ 25% of businesses in the United States plan to modify their supply chains as a result of the epidemic.

Market Segments:

The market has been split into hardware, software, and services based on components. The market has been divided into FDM, SLS, SLA, DMLS/SLM, Polyjet, Multi Jet Fusion, DLP, Binder Jetting, EBM, CLIP/CDLP, SDL, and LOM based on technology. Automotive, aerospace and defense, healthcare, architecture and construction, consumer items, education, and others have been categorized based on end user. The market has been broken down into five primary regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

What does the Report Include?

The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. The report provides comprehensive research into the regional developments of the market, affecting the market growth. The report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. In addition to this, the competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2021 and 2028.

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DRIVING FACTORS

Increasing Demand from the Automotive Sector to Promote Growth

Technological advancement has gripped the automotive sector largely by opening up exciting opportunities for the manufacturers to innovate their designs. The adoption of 3D printing technology enables them to produce stronger, robust, and safer products. Furthermore, the manufacturers are adopting the technology to expedite manufacturing processes, build reliable prototypes, reduce operational costs, and improve flexibility. Increasing adoption of advanced technology to cater to the evolving demands of the consumers is expected to drive the global 3D printing market growth in the forthcoming years.

REGIONAL INSIGHTS

Increasing Investment by Major Companies in North America to Bolster Growth

Among all regions, the market in North America stood at 4.84 billion in 2020. The region is anticipated to witness exponential growth while holding the highest position in the global 3D printing market share during the forecast period. This is attributable to increasing investment by the companies in developing innovative technologies in the region. Additionally, rapid growth in industries such as automotive, healthcare, and aerospace that adopt 3D type of printing technology will bode well for market growth in the region. The market in Asia-Pacific will witness considerable growth during the projected horizon. This is ascribable to factors such as the growing demand for customized products and the adoption of modern technologies by the manufacturers in the region between 2021 and 2028.

COMPETITIVE LANDSCAPE

Fictiv Collaborates with Jabil to Strengthen Product Portfolio

In July 2020, Fictiv, a digital manufacturing services provider, announced that it is collaborating with Jabil Inc., a manufacturing solutions provider, to streamline its 3D printing prototyping by adopting a unique digital thread. The innovative digital thread is designed to streamline and de-risk the supply chain through transparency, quality, flexibility, and speed. Jean Olivieri, COO of Fictiv said, “With years of manufacturing experience, we are well aware that the move from an idea to the consumption of volume is difficult, although the products have potential. Our collaborations with Jabil support the end-to-end product lifecycle that involves prototyping to production without involving any risk.”

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Key Development:

July 2019:  National Aeronautics and Space Administration (NASA) presented a 73.7 million contract to a US-based engineering and manufacturing company, Made In Space. The company will produce 3D-printed spacecraft products of a small spacecraft – Archinaut One

Major Table of Contents:

  • Introduction
    • Definition, By Segment
    • Research Methodology/Approach
    • Data Sources
  • Key Takeaways
  • Market Dynamics
    • Macro and Micro Economic Indicators
    • Drivers, Restraints, Opportunities and Trends
    • Impact of COVID-19
      • Short-term Impact
      • Long-term Impact
  • Competition Landscape
    • Business Strategies Adopted by Key Players
    • Consolidated SWOT Analysis of Key Players
  • Global 3D Printing Key Players Market Share Insights and Analysis, 2020
  • Key Market Insights and Strategic Recommendations
  • Companies Profiled (Covered for key 10 players only)
    • Overview
      • Key Management
      • Headquarters etc
    • Offerings/Business Segments
    • Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
      • Employee Size
      • Key Financials
        • Past and Current Revenue
        • Geographical Share
        • Business Segment Share
    • Recent Developments
  • Annexure / Appendix
    • Global 3D Printing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component (Value)
        • Hardware
        • Software
        • Services
      • By Technology (Value)
        • FDM
        • SLS
        • SLA
        • DMLS/SLM
        • Polyjet
        • Multi Jet Fusion
        • DLP
        • Binder Jetting
        • EBM
        • CLIP/CDLP
        • SDL
        • LOM
      • By Application (Value)
        • Prototyping
        • Production
        • Proof of Concept
        • Others
      • By End User (Value)
        • Automotive
        • Aerospace and Defense
        • Healthcare
        • Architecture and Construction
        • Consumer Products
        • Education
        • Others
      • By Region (Value)
        • North America
        • Europe
        • Asia Pacific
        • Middle East & Africa
        • Latin America
    • North America 3D Printing Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
      • By Component (Value)
        • Hardware
        • Software
        • Services

TOC Continued…!

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