Rising Demand for Advancement in Product Development and High Efficiency Manufacturing Enabling 3D Printing Market Growth

3D Printing
3D Printing

The global 3D printing market is forecast to grow at 20.4% CAGR over the forecast period from 2021 to 2031, finds Future Market Insights (FMI) in a new study. Rising necessity for precise and cost-effective additive manufacturing methods will be the key market driver.

3D printing provides customers the actual view and feel of the product before even manufacturing. The incorporation of 3D printing in medical sector is rising owing to its operational and financial benefits with the enhanced efficiency and cost effectiveness.

Growing demand for customized and aesthetically pleasing products will accelerate the 3D printing market growth, finds ESOMAR-certified consulting firm Future Market Insights in this study.

An increasing number of manufacturing companies are showing inclination towards limiting the number of parts in a product to offer increased customer inconvenience. Consumer inconvenience and high cost of spare parts are promoting a large group of companies towards incorporating 3D printing to manufacture their own spare parts.

To reduce the cost of maintenance and distribution channels, spare parts manufacturers are adopting 3D printing design and manufacturing services. Such strategies will elevate the 3D printing market growth.

3D printing companies are forming alliance with regional market players and software vendors to co-develop new products and expand their product range to cater the increasing demand for advanced 3D printing across the world.

This strategy will also provide differential products as per the customer’s requirement. Initiation of industry 4.0 will drive the 3D printing market growth throughout the upcoming decade.

 “Increasing innovation and development in 3D printing technology and frequent product launches by emerging players will boost the market growth throughout the forecast period”, remarks the FMI analyst. 

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Key Takeaways

  • Flourishing additive manufacturing industries and favorable government policies in China are boosting the 3D printing market growth in Asia Pacific region.
  • Japan is expected to offer lucrative growth opportunities during the forecast period owing to the establishment of modern additive manufacturing plants by leading manufacturing companies in the country.
  • Rising adoption of 3D printing and increased demand for prototyping services in defense and aerospace industries in U.K. will accelerate the market demand in the country.
  • High demand of metallic 3D printing and increasing government initiatives to promote the adoption of 3D printing and related services will drive the market growth in Australia.
  • Introduction of in-house 3D printing process to reduce the production time and shorten the manufacturing cycle will drive the market growth in Germany.

Prominent Drivers

  • Increasing innovation and development in 3D printing hardware and incorporation of new materials is driving the 3D printing market growth.
  • Introduction of highly customizable and enhanced performance 3D printing option is further fuelling the market demand.
  • Elevated cost savings and reduced risk offered by 3D printing of simple products will magnify the market growth.

Key Restraints

  • Relatively high cost of complex 3D printing during prototyping phase of design is restricting the market growth.
  • Lack of proper technical knowledge related to effective use of 3D printing techniques hinders the market demand.
  • Absence of standardized process controls and protocols limits the adoption of 3D printing.

Competitive Landscape

According to FMI, 3D printing market is consolidated and highly competitive owing to presence of large number of regional and global players.

The key area of focus among the market players is continuous expansion of their production capacities and adopting modern production practices to gain competitive edge.

3D printing vendors are providing new products equipped with enhanced sensing technologies and offering features as per the consumer needs.

Market players are emphasizing on penetrating new market and expanding their global presence to cater the rising demand.

For instance, in December 2018, ISO 9001-2015 standard certification was announced by Sculpteo. The ISO standards ensure premium quality of 3D printing process and services are offered by the company.

It also provides confidence to leading manufacturers to form a partnership with 3D printing companies and adjust to the growing needs of cutting-edge sectors such as the planes, trains, bombardiers, and rail transport.

Leading players profiled by FMI operating in 3D printing market include:

  • 3D Systems, Inc.
  • Stratasys
  • ExOne
  • SLM Solutions
  • Voxeljet
  • Proto-Labs
  • Nano Dimension Ltd.
  • Renishaw Plc
  • Nanoscribe GmbH
  • Optomec Inc.
  • Ultimaker BV
  • Arcam EBM

More Insights on FMI’s 3D printing Market

The latest market study on global 3D printing market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of

By Component

  • 3D Printers
  • 3D Printing Software
  • Services
    • 3D Printing Services
    • Consulting Services
    • Support Services

By Technology

  • Stereolithography
  • Fuse Deposition Modelling (FDM)
  • Selective Laser Sintering (SLS)
  • Direct Metal Laser Sintering (DMLS)
  • Electron Beam Melting (EBM)
  • Digital Light Processing (DLP)

By Application

  • Prototypes
  • Tools & Fixtures
  • Production Parts

By Industry

  • Automotive
  • Healthcare & Medical Devices
  • Aerospace & Aeronautics
  • Consumer Goods
  • Industrial

By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia Pacific
  • Middle East & Africa