The market has a promising growth potential due to several factors, including reduction in manufacturing cost and process downtime, government investments in 3D printing projects , and development of new industrial-grade 3D printing materials.
New York, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "3D Printing Market by Offering, Process, Application, Vertical, Technology And Geography - Global Forecast to 2026" - https://www.reportlinker.com/p04998220/?utm_source=GNW
Additionally, increased demand for healthcare supplies due to COVID-19 outbreak and the potential of 3D printing to improve manufacturing processes and enhance supply chain management has created several opportunities for the manufacturers og 3D printers in the market. The ability of 3D printing technology to reduce the time required to design and produce functional parts leads to the rapid production of prototypes without reconfiguring or retooling the manufacturing line. For the low-to-medium volume applications, 3D printing eliminates the need for expensive tool production, resulting in reduced costs, lead times, and labor associated with it.
The major factor restraining the growth of the 3D printing market includes limited availability and high cost of materials, limitation of product size, and lack of standard process control. A greater range of raw materials is available for traditional manufacturing than that available for the 3D printing-based manufacturing processes. 3D printing of products with mixed materials and technology, such as circuit boards, is still under development. Though the technology is a major process breakthrough, the materials that can be used are still limited. Also, the accuracy and reproducibility of the products formed by 3D printing are hampered due to the lack of proper standards concerning the mechanical properties of the materials used.
The market declined in 2020, mainly due to the impact of COVID-19.The supply chains were disrupted in 2020 due to the lockdown imposed by various governments and labor shortages in automotive, aerospace, consumer electronics, industries due to travel restrictions, which would affect the 3D printing market.
E-commerce has flourished owing to lockdowns across regions and limitations with logistics.Limitations on imports and exports from China and other APAC countries have barred manufacturing facilities across North America and Europe.
This has created a significant fluctuation in overhead costs and the overall quality of the product for these manufacturers. Though the market has been impacted in 2020, it is expected to fully recover by 2021.
Prototyping: The largest segment of the 3D printing market, by application
Prototyping is the leading application of the 3D printing market.Prototyping has been the primary use of 3D printing for industries, including aerospace, automotive, etc.
With the ability to produce multiple design iterations in a shorter amount of time, 3D printing is an effective tool for product development.The technology has now evolved to where it can be used to create functional prototypes using high-performance materials.
Functional prototyping and concept modeling allows design and engineering teams to view and test products. 3D printing also enables the quick production of cost-efficient prototypes based on the customers’ requirements regarding the geometry of the structure, accuracy, and well-defined smoothness of the products used in any industry.
Automotive: The fastest-fgrowing segment of the 3D printing market, by vertical
The automotive vertical is the fastest-growing vertical for the 3D printing market.The automotive industry has also shifted from the use of 3D printing for prototyping applications to the manufacturing of final components & products.
The demand for newer, better-performing vehicles, as well as the need to optimize production and streamline supply chains and logistics, drive the growth of the market.New trends, including autonomous vehicles, electric cars, and mass customization, are forcing automakers and suppliers to adopt 3D printing technologies across the value chain of automotive applications.
To stay competitive in the stage of Industry 4.0, automotive companies are accelerating the adoption of 3D printing technologies.
North America has the largest market share in the 3D printing market
The North American region is expected to dominate the 3D printing market and is projected to have the largest market share during the forecast period.Also, the region has countries like US, Canada and Mexico where several major players in 3D printing market dwell.
North America dominates the 3D printing market owing to several factors, including the presence of additive manufacturing companies, service bureaus, and engineering firms.The US has witnessed the establishment of 3D printing facilities, such as the Emerging Technology Center in Athens, Alabama, designed to support industries, including aerospace, transportation, oil, gas, and energy.
Similarly, Lawrence Livermore National Laboratory (LLNL), California, has added an Advanced Manufacturing Laboratory (AML) intended to accelerate research using additive manufacturing equipment.In the healthcare and dental sector, the Jabil 3D printing center of excellence has been established for the end-to-end scaled production of medical devices.
Various players are involved in R&D activities across different verticals. An increase in investments is also seen in North America, which is providing an opportunity for the market
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies. The break-up of the primaries is as follows:
• By Company Type: Tier 1 – 35%, Tier 2 – 40%, and Tier 3 – 25%
• By Designation: C-level Executives – 30%, Directors – 40%, and Others – 30%
• By Region: North America – 40%, Europe – 25%, APAC – 30%, and RoW – 5%
The report profiles key players in the global 3D printing market with their respective market share analysis. Prominent players profiled in this report are Stratasys (US), 3D Systems (US), Materialise (Belgium), EOS (Germany), GE Additive (US), ExOne (US), voxeljet (Germany), HP (US), SLM Solutions (Germany), Renishaw (UK), Protolabs (US), CleenGreen3D (Ireland), Optomec (US), Groupe Gorgé (France), Ultimaker (The Netherlands), Beijing Tiertime (China), XYZprinting (Taiwan), Höganäs (Sweden), Covestro (Royal DSM) (Germany), Desktop Metal (US), Nano Dimension (Israel), Formlabs (US), Carbon (US), TRUMPF (Germany), and Markforged (US).
The report segments the 3D printing market and forecasts its size, by value, based on region (North America, Europe, APAC, and ROW), by offering (printer, material, metals, software, service), process (binder jetting, directed energy deposition, material extrusion, material jetting, powder bed fusion, sheet lamination, VAT photopolymerization), technology (stereolithography (SLA), fused deposition modeling (FDM), selective laser sintering (SLS), direct metal laser sintering (DMLS), polyjet/multijet printing (MJP), inkjet printing, electron beam melting (EBM), laser metal deposition (LMD), laminated object manufacturing (LOM), and digital light processing (DLP)), application (prototyping, tooling, and functional part manufacturing), vertical (automotive, aerospace & defense, healthcare, architecture and construction, consumer products, education, industrial, energy, printed electronics, jewelry, food and culinary).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the 3D printing market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the 3D printing market and provides them information on key market drivers, restraints, challenges, and opportunities.
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