In 2023, the global 3D printing market was valued at USD 20.37 billion and is projected to grow significantly, with a compound annual growth rate (CAGR) of 23.5% from 2024 to 2030. This anticipated growth is largely driven by intensive research and development in 3D printing technology and the rising demand for prototyping applications across various industries, particularly healthcare, automotive, and aerospace & defense sectors.
In industrial settings, 3D printing is commonly referred to as additive manufacturing (AM). This process involves the layer-by-layer addition of material to create objects from a 3D model, guided by specialized software and a 3D printer. The choice of 3D printing technology depends on the specific requirements of each application. Once a suitable technology is chosen, the process is implemented across various industry sectors based on specific needs.
Gather more insights about the market drivers, restrains and growth of the 3D Printing Market
The deployment of 3D printing technology includes services such as installation, consulting, and customer support. It also involves addressing issues related to intellectual property, licensing, and patents. By leveraging 3D printing, manufacturers benefit in several ways, including enhanced prototyping, structural design, product modeling, and reduced time to market. These advantages result in considerable cost savings for manufacturers, allowing them to deliver improved products at competitive prices. Consequently, the demand for 3D printers is expected to grow over the forecast period.
Despite these advantages, certain challenges exist that may slow the adoption of additive manufacturing, particularly among small and medium-sized manufacturers. Many of these businesses hold misconceptions about the prototyping process, seeing it as an expensive pre-manufacturing phase rather than as a valuable investment. This perception, along with limited technical knowledge and a lack of standardized process controls, is expected to hinder market expansion.
Technology Segmentation Insights:
In terms of technology, the stereolithography segment led the 3D printing market in 2023, holding over 10% of the global revenue share. The market segmentation by technology includes stereolithography, fused deposition modeling (FDM), direct metal laser sintering (DMLS), selective laser sintering (SLS), inkjet, polyjet, laser metal deposition, electron beam melting (EBM), digital light processing (DLP), laminated object manufacturing, and others.
Stereolithography, one of the oldest 3D printing technologies, remains widely used due to its ease of operation and numerous advantages. However, continuous technological advancements and intensive research efforts are creating new opportunities for other reliable and efficient technologies in the market.
Fused Deposition Modeling (FDM) held a significant market share in 2023, largely because of its widespread adoption in various 3D printing applications. Digital Light Processing (DLP), Electron Beam Melting (EBM), inkjet printing, and Direct Metal Laser Sintering (DMLS) technologies are also expected to gain traction over the forecast period due to their applicability in specialized additive manufacturing processes. The increasing demand across aerospace and defense, healthcare, and automotive sectors is expected to create growth opportunities for these technologies as they support diverse and specialized applications in these industries.
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